The accounting system is at the heart of the Enapps ERP implementation and can be used as a complete Sage replacement. All other modules are fully integrated into the accounting functions. The accounting functionality consists of a robust set of core bookkeeping, financial configuration and management accounting features. Beyond standard accounting software, we also provide significantly enhanced features such as CIS integration, project accounting, dunning, multi-company and group consolidations. Accounting departments notoriously spend inordinate amounts of time preparing reports, re-entering data from other software programs, or struggling with a copious amount of spreadsheets which model part of the financial processes that the existing software is incapable of doing. When using the Enapps ERP system time consuming activities like group consolidations or management reporting are completed with the click of button, literally saving days of time. The Enapps ERP accounting module will increase the accuracy of your financial data, prevent users from making mistakes and allow simple actions like reversing a transaction for correction. Learning the accounting modules in the Enapps ERP system is simple for any accountant or bookkeeper, who will be comfortable using the software after only about one week.
Robust set of core accounting functions
The ERP keeps track of all changes in the accounting module. Records are kept updated with the date when ERP users change various data in invoices, payments, or other financial transactions, thus keeping the integrity of the data secure and carefully managed.
The system fully supports multi-currency transactions. Pay invoices from different currency bank accounts, record payments in different currencies with any exchange rates variations being written off automatically along with much more flexibility. Any foreign currency you may trade can be automatically updated in the ERP system with daily exchange rates.
The Enapps ERP integrates with your bank for payments and statement reconciliation. See our integrations page for other examples of system integrations.
This functionality re-evaluates the selected bank and/or loan accounts denominated in foreign currencies according to the exchange rates at a selected date.
An example process follows:
- A wizard will take the month end foreign currency balance and compute it into the base currency balance at the selected day exchange rate.
- The calculated base currency difference will be displayed on screen.
- Upon confirmation the wizard will post the exchange rate difference journal to the relevant revaluation account as selected in the model’s settings.
- The exchange revaluation history will be kept in a separate view with the option to cancel certain transactions if required (providing the adequate permissions are given to the operator).
The system provides an intuitive tool to manage your payables and export the information into your banking system as the ‘BACS 18’ format standard or any other custom format. The system can then e-mail suppliers remittance advices. Payment approval workflows can be added to allow certain system users to initiate a payment run and then get others to authorise the run.
UK chart of accounts
The Enapps ERP system has a very flexible chart of account structure, but also does contain a standard chart for UK based companies. It has a similar accounts and tax structure to Sage Line 50 yet with a more up to date layout which allows easy CT600 (corporation tax return) filing.
This allows the following functionality:
- Ability to include transactions from previous periods which have not been submitted before.
- Mark as reconciled each transaction that has been already reported with its own identifiable link to the specific return.
- New views to assist the VAT pre-submission checks and validations.
- Print the VAT100 return as well as a full transactional VAT report.
- Automatically update the VAT reporting period upon each submission.
- Automatic calculation of VAT owed/due and posting of the VAT submission journal to 2202 – VAT liability, clearing the sales and purchase VAT nominal accounts.
- The journal is also linked to the HMRC VAT partner account.
- Documenting each submitted return for future and audit reference, ready for re-printing at any time.
When a transaction is included in a VAT return, it doesn’t allow cancellations.
This functionality allows easy management and periodical posting of accruals & prepayments as well as management of fixed assets. The logic will be familiar to any users of standard accounting software and comes with our usual smart flexibility logic, which provides the ability to modify an existing schedule and the auto-recalculation of future postings. It is also easy to print a schedule for audit or management review purposes, whether it is detailed or just a summary.
The dunning run is the process of chasing debt with reminder letters. The dunning functionality makes chasing customer debt quick & easy. Letter templates are defined and you configure your run by choosing which customers you want to include, based on the amount outstanding, period and other useful options. The dunning run will produce a full set of letters to e-mail or post out to your customers with whatever content you stipulate, be it a final demand, or just a statement of account. This saves time, increases cash flow and lowers your debt.
Financial statement template reporting
Financial statement template reporting (FSTR) allows you to configure any financial reporting structure in a printable template. For example, you can build up a trial balance, or set up account grouping structures for management accounting purposes, which can be different from your standard chart. You can also link to these templates with Excel spreadsheets, thus providing use of powerful pivot tables for data manipulation and all data is processed in real-time.
Bank statement reconciliations
The bank statement functionality in the Enapps ERP system goes well beyond standard financial software. With this tool you can cut the amount of time required to reconcile your bank accounts from hours or days to just minutes. The system supports a full import of your bank statement downloaded from your bank. Once imported, you can utilise a wide variety of tools to match the various payments, invoices and any general ledger transaction. Further to this, the system has a special auto-match feature, which will automatically reconcile transactions based on a set of definable rules. So for instance, if you have a regular monthly invoice for a particular supplier, you can set this up once in the configuration screen, then auto-match will do the rest. As with other parts of the ERP system, within the bank statement reconciliation screen you can easily navigate through to related documents, invoices & payments, so analysing the transactions is quick and easy.
The project accounting functionality provides the necessary functions to manage your invoicing and costs over the course of a project, spread across multiple financial periods.
Allocate your sales and purchases, invoices or general ledger entries to a project and automatically roll them up on project completion. The invoicing plan also allows for interim invoicing to take place.
