The Universal Accounting Solution controls disbursements and reports financial position with its three main modules: Accounts Payable, General Ledger and Financial Reporting.

Accounts Payable

Companies

  • GL distributions posted in as much detail as desired;
  • Accrual or cash basis accounting available;
  • Inter-company AP and AR may be used.

Vendor Groups and Classes

  • Controlled sharing of vendors between companies;
  • Vendor info retained for to user-defined periods;
  • Payment priorities for cash requirements planning.

Vendors

  • All invoices for a vendor may be held;
  • Discount codes indicate payment terms if a discount is taken or not;
  • Government classification of vendors (such as USA 1099 types);
  • Bank codes indicate the payable, the bank and the discount accounts. The currency in which the monies are to be stored and the foreign exchange clearance accounts used may also be indicated.

Invoices

  • Invoice batch control supported;
  • Facilities support reconciliation of trade account;
  • Duplicate invoice entry is prevented;
  • Invoices may be reconciled;
  • Be inclusive or exclusive of Value Added Tax (VAT), Goods and Services Tax (GST), and sales tax.

Invoice distribution

  • Charge to multiple company accounts;
  • Codes for commonly used GL accounts;
  • Invoice information may be changed until its paid;
  • A manual payment speed entry is supported;
  • Goods received without invoice (GRWI) is supported.

Payments

  • Can take all discounts regardless of the discount dates;
  • Select invoices by due date, bank code or payment group, by vendor classes;
  • A sophisticated form writer allows the user to maintain their form design as well as their electronic payment format;
  • A control number for each payment form and its MICR number are maintained.

Payment cancellation:

  • Payment cancellation cancels the invoice and reverses the distribution;
  • A payment may be cancelled and uncancelled any number of times.

Bank Reconciliation

  • Payments may be outstanding, cancelled, reconciled, stale, or held;
  • Payments may be reconciled by entering each cashed payment individually, by using bank reports to quickly reconcile groups of payments, or by using bank-provided diskettes or tapes identifying cashed payments.

Inquiries

  • ll invoice info, including distribution, is kept online as long as the user desires;
  • Vendor balances, outstanding payables and payments may be viewed;
  • Invoices may be viewed using a variety of criteria, including tax codes.

Reports

  • eports suitable for all VAT, GST, sales tax and use tax reporting requirements worldwide. The system maintains separate chronological sequences for general ledger entries and for accounts payable entries by payable code.
 
General Ledger

Companies

  • Intercompany journal vouchers supported;
  • Multiple fiscal years may be simultaneously supported;
  • Multiple budgets and forecasts may simultaneously exist;
  • An unlimited number of previous and future years may be kept online; both period total information, and transaction details.

Chart of Accounts

  • A GL account may be used for detail accounts, to store memo information, to specify a heading, or to define a total;
  • The default Value Added Tax (VAT), Goods and Services Tax (GST), sales tax and other use taxes for the account are specified.

Journal Vouchers

  • A list of expected JVs is kept and enforced;
  • The system prevents a JV from being posted twice in the same period;
  • Postings are allowed to the current and future periods;
  • Repetitive entries are automated. Each repetitive entry is defined just once;
  • Each posting may be charged to several periods at the same time;
  • Recurring journal vouchers may be entered once;
  • The invoice in a prepaid expense may be reconciled with its distribution over the course of several periods;
  • Comprehensive integrated Excel interface.

Budgets

  • Budgets may be entered manually or calculated using a modeling package;
  • Budgets may be uploaded to the system from PC’s. Information may also be downloaded to PC’s.

Inquiries and Reports

  • Transaction details may be kept online indefinitely;
  • Transactions may be extracted using a range of criteria;
  • They may also be extracted based on VAT, GST, sales, and use tax contributions.

FINANCIAL STATEMENTS

  • The system may accumulate information for any period of time (monthly, weekly and daily);
  • Statements may be produced for any year for which information remains online;
  • Budget, forecast and historical information may be readily intermixed;
  • Any sort of balance sheet or profit and loss statement may be produced. Trends of operation, sources and uses of funds and statistical reports are also easily produced;
  • Any sort of ratios may be calculated;
  • Multiple currencies may be freely intermixed. Currency conversion at either book or profit and loss rates is supported;
  • Statements may be viewed on screen