James hall ch 8
Cargando en ... 3
Top clipped slide
Welcome to HWM Technologies CC RecIT Overview
14 de Sep de 2015
Sé el primero en que te guste
Total de vistas
Número de embebidos
Descargar para leer sin conexión
James hall ch 8
Automation & robotics
162 erp605 process_overview_en_in
James hall ch 15
James hall ch 2
Más contenido relacionado
Presentaciones para ti
James hall ch 6
9: Record to Report Business Process
Quality and Control
Equipment finance system conversion
Cash Liquidity Management
Vendor reconciliation in SAP
Hfm intro v2
Integration of supply chain management_Gulf Sabah Bank
Oracle hyperion financial management
Glory IT Technologies Pvt. Ltd.
Automation of Accounting process & Advantages/Disadvantages of Computerized a...
James hall ch 14
General Ledger and Financial Reporting System (GLFRS)
JAIIB Super Notes: Accounting & Finance for Bankers: Module-D: Accounting in ...
Partnership Accounting General Background Limitations (compliance approved)
Internal control over financial reporting & basic analytics – the forgotten a...
Hfm demo (1)
AgNet West Radio
Actividades postvisionado película océano
Eric Iglesias Rodríguez
Digital Signage Sistemlerinin Satın Almaya Etkisi
Music video characters
Yatiba Kafe - Bar - Club Ekranları
Arc flash safety
Arc Flash Energy Protection by EWB Engineering
Atlantic Training, LLC.
Fingerprint Attendance System
Similar a Welcome to HWM Technologies CC RecIT Overview
Ast 0101237 erp-us_en_wp_oracle_fusionfinancials
JOSÉ RAMON CARIAS
chapter 2The Accounting System Learning Goals• Un.docx
The Ideal A/R Dashboard: 5 Reporting Dashboards Required for Every Credit and...
Financial management openbravo
Aexis blackline brochure
Equipment finance system conversions
Cloud Portfolio Overview
Fiscal Department Report PCRI 2-15-16
Computerized applications in accounting
Microsoft Convergence Presentation
Terry Larkins, CPA, CGMA, CRIS
Toward a Future-Proof Product Control Function
Finance for strategic managers day 1- 1
Accounting Hub Solution Brief_A4_WEB
Managing Third-Party Royalties
Oracle payroll-subledger accounting integration
Baker Khader Abdallah, PMP
Welcome to HWM Technologies CC RecIT Overview
HWM Technologies CC
| RecIT! © Overview Page 1 of 8 www.hwmtech.biz Welcome to HWM Technologies CC RecIT! which is designed specifically for use within the Sage ACCPAC version 5.5/ 6 accounting system. Why RecIT! One of the most important tasks in the modem accounting process is the preparation of periodic financial statements. These financial statements are subject to audits and review by management as well as compulsory statutory audits for certain entity types, which both require an explanation of any out of balance conditions for any accounts between the General Ledger and the relevant associated sub-ledger/s (Accounts Payable (Creditors/ Vendors), Accounts Receivable (Debtors) and (Inventory Control (Stock)) and the specific entries that caused the out of balance conditions to occur. In order to reconcile or explain the reasons for the two ledgers been out of balance the specific entries that were not balanced firstly needs to be identified. The determination of the specific entries that are causing the out of balance situations to prevail in Sage ACCPAC currently requires manual processes to be undertaken. Specifically, the users of the Sage ACCPAC accounting system have to manually go through each entry and determine whether it is in agreement with a corresponding entry between the two ledgers concerned. This arduous, time-consuming process and extremely expensive exercise (downtime and / or added resources) does not provide any further information as to the reasons why the relevant ledger entries are not balanced, but only identifies the entries that are not balanced if done so effectively and successfully. At most times when ACCPAC users are unable to successfully accomplish such a process, the task is then outsourced to an ACCPAC “specialist” who would then commence with the very same procedure as the ACCPAC user has done. This manual process is the only method of reconciliation, verification and validation currently available. RecIT! albeit an automated product specific (Sage ACCPAC ERP) and process specific Financial Management tool, can be used extensively for accounting and database verification processes concerning anomalies found therein. These accounting anomalies, in particular, which give rise to a need for an analytical reconciliation process to be undertaken, are inter alia: 1. Amounts between 2 reports areas (e.g. ,Account Receivable control account in the General Ledger and the associated Debtors list emanating from the Accounts Receivable ledger) Other situations would be Inventory, Accounts Payable and as Inventory Control accounts that gives the visual appearance of balancing to each other, yet only upon intensive investigation, manual interference to these values are exposed. These manual interferences are situations such as direct posting to ledger accounts, and so forth, to give the appearance of balancing from one source to another, i.e. force balancing. 2. The intentional / unintentional and / or deletion / modification of data critical to validation processes. 3. The interruption of the automated flow of data between the Sage ACCPAC modules. This interruption raises its “ugly head” normally during power failures and so forth leading to data corruption or inconsistencies by means of incomplete data processes. 4. Transactional timing differences leading to incorrect values between various subledgers. 5. Changes within the current setup process that causes unintentional financial anomalies to occur. If these anomalies are not exposed by means of a thorough database interrogation process, it could eventually lead to the release and publication of incorrect financial information which in turn could have a negative impact on both the concerned entity as well as the Auditing firm verifying that these results and information therein as being true and correct.
