deepak t. bhatia, isg ifms implementation aspects for consideration i nformatics a dvisory s ervice

Deepak T. Bhatia, ISG

IFMS IMPLEMENTATION

ASPECTS FOR CONSIDERATION

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What is a Financial Management Information System?

Is a system that tracks financial events and summarizes information

Supports:• Adequate management reporting • Policy decisions• Fiduciary responsibilities• Preparation of auditable financial statements

Should be designed with good relationships between software, hardware, personnel, procedures, controls and data

Generally, FMIS refers to automating financial operations

Is a system that tracks financial events and summarizes information

Supports:• Adequate management reporting • Policy decisions• Fiduciary responsibilities• Preparation of auditable financial statements

Should be designed with good relationships between software, hardware, personnel, procedures, controls and data

Generally, FMIS refers to automating financial operations



What Are Core and Non-core FMIS Systems?

Core systems• General ledger• Accounts payable

and receivableMay include:• Financial reporting• Fund management• Cost management

Core systems• General ledger• Accounts payable

and receivableMay include:• Financial reporting• Fund management• Cost management

Non-core systems• HR/payroll• Budget formulation• Revenue (tax &

customs)• Procurement• Inventory• Property management• Performance• Management

information

Non-core systems• HR/payroll• Budget formulation• Revenue (tax &

customs)• Procurement• Inventory• Property management• Performance• Management

information

TREASURY SYSTEM

FUNCTIONALPROCESS

CENTRALBANK

DEBTMANAGEMENT

BUDGETMANAG.

CASHMANAG.

GOVT.SPENDINGAGENCIES

REVENUE COLLECTIONAGENCIES PAYING/

RECEIVINGBANKSTAXES CUSTOMS

BUDGET PREPARATION

BUDGET MANAGEMENT& FISCAL REPORTING

Ac.Receiv. Ac. Payable

Treasury General Ledger

AGENCYBUDGET

EXECUTION

DEBT MANAGEMENT

POSITIONMANAGEMENT

PAYROLL &PENSIONS

PERSONNELMANAGEMENT

TAXATION

AGENCYBUDGET

PREPARATION

CUSTOMS

Domestic Foreign

Investment Current

CASHMANAGEMENT

AUDITINGSample Transactions from Government Systems to Auditing

BudgetGuidelines

Cash Forecasts; Allocations

COMMERCIAL

BANKS

MACROECONOMIC

FORECASTING

BUDGETPREPARATION

BUDGETMANAGEMENTACCOUNTING

&FISCAL

REPORTING

CASHMANAGEMENT

DEBTMANAGEMENT

REVENUEADMINISTRATION

CIVIL SERVICE MANAGEMENT

AUDITING

Estimateof

Borrowing and

Public Debt

Interest

Macro Economic Framework

Budget Proposals;old & new programs

AUDITORGAN.

Revenue Estimates

Approved Agency Budget

CENTRALBANK(TSA)

Payment Instructionsto Central Bank

Report on Payments& Receipts to TSA

Reports on

RevenueReceipts

Information Systems Architecture for Government Fiscal Management

CENTRALOFFICE

REGIONALUNITS

ECONOMICPOLICY

TREASURY

MINISTRY OF FINANCE

GovernmentBanking Arrangements

Feedbackfrom Audit

Vendors

TaxPayers

MACRO ECONOMIC FORECASTING

Source – Treasury reference model – Ali Hashim Bill Allan



What Constitutes a Good (Effective/Efficient) System?

Ability to:• Collect accurate, timely, complete, reliable, consistent

information• Provide adequate management reporting• Support government-wide and agency policy decisions• Support budget preparation and execution• Facilitate financial statement preparation• Provide information for central agency budgeting,

analysis and government-wide reporting• Provide complete audit trail to facilitate audits

Source: Core Financial System Requirement. JFMIP-SR-02-01. Joint Financial Management Improvement Program. Washington, D.C., November 2001.

Ability to:• Collect accurate, timely, complete, reliable, consistent

information• Provide adequate management reporting• Support government-wide and agency policy decisions• Support budget preparation and execution• Facilitate financial statement preparation• Provide information for central agency budgeting,

analysis and government-wide reporting• Provide complete audit trail to facilitate audits

Source: Core Financial System Requirement. JFMIP-SR-02-01. Joint Financial Management Improvement Program. Washington, D.C., November 2001.



