In past blogs we have discussed many of the new features and enhancements that were released with Sage X3 6.5. Over the next couple of weeks our Enterprise Management blogs will detail the different core processes that encompass Enterprise Management. Each successive Enterprise Management blog will delve deeper into these different processes that make Enterprise Management powerful, flexible, ,and cost effective including accounting and finance, purchasing management, customer relationship management, etc.
The first part of this series will discuss the accounting and financial management functionality of Sage X3. The most basic aspect of any ERP system is its ability to record, keep track and maintain all accounting and financial records. Sage ERP X3 addresses these needs by equipping your business with an end-to-end financial management solution that improves financial reporting and compliance. It consists of three major functional domains: General Ledger, Accounts Receivable/Accounts Payable, and Fixed Assets. These domains enable your business to make decisions based off accurate information, manage global accounting operations, and proactively manage risks and compliance. In a previous post we detailed the functions of the Sage X3 General Ledger. This blog post specifically details the core functions of Accounts Payable and Fixed Assets.
Sage X3 Accounts Receivable/Accounts Payable
Business Partners: Sage X3 provides the ability to define a business partner and identify relationship types including customer, supplier, carrier, and sales rep. For each type, the various roles and associated information can be defined, such as customer ship-to, bill-to, and pay-by as well as supplier buy-from, invoice-from, and pay-to information. Any number of partner contacts and addresses can be identified, such as supplier return-to locations. By maintaining all relationship data and financial business transactions in concerted fashion, companies can view business activity for a given business partner across all aspects of the relationship, thereby improving their ability to fully assess the value of their relationships.
Accounts Receivable Item and Collections Management: Sage X3 supports comprehensive item management and control over prepayments, installment payment due dates, statements, and past-due invoices. A flexible payment application function is provided, permitting users to enter payments on account, apply them fully or partially against specific invoices, or across a range of invoices based on user-defined criteria. Automatic matching is also supported. The cash collection process can be streamlined by allowing entry fields and the timing and sequence of steps—bank selections, deposit slips, and GL postings—to vary by payment type. This allows credit cards, EFTs, and checks to have their own processing rules. Sage X3 also accommodates returned checks and full reinstatement of the original items.
Automatic Financial Integration: Sage X3 AR/AP provides parameters that control the flow of information from other X3 functional domains. Customer and supplier invoices automatically generate open items that form the basis for ensuring optimal cash management. Miscellaneous sales and purchases are recorded using a full-featured manual invoice entry function.
Accounts Payable Displacement Management: Sage ERP X3 provides complementary functionality in Accounts Payable for supporting prepayments, installment payments, and user-defined payment entry and processing steps by payment type. Users can easily locate invoices to pay based on their own selection criteria, such as due date, minimum and maximum payment amounts, and currency. Check writing, bank account selections, payment voiding, and bank statement reconciliation are also fully supported. Purchases are recorded using a full-featured manual invoice entry function.
Sage X3 Fixed Assets maintains all the information required to track and manage a firm’s property, plant and equipment, and associated costs. The system calculates depreciation based on commonly used formulas and tables. Implementing X3 Fixed Assets can result in significant time savings so you can focus on more critical operational areas. It is fully integrated with Sage ERP X3 Purchasing, Accounts Payable, and General Ledger.
Contact Our Sage X3 Team
Are you interested in learning more about the features and functionality of Sage X3? Contact SWK’s X3 Team to learn how these features can benefit you. For additional information contact us at 877-979-5462 or click here to contact us.