General Ledger: Creation and management of the chart of accounts, which includes the listing of all accounts used for financial reporting. Recording and posting of manual or automated journal entries to reflect financial transactions and adjustments. Tracking and maintenance of account balances, including the ability to view current balances and drill down to details. Generation of trial balance reports to verify that debits and credits are equal, ensuring the accuracy of financial data. Reconciliation of bank statements and other accounts to ensure accuracy and identify discrepancies or errors. Generation of financial statements, including the balance sheet, income statement, cash flow statement, and more. Recording and reconciliation of transactions between different entities or departments within the organization. This feature is critical in differentiating transactions from different departments Implementation of internal controls, such as approval workflows, audit trails, and security settings, to ensure data integrity and compliance. Facilitation of the period closing process, including adjusting entries, accruals, and generating closing financial reports. Ability to customize the format of the accounts. For example for the Balance Sheet (assets, liabilities, equity), the format used is xxx.xxxxxx where the first 3 digits are the fund, next 6 digits are the account number. Customization should be applied to Revenues and Expenditures. The system should support the ability to record and manage miscellaneous deposits within the Receipt Ledger. This includes capturing details of miscellaneous income sources, deposit amounts, dates, and associated accounts. Accounts Payable / Accounts Receivable: Ability to create and manage customer profiles, including contact information, billing details, and payment terms. Support for multiple addresses for customer. Ability to set customers delivery method by email, fax, mail, or hard copy Generation and customization of invoices for goods or services provided to customers, including itemized details. Recording and tracking of customer payments, including partial payments, discounts, and applied credits. Calculation and monitoring of outstanding customer balances categorized by aging periods (e.g., 30 days, 60 days, etc.). Tools and workflows to manage collections activities, including automated reminders, follow-ups, and dispute resolution. Ability to set customer or invoice as active, inactive, lien, or in collection. Assessment and management of customer credit limits, credit terms, and credit control policies. Generation and delivery of periodic statements summarizing customer transactions, balances, and payment history. Ability to print customer invoices. Statements to list dates, notes, and additional configuration customized. Integration with communication channels to send payment reminders, statements, and other notifications to customers. Payment reminder emails can be configured based on criteria. For example, sending an email 10 days before it's due or 15 and/or 30 days past due. Digitally store and manage customer documents for easy retrieval and audit trails. Allow customers to make payments conveniently through an online portal, providing a secure and efficient way to settle outstanding invoices and bills using credit cards, echeck, and ACH. Reporting and analysis of accounts receivable balances, aging trends, and cash flow projections.