Aspects to Consider for IFMS Implementation

Top level

sponsorship

Financial records management policies

Inter-agency co-ordination

Management of changes

Formal project planning including business cases

IT architecture

ICT procurement

Agreement/Collaboration within donor organisations, especially

related to IT investment

Institutional capacity and incentive scheme

Local technical support

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InstitutionalInstitutional OrganisationalOrganisational ITIT



Government Commitment

IFMS implementations are complex undertakings and may require major institutional changes in the following areas:

IFMS implementations are complex undertakings and may require major institutional changes in the following areas:

The above changes are very difficult to implement without government commitmentThe above changes are very difficult to implement without government commitment

Legal FrameworkLegal Framework Business ProcessesBusiness Processes Financial FlowsFinancial Flows

GovernanceGovernance

Organisational and IT StrategiesOrganisational and IT Strategies



Resulting in clear and

agreed-upon results

Resulting in clear and

agreed-upon results

Government Sponsorship Is:

Necessary to engage various ministries in the common program

Indispensable to gain acceptance of policy reforms such as data sharing

Critical to overcome implementation deadlocks

Essential to define tasks, including: • Define vision, goals, policies and objectives• Allocate roles and responsibilities• Commit stakeholders to high-level workplan• Mobilize necessary resources • Legitimize monitoring and evaluation process

Necessary to engage various ministries in the common program

Indispensable to gain acceptance of policy reforms such as data sharing

Critical to overcome implementation deadlocks

Essential to define tasks, including: • Define vision, goals, policies and objectives• Allocate roles and responsibilities• Commit stakeholders to high-level workplan• Mobilize necessary resources • Legitimize monitoring and evaluation process



Institutional Capacity Skills/Incentives

Assess capacity gaps (in skills, mindsets, performance, policy, resources, technology) by reference to goals and objectives, including:

• Redesign business processes leveraged by technology • Design and implement training plan • Rationalize staffing, compensation, and severance packages • Question long-term in-house capacity to engineer, operate and

maintain systems • Engage private sector for development and operation of new

systems• Manage external service provision through service level

agreements• Ensure integration between project and regular staff

Assess capacity gaps (in skills, mindsets, performance, policy, resources, technology) by reference to goals and objectives, including:

• Redesign business processes leveraged by technology • Design and implement training plan • Rationalize staffing, compensation, and severance packages • Question long-term in-house capacity to engineer, operate and

maintain systems • Engage private sector for development and operation of new

systems• Manage external service provision through service level

agreements• Ensure integration between project and regular staff



Inter-agency Coordination

Implementing IFMIS is a complex undertaking Very often skills are not available in single agency Will require resources both within government as well as

external to government Increasingly implementation partners are being used to help

buttress weak capacity - either for project management, procurement planning, software implementation – encourage partnerships between international package suppliers and local support to ensure post-implementation support in country

Implementing IFMIS is a complex undertaking Very often skills are not available in single agency Will require resources both within government as well as

external to government Increasingly implementation partners are being used to help

buttress weak capacity - either for project management, procurement planning, software implementation – encourage partnerships between international package suppliers and local support to ensure post-implementation support in country



Project Management Aspects

Establish program office to coordinate project Release project managers from regular

responsibilities Bring in external consulting support for project

management Require professional project management tools

and techniques Measure, monitor, and publicize progress Conduct periodic independent technical audits Carefully manage public relations and inter-

agency politics

Establish program office to coordinate project Release project managers from regular

responsibilities Bring in external consulting support for project

management Require professional project management tools

and techniques Measure, monitor, and publicize progress Conduct periodic independent technical audits Carefully manage public relations and inter-

agency politics



Donor Coordination Aspects

Often overlapping initiatives in same business area at different levels of government

Ensure that the processes and systems offered are compatible, working towards the same goal, and, given limited resources, that activities are correctly sequenced

• This will also require fine-tuning as the project progresses, and the organizational goals shift

Options:• Multi-donor trust fund which can be used to support diagnostic

work, capacity building, and allow for dialogue • Each Donor covers a particular component, hardware, software,

communications, change management, training, etc.• Each Donor covers a level of government, or group of

states/regions or districts in the same development stage

Often overlapping initiatives in same business area at different levels of government

Ensure that the processes and systems offered are compatible, working towards the same goal, and, given limited resources, that activities are correctly sequenced

• This will also require fine-tuning as the project progresses, and the organizational goals shift

Options:• Multi-donor trust fund which can be used to support diagnostic

work, capacity building, and allow for dialogue • Each Donor covers a particular component, hardware, software,

communications, change management, training, etc.• Each Donor covers a level of government, or group of

states/regions or districts in the same development stage



IT Architecture – Develop:

Put in place management structure and systems to manage operation of all the above architecturesPut in place management structure and systems to manage operation of all the above architectures