HWM Technologies CC
| RecIT! © Overview Page 2 of 8 www.hwmtech.biz Therefore, as these above mentioned needs are currently not been met by any ACCPAC 3rd Party developer, there exists a dire need for an efficiently accurate automation of the ACCPAC account reconciliation process, the determination as to which entries between the General Ledger and associated sub ledger/s transactions and net movement are not in congruity, and for facilitating the explanation of the entries that are not balancing. This need has now been met with RecIT! We therefore would like to look upon RecIT! as a pre-audit BI tool adhering somewhat to certain Sarbanes Oxley recommendations. This is so because prior to the release and verification of financial information, RecIT! would assist in the validation of the data to be released as being as near as possible true and correct. So, what is RecIT! ? In a nutshell, RecIT! is an accounting application which assists Sage ACCPAC user with inter module reconciliations. The modules are as follows; Accounts Receivable to the General Ledger as well as the Accounts Receivable module to the Order Entry module (optional and only available if the Order Entry module is installed and operational). The choice of reconciliations is confined to the Accounts Sets setup within the Accounts Receivable module and is multicurrency enabled but will only report in your home / functional currency. Accounts Payable to the General Ledger as well as the Accounts Payable module to the Purchases Order module (optional and only available if the Purchases Order module is installed and operational). The choice of reconciliations is confined to the Accounts Sets setup within the Accounts Payable module and is multicurrency enabled but will only report in your home / functional currency. Inventory Control module to the General Ledger as well as all the Sage ACCPAC core modules that allow Inventory Control transaction to take place therein. These modules would be Order Entry, Purchases Order, Accounts Payable and Accounts Receivable (version 5.4 and prior data transactions residing in a version 5.5 onwards database). The choice of reconciliations can either be done b.m.o Locations (if a valid Location override exists) or Account Sets. All reports will be in your home / functional currency. Shipment Clearing account/s found in the Inventory Control Account Sets setup. Payables Clearing account/s found in the Inventory Control Account Sets setup. RecIT! is therefore an application which can also be used to check for data / accounting congruity within your Sage ACCPAC system outside the ambit of reconciliations. What we mean here is that at times, it may appear that the control accounts in the GL are in agreement to the totals found in the respective sub-ledgers but these may have been “forced” balanced, i.e. a journal passed in the GL to the control account to make it balance to you Creditors Aged Payables, for instance. With RecIT! you can run these checks to seek such situations and take corrective measures thereon.
