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: Manage Bank Accounts
Using AP Automation
Accolent ERP supports automated AP payments through Tipalti, a leading AP Automation platform. In Accolent ERP, users create Vouchers then select Vouchers to be paid and select the bank as ePayable Bank. When the user clicks Create Checks, if the bank is ePayable Bank, Accolent ERP will call the Tipalti API to upload the whole […]
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 […]
Internal Bank Transfers
In Accolent ERP, each warehouse is a separate entity for financial statement purposes. So, in order to accommodate transfers from one warehouse to another, Accolent ERP uses a dummy Internal Bank Transfer account. A transfer of cash from one Bank Account to another specifies both the source Warehouse and Bank Account as well as the […]
Recording a Vendor Refund
Accolent ERP offers several ways in which a vendor refund may be recorded. If the refund is in the form of a Credit Memo, then create a negative voucher for the amount of the refund and select the negative voucher together with other positive vouchers to reduce the amount paid to the vendor in the […]
Deleting Bank Deposits
Accolent ERP allows Bank Deposits to be deleted, if required. When a Bank Deposit is deleted, the system will first automatically unpost this from the GL before deleting it. Deletion of the Bank Deposit will automatically release all the payments on the Bank Deposit back to status of Ready for Deposit. Create Bank Deposit Go […]
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 […]
Creating Bank Deposits
Accolent ERP provides the ability to select one or more payment receipts with the status of “Ready for Deposit”, that can then be combined to create a Bank Deposit. The Bank Deposit can then be physically deposited to the selected Bank and will show up on the list of deposits for that Bank in Accolent […]
Reconciling Bank Statements
To be able to reconcile each Bank Account, Accolent ERP requires that each Bank Account be set up to post to a unique GL Account. That GL Account will then record all transactions posted to that Bank Account. To reconcile the Bank Statement for that Bank Account, compare the Bank Statement with the transactions recorded […]