Information architecture to rationalize information needs and flows

Data architecture to enable sharing, access, management, security, and integrity of data

System architecture to computerize and support business processes

Information architecture to rationalize information needs and flows

Data architecture to enable sharing, access, management, security, and integrity of data

System architecture to computerize and support business processes

Technology architecture to support computerized processes, information flows, and data management

Networking architecture to enable information flows across space and institutional boundaries

Security architecture to ensure protection, integrity, and confidentiality of data

Technology architecture to support computerized processes, information flows, and data management

Networking architecture to enable information flows across space and institutional boundaries

Security architecture to ensure protection, integrity, and confidentiality of data



Financial Records Management

Without effective and efficient records management in place, the desired impact of financial and governance reforms is often minimal at best

Without effective and efficient records management in place, the desired impact of financial and governance reforms is often minimal at best

Creation and management of authentic, reliable, and secure financial records are critical actions (paper/electronic)

Meet the financial management needs of the government, including:

Creation and management of authentic, reliable, and secure financial records are critical actions (paper/electronic)

Meet the financial management needs of the government, including:

Development and implementation of economic and fiscal policy to:Development and implementation of economic and fiscal policy to:

Provide the audit trail and support the audit function

Provide the audit trail and support the audit function

Enable government meet its legal obligations for financial management

Enable government meet its legal obligations for financial management

Protect the integrity of key records and the information they contain

Protect the integrity of key records and the information they contain

Ensure the timely disposal of obsolete records

Ensure the timely disposal of obsolete records



Critical Issues for Financial Records Management

The need to recognize the importance of protecting the authenticity and integrity of financial records

The need for effective legislative and organizational frameworks for financial management and financial records care

The importance of developing standards for financial records management and financial records care

The central role of education and training for successful records care

The need to raise awareness across government of the value of all records, including financial records

Source: IRMT discussion on evidence-based governance

The need to recognize the importance of protecting the authenticity and integrity of financial records

The need for effective legislative and organizational frameworks for financial management and financial records care

The importance of developing standards for financial records management and financial records care

The central role of education and training for successful records care

The need to raise awareness across government of the value of all records, including financial records

Source: IRMT discussion on evidence-based governance



Change Management Objectives

Redesign budget, revenue, and expenditure processes

Redefine organizational, job, and skill requirements

Minimize resource requirements to implement IFMS

Institutionalize service, efficiency mindset

Gain staff commitment and feedback on redesigned

processes

Help line ministries implement process improvements

Create the foundation for a Government-wide

communications strategy

Redesign budget, revenue, and expenditure processes

Redefine organizational, job, and skill requirements

Minimize resource requirements to implement IFMS

Institutionalize service, efficiency mindset

Gain staff commitment and feedback on redesigned

processes

Help line ministries implement process improvements

Create the foundation for a Government-wide

communications strategy



FMIS Off-The-Shelf Solutions

FMIS Off-The-Shelf Solutions



SAP Solutions for Government Financial Management

mySAP Public Sector Offers: Tax and revenue management

Registration, Tax Calculation, Billing, Payment/Collection, Taxpayer/Debtor Accounting & Services, Revenue Accounting

Electronic services Portals & Marketplaces, Internet Services, Constituent Relationship Management, Case Management, e-

Procurement, Security & Authentication

Records management Record/Case & Workflow Definition, Workflow Execution, Workflow Monitoring, Records Life cycle Management,

Information Retrieval

Funds management, accounting and controlling Strategic Organization Management, Decision Support & Data Warehousing, Program Formulation &

Financing Program

Human resource management and payroll Organization & Police Management, Recruitment, Personnel Administration

Budget preparation Budget Execution,, Cash Management & Treasury, Financial Accounting, Managerial Accounting, Grants Management,

Travel Management

Operations Management Program/Project Management, Cash Management & Treasury, Financial Accounting, Managerial Accounting, Grants

Management, Travel Management

Knowledge Management Knowledge Library, Knowledge Development, Skill Development, e-Learning, Knowledge Assessment

mySAP Public Sector Offers: Tax and revenue management

Registration, Tax Calculation, Billing, Payment/Collection, Taxpayer/Debtor Accounting & Services, Revenue Accounting

Electronic services Portals & Marketplaces, Internet Services, Constituent Relationship Management, Case Management, e-

Procurement, Security & Authentication

Records management Record/Case & Workflow Definition, Workflow Execution, Workflow Monitoring, Records Life cycle Management,

Information Retrieval

Funds management, accounting and controlling Strategic Organization Management, Decision Support & Data Warehousing, Program Formulation &

Financing Program

Human resource management and payroll Organization & Police Management, Recruitment, Personnel Administration