HWM Technologies CC
| RecIT! © Overview Page 3 of 8 www.hwmtech.biz Benefits of ownership! 1. The drastic reduction of time and costs involved in the reconciliation, transaction verification and validation processes. 2. Thus dispensing the need to hire contract workers to assist in the processes needed for validation and reconciliation thereby alleviating time delays, costs and pertinent learning curve embracement relevant to ACCPAC processes. 3. One major cost that would be substantially reduced is those associated to accounting and auditing fees that are incurred before and during year end procedures. 4. Must shorter month end procedures would be taking place. 5. Ability to accurately reconcile accounts as often as you please. 6. The enhanced confidence gained from knowing that your processes and its findings are not going to result in negative repercussions such as those which normally make front-page news as we witness quite often. So here “prevention is better than cure” certainly would hold true. 7. Eradication of reliance been placed on the many various user specific manual processes which needs to be revisited if such a user no longer is employed by the entity concerned. 8. The ability to reconcile accounts within a desired fiscal period and not the entire database as the case normally is which once again further reduces time associated delays. 9. The automated storage of the results of these findings. 10. Not only does RecIT! reconcile specifically chosen control accounts in Sage ACCPAC ERP but also gives a detailed report that key accounting processes are adhered to, i.e., Credit Inventory, Debit Cost of Sales, etc. 11. The above would then lead to awareness been raised in respect of patterns inconsistent to transactions outside the ambits of standard procedures and the user attributed thereto. 12. The ability to “explain” why the inconsistencies / anomalies have occurred as outlined in above mentioned reasons for these occurrences. 13. Enhanced verification of the data flow from the source entry right into the General ledger. How does it work? The user processes to be followed within RecIT! are straightforward. All that is required is your choice of Account Set/s (or Locations in the case of an IC reconciliation run), fiscal year and period range in any of the 3 prime modules. The steps to be undertaken are outlined in detail in each of the user modules manuals available (5 in all). Remember this, we reconcile, YOU analyse, interpret and correct! Besides the steps which are specific to each module there are these basics steps which are relevant to all modules. These are as follows; Upon completion of a reconciliation run, the results (reports) will be housed within the RecIT! database which was setup by you (refer to user technical manual). These reports will reside permanently within the database until such time that the database is either deleted, or the report itself is deleted. This is done as follows.
HWM Technologies CC
| RecIT! © Overview Page 4 of 8 www.hwmtech.biz 1. Right click on the report (in the desired module) you want to delete and the following (as shown below) will appear. 2. A confirmation will appear to which you can either confirm or not. 3. If you decide to remove this report it will be permanently removed from your database. 4. If you decide to delete all the reports within this module it will be permanently deleted from the database. 5. The properties option allows you to see information pertinent to that specific reconciliation run and to view or edit the comments entered therein. 6. All reports can be recalled at any time to be viewed or printed. As all of RecIT!’s RRI’s (RecIT Recommended imports) takes place only in the GL, one important point to note is RecIT!’s usage of required source codes needed in the GL. The RecIT! GL Source Codes to be imported are as follows; AP Module 1. AP-RE. Entries in GL not AP and RecIT! regards these as errors to be reversed 2. AP-TR. Entries in AP not GL and RecIT! regards these as omissions AR Module 3. AR-RE. Entries in GL not AR and RecIT! regards these as errors to be reversed 4. AR-TR. Entries in AR not GL and RecIT! regards these as omissions IC Module 5. GL-TR. Direct entries in GL and RecIT! regards these as errors to be reversed 6. IC-RT. Entries in IC not in GL. RecIT! regards these as omissions 7. IC-TR. Entries in GL not IC and RecIT! regards these as errors to be reversed 8. ID-ER. Incorrectly allocated entries in GL from AR and RecIT! regards these as errors to be reversed in the GL 9. ID-RT. Entries in AR not GL and RecIT! regards these as omissions 10. ID-TR. Entries in GL not AR and RecIT! regards these as errors to be reversed 11. IV-ER. Incorrectly allocated entries in GL from AP and RecIT! regards these as errors to be reversed in the GL 12. IV-RT. Entries in AP not in GL and RecIT! regards these as omissions 13. IV-TR. Entries in GL not AR and RecIT! regards these as errors to be reversed 14. OE-ER. Entries in GL not OE (Debit / Credit notes) and RecIT! regards these as errors to be reversed 15. OE-RE. Entries in OE (Debit / Credit notes) not GL and RecIT! regards these as omissions 16. OE-RT. Entries in OE not GL and RecIT! regards these as omissions 17. OE-TR. Entries in GL not OE and RecIT! regards these as errors to be reversed
HWM Technologies CC
| RecIT! © Overview Page 5 of 8 www.hwmtech.biz 18. PO-RO. Entries in PO not GL and RecIT! regards these as omissions 19. PO-TR. Entries in GL not PO and RecIT! regards these as errors to be reversed These RecIT! GL Source Codes above will be provided for you to import into your Sage ACCPAC and the process would be as follows; 1. In the General Ledger, G/L Setup click on Source Codes and the following must take place to import the provided file. 2. Click on file import and choose “Type” as “Excel 2000” 3. Make sure that the Tab is set to “Insert / Update” 4. Click on “Browse” and locate your import file (as shown below) which would be in the root of the following C:Program FilesHWM TechnologiesRecIT! 5. Make sure the “Status is set to “Import Ready” and click on “Okay”. The import of this file would then allow all RRI’s to take place without any problems. Finally, all other technical information (Lanpacs, Microsoft SQL connector and so forth) can be found in the user technical manual.