With the CIS (Construction Industry Scheme) module, the ERP fully handles all contractor verifications and CIS submissions to HMRC. The ERP is directly integrated to the HMRC, so all you need to do is press a button to verify a contractor, which will submit all of the contractor’s details to the HMRC and if successful, mark the contractor as CIS Verified. Purchases to a CIS verified customer automatically create all the required accounting entries for taxes, so no manual intervention is required. Submissions are also carried out directly from within the software with other very handy features like mass contractor e-mailing, to quickly e-mail contractors their CIS submission report en masse.
Retrospective stock valuation
Some of the market leading financial applications are unable to correctly value stock retrospectively without a specific add-on module. At Enapps, we pride ourselves on our accountancy functionality and can deliver a solid retrospective stock valuation report as standard on any system that we supply. The valuation report will be the same on a particular date, no matter when you check.
Enapps support the three most popular methods of costing (average, standard and batch) as standard and we are also able to add any other costing methods which you wish to use as part of our product implementation process.
The Enapps Automatic Bank Reconciliation functionality enables you utilise the electronic version of your bank statement (which is usually provided by your bank and uploaded to the ERP system). We can then ‘automatically’ reconcile to the system using ‘matching’ rules which are defined by you and applied by the system. If the system is unable to ‘match’ transactions, it will suggest possible matches or allow you to create and post a matching transaction. This is a great way of reducing the manual effort in reconciling your system bank accounts with your bank statements and improves overall speed and accuracy. You can quickly identify unreconciled items and complete reconciliations exactly when you need to. Since this process is historically a manual process and we are saving our clients many hours labour per month.
Accounting module feature list
|Chart of accounts and general ledger||Define and structure your company’s chart of accounts. Accounts can be organised in a hierarchy, thus forming a clean and organised chart.|
|Taxes||The flexible tax structure configuration function can be set up for any requirement around the world.|
|UK VAT||Process your VAT100 returns quarterly or monthly as required.|
|Currencies||Multi-currency transactions are supported throughout the financial module. Support for multiple currencies invoices for the same partner record. Supports receiving invoices in one currency and payment in any other currency with automatic reconciliation.|
|Payment terms||Define credit a variety of payment terms that stipulate payment requirements, be it pre-payments, billing stages by percentage or amount, or standard ‘due in days’ terms.|
|Credit control||Implement default credit terms on office, department or per customer level with their limits and have the system block any transactions (sales or shipments) that could cause the account go over the limit, yet allowing manual or automatic clearance by accounting department.|
|Dunning||Implement chase-debt policies and have the system do the hard work, generating the necessary letters/statements and keeping record of when, who and how to chase.|
|Journals||Journals allow a representation of bank accounts, sales or purchase ledger transactions, stock transactions, general ledger postings, VAT returns and more.|
|Batch invoicing||Quick entry of supplier or customer invoices, not requiring product details.|
|Invoicing||Sales and purchase invoices are created manually or by an integrated process from sale orders or deliveries, depending on configuration.|
|Payments||Process payments and allocate against sales orders, purchase orders, invoices, customers or suppliers as required, all in any currency.|
|Payment run||Load any required supplier payments into a quick confirmation list using the payment run functionality. Once confirmed, the payment run will automatically process bulk payments and allow export to your banking system in BACS 18 Standard format or any custom banking format.|
|Bank reconciliations||Manage your bank reconciliations with a number of useful, powerful features, such as importing statements from your bank, matching statement lines against payments and invoices in the general ledger, auto-matching transactions by the system using configurable rules, and much more.||Bank payments, receipts and transfers||Easily process your bank payments, receipts and transfers using built in wizards, making the process easy and intuitive.|
|Bank accounts||Define your company bank accounts and clearly view the related transactions, reconciliation summary and running totals.|
|Fiscal positions (TAX and account code mapping)||Define fiscal positions that will automatically allocate the correct tax codes to transactions for customers or suppliers that require different tax treatment. Examples of these could be zero rated suppliers, EU suppliers/customers, or customers outside of the VAT zone.||Periods and fiscal years||Each general ledger transaction belongs to a period of the fiscal year. Open and close periods as part of your month-end process to prevent mispostings. Process your year end, rolling up the retained earnings.|
|Analytic accounts||Analytic accounts allow for mapping departments, cost centres, or other elements of your company’s structure and linking them to transactions in the ERP. This provides a powerful additional dimension to model operational activity and reporting requirements.|
|Bank revaluations||Revalue your foreign currency bank/loan accounts according to the exchange rates at a selected date.||Fixed asset management, accruals and prepayments||Easy management and periodical schedules that handle posting of accruals and prepayments, with the ability to modify an existing schedule and auto-recalculate future postings. Retrospective assets statements, prepayments and accruals schedules can be printed by group or individually.|
|Financial statement templates||Configure your own financial statement reports using the report template functionality. Support for multiple templates: management reporting or external reporting.|
|CIS||Full integration with the HMRC Construction Industry Scheme for contractor verification and CIS submission.|
|Group accounting||Full support for complex group structures, allowing real-time revaluation and consolidation for different currency subsidiaries, and intra-group consolidated eliminations.|
|Project accounting||Allocate sales, purchases, invoices or general ledger entries to a project and automatically roll them up on project completion. Interim invoicing.|
|Product cost accounting||Support for average, standard, batch, FIFO and LIFO costing policies with real-time automated accounting. For each sales invoice the system recognises the costs of goods sold. Print retrospective stock valuation reports to reconcile the stock with the general ledger at any time.|
|Reports||A full standard set of accounting reports: aged customers/suppliers, statement of account, trial balance, nominal activity, PNL, B/S. Support for budgeting and management accounting templates.|