Accolent ERP has embedded AWS Quick (“Quick”), which is AWS’ Agentic AI offering. Quick is an AI solution that offers chat agents, workflows and dashboards and visualizations using LLMs (Large Language Models) running in AWS Bedrock and called from a customer workspace. The customer workspace can access various data sources, such as your Accolent ERP […]
Category: General Ledger
Budgets
Chart of Accounts
GL Ratio Report
Manage General Ledger
Financial Statement Set-Up
Manage Bank Accounts
AI-Bots for Financial Statement Tie-Outs
Accolent ERP users should have a financial close process every month-end to tie-out the financial statements to the supporting files for Accounts Receivable, Accounts Payable and Inventory Valuation. There are many possible reasons for these balances to go out of sync including things like manual adjustments, GL Adjustments, using the bulk imports while in live […]
Creating Unapplied Payments
In Accolent ERP payments received from Customers are typically entered as payment receipts and applied directly to open invoices. The system will make the payment receipt, then record the open invoices as paid and update the Accounts Receivable Aging. If a payment cannot immediately be assigned to open invoices, it can be held as an […]
Using Reverse BOMs
Accolent ERP allows for the creation of Reverse BOMs to break down a BOM product into its components. The components will typically have different standard costs and so, the actual cost of the BOM product being broken down is distributed among the components on the basis of the proportion of each component’s extended standard cost […]
Online Store Set Up & Implementation
Accolent ERP supports multiple eCommerce platforms either through direct API integration or through a connector that facilitates the linkage of multiple eCommerce stores. Currently, Accolent ERP is linked to multiple Online Stores (including Drupal, Magento Community version, Shopify, Woo Commerce, Big Commerce) and to multiple eCommerce marketplaces (including Amazon, eBay, Walmart). This wiki is designed […]
Allocating Vouchers to Multiple Departments
Accolent ERP allows the allocation of Vendor Invoices, referred to as Vouchers, to multiple expense GL Accounts. A voucher can have multiple expense lines each of which may be allocated to its own department. Once all expense lines on the voucher are assigned to departments, the voucher can be posted. The GL posting of the […]
Recording Costs of Labor
Accolent ERP allows for Labor to be billed to customers on orders. Typically, Labor does not need a specific product to be made. Labor can just be added to orders, and it creates Labor Income but no Labor costs are tracked to orders; instead Labor costs are treated as period expenses. However, there may be […]
Multi-Currency Overview and Setup
Accolent ERP supports multi-currency through an API that delivers global FX Rates. There are four important multi-currency setup steps: (1) Multi-currency is an optional module, and so must first be enabled, (2) Foreign Currencies and the functional currency then need to be set up, (3) Foreign Currency Vendors and Customers need be set up and […]
Purchasing from Foreign Currency Vendors
Accolent ERP supports multi-currency through an API that delivers global FX Rates. Using the multi-currency module, a PO can be created in foreign currency for a Vendor. When the PO is Received, Inventory will be debited for the functional currency equivalent at that time. Subsequently when the Vendor’s Invoice is received, Accounts Payable will be […]
Adding a Restocking Fee on a Credit Memo
Accolent ERP supports the practice of optionally charging restocking fees on goods returned for credit. In addition, Freight and Labor charged on the initial sale may be optionally refunded if desired or not refunded depending on the circumstances. If terms-based early payment discounts are to be refunded these may be dealt with separately as part […]