HWM Technologies CC
| RecIT! © Overview Page 6 of 8 www.hwmtech.biz What RecIT! does not do! Remember this, we reconcile, YOU analyse, interpret and correct! RecIT! is only functional from Sage ACCPAC version 5.5 onwards. All other versions (5.4 and prior) are dealt with on request to HWM Technologies. Currently, RecIT! only works with Sage ACCPAC 5.5/6 core modules and no other 3rd Party/ Partner products. But bear in mind that there may be certain modules that are not affected by 3rd Party products, such as AP, which means that RecIT will still work in that database for that particular module. RecIT! only works with Microsoft SQL databases. Albeit multicurrency capable, RecIT! report only reports in your functional / home currency. Furthermore, in certain reports, certain fields may be blank and these fields will be populated at a later stage. These “blank” fields are not crucial in the reconciliation process but are purely informative. RecIT! cannot and does not work with consolidated data at all. Allow customisation of the reports. Because of the sensitivity of the information contained within the reports, these reports contain a tampering validation rule which occurs upon each execution of RecIT! If any of the reports fails the validation rule due to tampering or other, RecIT! will not be functional in that particular module wherein the reports were tampered with. You will be compelled to restore the original reports which can be found in the reports backup folder. Therefore RecIT will not function if these reports are tampered with in any way. Albeit RecIT! is an accounting application that seeks accounting anomalies that may lie within your Sage ACCPAC accounting system, once found, RecIT! does not self correct these anomalies b.m.o. writing information back into your system. What RecIT! does do however is to provide you with a RRI (RecIT! recommended import) CSV file which you can import back into your system to correct these anomalies. This method of correction has only 2 basic approaches; 1. All omissions (entries which exist in the sub-ledgers and not in the GL) are imported into the GL as a consolidated entry for each period been reconciled (if your period range spans over 3 periods and there are omissions found within each of these 3 periods, then there will be 3 CSV files for you to import into your system). 2. All errors (entries which exist in the GL and not in the related subledgers) are corrected b.m.o. a reversal in the GL. A RecIT! user has to examine these entries very carefully because even though these entries emanates from the various sub-ledgers, the information that lies within the GL differs from that of the entries in the sub-ledger. This may be due to editing of the GL batch prior to it been posted in the GL. Editing of information which RecIT! picks up would be inter alia, changing amounts, account numbers and so forth. Once these entries have been corrected b.m.o. a RRI reversal, certain entries has to be recaptured in the system and it is here where RecIT! renders no assistance as there would be various methods of recapturing these entries that were reversed. The example explained within each of the module manuals presents you with one of the many scenarios that could possibly occur within your Sage ACCPAC system. Other entries which do not require recapturing are direct postings to the ledger account been reconciled and so forth.
HWM Technologies CC
| RecIT! © Overview Page 7 of 8 www.hwmtech.biz RecIT! does not allow reconciliations over many years (2 or more) but restricts itself to one fiscal year only. If RecIT! detects that there are situations whereby in which Vendors and / or Customers have been moved from one Account Set to another, it will “lock down” the option of you having to choose which Account Sets you want to reconcile and would do a reconciliation of all AR / AP Accounts Sets. If this “lockdown” was not initiated by RecIT!, then certain results would appear to be incorrect. Insofar as the 2 reconciliation modules for the clearing accounts (Shipment and Payables) are concerned, RecIT! does not yet render assistance b.m.o. generating a RRI file to correct any anomalies found therein. This will be offered in later versions of RecIT! as well as a Credit / Debit note Clearing account. Reconcile Inventory Control by Locations if the Location override segment structure composition is not the same as the default Inventory Control account found in your IC Accounts Sets setup. If you have Lanpac’s (additional user access allowances), one user may access RecIT! up to as many Lanpac’s that are available for that particular RecIT! module, thus depriving another user from accessing RecIT! processing functionality. However, anyone else would still be able to view any prior reconciled reports in any installed module. Therefore multiple instances are permissible up to the number of installed Lanpac’s but a restriction will be placed on other potential users from accessing RecIT! Guarantee results. This is so mainly due to external influences that reside within you database. These are situations where data within your database was intentionally / unintentionally altered or tampered with which would lead to RecIT!’s internal processes to be obsolete as RecIT! relies solely on Sage ACCPAC processes to successfully interrogate all accounting transactions residing therein.