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Sage 100 ERP Functions: Bank Reconciliation & Electronic Reporting

By January 29, 2013Blog

In our last Sage 100 ERP (f/k/a Sage MAS 90/200) functionality blog post we started discussing the core functions of Accounting and Finance.  This involved the core domains of General Ledger, Accounts Receivable and Accounts Payable.  This post will continue with some of the other modules associated with Accounting and Finance.  With Bank Reconciliation in Sage 100 ERP your business will be able to automate and simplify its bank reconciliation process.  In addition with Electronic Reporting, it will be easier to report wage and payment information and submit them electronically in the required format.  This blog post will discuss these two modules, Bank Reconciliation and Electronic Reporting, in greater detail. 

Bank Reconciliation

 

Each month, like clockwork, bank statements and canceled checks arrive, setting off a tedious reconciliation process. You sort checks, account for deposits, and compare your account balances to those of the bank. If only it ended there. Discrepancies can initiate an irritating and time-consuming search for the differences before your statements can be reconciled and filed— then it all begins again.

The Bank Reconciliation module for Sage 100 ERP automates and simplifies the monthly reconciliation process, detects unrecorded transactions between books and banks, locates the errors and differences, records the corrections, and reconciles your books to the bank statements, all in a solution that is easy to use and implement.

Even more important, Bank Reconciliation gives you insights behind the numbers to better manage and direct cash flow, helping you to view and forecast cash flow activities with registers, reports, and analyses. You can project an estimated cash flow when you link it to your Accounts Receivable, Accounts Payable, Payroll, and Purchase Order modules.

The many features of the Bank Reconciliation module enable the use of multiple bank accounts, automatic and manual posting of checks, adjustments and deposits, quick and easy account reconciliation, complete transaction listings and details, and more.

Powerful yet simple to use, Bank Reconciliation gives you the ability to efficiently manage reconciliation activities today and helps you make better business decisions for the future with cash flow analysis and forecasting.

Features:

  • Multiple Bank Accounts:  Up to 36 separate bank accounts can be established for a single company. Transactions can be automatically posted from the General Ledger, Accounts Receivable, Accounts Payable, and Payroll modules.
  • Reconcile Bank Accounts:  Displayed monthly activity enables you to reconcile bank accounts quickly and easily. Transactions can be confirmed as cleared using a single keystroke.
  • Bank Reconciliation Register: All transactions, cleared and outstanding, are listed on this detailed report for each bank account. The Reconciliation Summary shows the adjusted bank balance, computer-calculated book balance, and any out-of-balance amount.
  • Cash Flow Analysis:  The Estimated Cash Flow Analysis Report combines information from the Accounts Receivable, Accounts Payable, and Purchase Order modules to provide an overall cash flow projection for four consecutive periods.
  • Check and Deposit Entry:  Transactions not posted automatically through the other integrated modules can be entered manually. Checks, deposits, and adjustments for nonintegrated bank accounts can also be entered manually.
  • Bank Activity Detail:  Bank transaction detail can be retained indefinitely or cleared each month after each account is reconciled.

 

Electronic Reporting

 

The Internal Revenue Service Government Regulations outline the procedure for submitting year-end W-2 and 1099 information on electronic media. According to these regulations, companies reporting 250 or more W-2 or 1099 forms must file this information using electronic media. The simple, easy-to-use Electronic Reporting module for the Sage 100 ERP system is designed to assist you in complying with these regulations.

The Electronic Reporting module provides the capabilities for reporting wage and payment information from the Payroll and Accounts Payable modules and 1099-INT, 1099-DIV, and 1099-MISC information and submit it electronically in the format required by the federal government.

Several states have also adopted electronic reporting regulations, using the federal reporting requirements as guidelines. Sage 100 ERP users who file W-2s for employees or 1099s for vendors who work or live in the states that comply with either the current federal MMREF-1 format or the TIB-4 format can file their state information using the Electronic Reporting module. This module connects with the Payroll and Accounts Payable modules, to help you comply with tax regulations quickly and easily.

Additional Features:

  • Integration with Payroll:  Electronic Reporting automatically retrieves and transfers W-2 information from the Payroll module, eliminating tedious manual entry for reporting purposes.
  • Integration with Accounts Payable:  Electronic Reporting automatically retrieves 1099-INT, 1099-DIV, and 1099-MISC information from the Accounts Payable module, providing an easy method for companies to comply with government filing regulations.
  • State-Specific Reporting:  Specific reporting information for each state varies, depending upon each state’s requirements. The Electronic Reporting module supports the states that comply with the federal filing format. This ensures that your system generates accurate filings and minimizes rejections from government agencies.
  • Test Runs:  Some government agencies require you to submit a test file along with an application to file electronically. The Sage 100 ERP Electronic Reporting module provides test runs of federal and state W-2s and 1099s, giving you the ability to comply with this requirement.

 

Contact Our Sage 100 ERP Team

Are you interested in learning more about the features in Sage 100 ERP 2013? Contact SWK’s Sage 100 ERP professionals to learn how these enhancements can benefit you. For additional information please contact us at 877-979-5462, or click here to contact us.

SWK Technologies, Inc.