Budget preparation Budget Execution,, Cash Management & Treasury, Financial Accounting, Managerial Accounting, Grants Management,

Travel Management

Operations Management Program/Project Management, Cash Management & Treasury, Financial Accounting, Managerial Accounting, Grants

Management, Travel Management

Knowledge Management Knowledge Library, Knowledge Development, Skill Development, e-Learning, Knowledge Assessment



SAP Public ServicesFunctions Supported by SAP:Accounting: Commitment and financial, asset accounting, cost accounting, accrual and cash based financial accounting

Budget planning, preparation, allocation, management, control & execution

Cash: management, flow projection (financial instruments & budget execution), liquidity management, payments, and forecasting

Cost and project accounting,

Financial Accounting including AR, AP, Asset Accounting

Financial Management: Management of loans, funds, debt, money and capital markets, public debt, procurement, revenue, and risk- reporting and forecasting

Human resources, procurement and materials management

Management and accounting of state assets and liabilities

Management and control: budget, procurement, revenue management, internal audit

Management of budget bank accounts, allocation of available resources in bank deposits and government securities

Public debt management

Reporting: Business Warehouse



SAP Public Services

Presence:

• Europe

Federal Ministry of Finance Germany, Federal Ministry of Finance Austria, Ministry of Finance Macedonia, Ministry of Finance Montenegro, Ministry of Finance Netherlands, Ministry of Finance Bulgaria, Government of Switzerland, Ministry of Finance Latvia, Ministry of Finance City & State of Hamburg, Ministry of Finance Estonia, Ministry of Finance Croatia,

• Americas

State of California, State of Arkansas, State of Pennsylvania, Florida Department of Revenue, US Army, US Navy, Guanjuato State Government Mexico, Federal Government Canada, City of Tacoma

• Africa

Zimbabwe Ministry of Finance

• Asia Pacific

Queensland Treasury Australia, Department of Employment Australia



FreeBalance eFinancialsFreeBalance Modules: System Setup and Chart of Accounts Budget Management Cycle Fiscal Reporting Procurement and Asset Management Cycle Commitment and Obligation Cycle Accounts Payable Cycle Accounts Receivable Cycle



FreeBalance eFinancialsChart of Accounts: Organization Profile – Initializing

eFinancials Defining the Chart of Accounts System Security System Tables System Parameters Audit trailsFiscal Reporting: Reporting for Financial Management Corporate Reporting Remote Access to Financial InformationAccounts Payable Cycle: Invoice Processing and Invoice Approval Payment Process and Approval of

Payments Check Issuance Bank Reconciliation Receipt of Funds – Non Accounts

Receivable

Budget Management Cycle: Apportionments – Distribution of

Appropriations Allotments – Distribution of funds to Spending

Units Budget Transfers and Budget Warrants Loading Budgets – InterfacesProcurement and Asset Management Cycle: Requisitioning Goods and Services Purchase Orders and Service Contracts Receipt of Goods Asset Management Procurement ReportingCommitment an Obligation Cycle:

Commitments and Obligations - Link to Procurement

Commitments and Obligations from other sources

Commitments and Obligations Reporting



FreeBalance eFinancialsAccounts Receivable: Billing Activity Tax Revenues Receiving Moneys – Cash Receipts Outstanding Receivables and Ageing Revenue Documents – Forms Printing Bank Deposits

Presence: Department of Defense USA, Kosovo, Gov of California, East Timor, Jamaica, US Department of State, Government of Canada State Government of New York, Atomic Energy Control Board, US Department of Education, Government of Ontario Canada, Department of the Army – USA, US Department of Transportation, Afghanistan

FeaturesFully configured production systemChart Of Accounts based on IMF classification structure and World Bank Treasury Reference Model (TRM)Demonstrate Treasury Functions’ key business cycles Present capabilities of eFinancials to enhance and facilitate business processes and Treasury activities:

Real time – on-line access to dataIntegrated data flow between and within system modulesDrill-down to detail and source information within functionsDefaults and navigation functions supporting ease of use



Oracle Financials

Treasury Solution Overview:Chart of Accounts Design

Business Flows

Budget Preparation

Budget Execution

Commitment Management

Payments Management

Receipts Management

Cash Management

Fixed Assets Management

Combined Basis Accounting

Treasury Solution Security



Oracle FinancialsFixed Asset Management:Asset Registration

Registration of Purchased asset Registration of Completed WIP from a

capital project Registration of Leased Asset

Asset Transfer Transfer of Assets Reclassification of Assets

Asset Depreciation Straight Line Method Written Down Value Method

Asset Revaluation Historical Cost Revaluation Due to Capital Repairs

Asset Retirement Disposing of Assets Sale of Assets

Chart of Accounts:Fund Classification - Fund, Source of FundOrganization Classification - Organization, Location Economic Classification - AccountProgram & Project Classification – Program / ProjectFunctional Classification - Organization

Fiscal Reports:

Several standard reports in all functional areas. In addition, the Financial Statement Generator (FSG) in General Ledger is a powerful, user-friendly tool which helps users generate tailor made reports

Combined Basis Account:

Accrual Accounting - Recognition of transactions when they occur.

