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: Chart of Accounts
Analyzing Financial Statement Lines
Accolent ERP allows users to drill down into any Balance Sheet or Income Statement (“Financial Statements) line to analyze the detailed transactions that comprise that line item. Each Financial Statement line item can consist of multiple Account Groups and each Account Group can contain multiple GL Accounts. Each GL Account in the system has a […]
Entering Other Deposits and Bank Charges
Accolent ERP allows users to enter Bank Deposits and Bank Charges. On the Bank Deposits and Bank Charges screens, the GL Account for Cash in Bank and the amount are defaulted respectively as a debit or credit. The user can select one or more offsetting GL Accounts to post too. Both screens work the same […]
Understanding General Ledger Postings and Balances
Accolent ERP is built on a General Ledger (“GL”) which organizes all your financial reporting by GL Accounts. The GL Accounts are used to record all the transaction data that will appear in your financial reports. Each GL Account stores transaction data by Warehouse by Department by Month/Year and is reported on through the financial […]
General Ledger Differences for Advantage Users
Accolent ERP works differently from Advantage in many areas. One of the main differences is that Accolent ERP’s General Ledger is completely GAAP-compliant and so has constraints that were not present in Advantage. Another major difference is that the General Ledger posts transactions in real-time immediately as they are completed, so there are no daily […]
Setting Up Financial Statements
Setting up the Financial Statements in Accolent ERP requires several steps. First, map out the general structure of the financial statements using three levels of categorization: Account Type (e.g., Asset), Account Sub-Type (e.g., Current Assets) and Account Group (e.g., Cash). Then review the printed format of the financial statements that were set up and revise […]
Summary of General Ledger Postings
Accolent ERP posts transactions to the General Ledger (GL) through the following Accounting Journals: Sales Journal (SJ), Payment Receipts Journal (PR), PO Receipts/Manual Inventory Adjustments Journal (PO), Accounts Payable Journal (AP), Voucher Adjustments Journal (VA), Cash Disbursements Journal (CD) and the General Journal (GJ). The Accounting Journals are automatically posted to the GL immediately upon […]
General Ledger Postings – Payment Receipts Journal
Accolent ERP posts transactions to the General Ledger (GL) through the following Accounting Journals: Sales Journal (SJ), Payment Receipts Journal (PR), PO Receipts/Manual Inventory Adjustments Journal (PO), Accounts Payable Journal (AP), Voucher Adjustments Journal (VA), Cash Disbursements Journal (CD) and the General Journal (GJ). The Accounting Journals are automatically posted to the GL immediately upon […]
General Ledger Posting of Interest
Accolent ERP allows for charging a Customer interest on invoices that are outstanding past the due date based on the terms allowed that Customer. If the system is set up to charge interest, interest will accrue on the unpaid balance after the due date. Interest is recomputed daily in the database and updated to the […]
General Ledger End of Month and End of Year Close
Accolent ERP’s General Ledger is posted immediately upon a transaction being entered. The transaction is posted to the GL based on the transaction’s date. As such, closing a month or a fiscal year is simply a matter of verifying the transactions that were posted, and making any period adjustments or posting any GL Adjustments and […]