Cash Accounting - Recognition of transactions when cash is received or paid

Modified Accrual Accounting - Recognition of expense transaction on accrual basis and Expensing of fixed assets in year of purchase.



Oracle FinancialsCash Management:

Import and reconcile bank statements automatically

Generates automated government wide cash forecasts

Do online what if analysis Generates automated reconciliation entries to

sub-ledgers

Mapping Treasury Solutions:

Two sets of Books-Accrual and Cash

Primary – Accrual Method to manage

Secondary – Cash method to report

Combined basis functionality in Oracle Payables and Oracle Public Sector Financials

Budgetary Control and Encumbrance Accounting with Accrual

Facility to do full accrual or modified accrual accounting.

Budgetary Preparation: Define constraints in PSB Generate Estimates using Worksheets in PSB. Modify worksheets

Use PSB workflow and review groups in PSB.

Use parameters sets in PSB. Freeze Budget Worksheet to prevent

unauthorized changes Use Budget worksheets and stage sets of PSB Use COA and the cross validation rules in Oracle

GL. Run standard Reports and FSG Online Inquiry in PSB and GL



Microsoft AXAPTA Financial

GENERAL LEDGERFlexible setup of accounting periodsFast and reliable year-end procedureMultiple budgetsAdvanced options for transaction entryJournal approval proceduresValidation prior to postingAutomatic allocation according to predefined setup of accounts, dimensions and percentagesExtensive tax module for different types of tax calculation and reportingBANK MANAGEMENTReconcile bank accountsSetup of checksMonitoring deposits, payments, and bank balancesElectronic import of bank account statements available for some countriesACCOUNTS PAYABLEExport and import formats for electronic paymentsBridging accountsPromissory note handlingAdvanced payment schedulesPayment proposalsOption to match invoices to physical deliveriesOption for separate handling of approved and unapproved invoices

MS AXAPTA - Financial Management consists of several individually packaged offerings:Microsoft Axapta Financials I and IIElectronic BankingFixed Assets




ACCOUNTS RECEIVABLECredit assessmentFlexible terms of payment and cash discountsAdvanced payment schedulesPrepaymentsDraft handling (bill of exchange)Payment proposalFree text invoicing (non-stock invoicing)Extended options for interest calculationOptions to setup unlimited number of different collection proceduresExport and import formats for electronic paymentsMultiple currency handling and exchange rate adjustmentGLOBAL FUNCTIONALITIESMulti-language capabilitiesComprehensive local market functionalityMulti-currency and secondary currency handling Currency Converter§ Euro conversionExchange rate adjustment handlingIntrastat and EU sales listCountry-specific bank formats for electronic payments and import of bank account statementsEASY TO USEIntuitive screen layout and structureUser-adjustable menus, entry forms and reportsAdvanced sorting and filter optionsBuilt-in user Help including an integrated manualOption to e-mail and fax directly from Microsoft Axapta

MS AXAPTA - Financial Management consists of several individually packaged offerings:Microsoft Axapta Financials I and IIElectronic BankingFixed Assets




DATA ANALYSISPowerful financial dimensions for data analysisFlexible report generatorXBRL (Extensible Business Reporting Language)Drill to detail and drill around capabilitiesRELIABILITY AND SECURITYStrong audit trail capabilitiesSystem controls and transaction validationsTransaction approvalExtended options for setup of access rights

AXAPTA Financial IIADVANCED GENERAL LEDGERInter-company accountingGlobal consolidationsAccount allocations based on predefined criteria for actual or budget amountsCash-flow forecasting and currency requirement calculation

AXAPTA Fixed AssetsASSET MANAGEMENTManages the full life cycle from acquisition, depreciation to dispositionMaintains asset status informationImproves control over fixed assets to drive accuracy and timeliness in your accounting resultsSupports five depreciation methods (straight line, declining balance, factor, manual percentage and consumption)Forecasts using fixed assets budgets

MS AXAPTA - Financial Management consists of several individually packaged offerings:

Microsoft Axapta Financials I and IIElectronic BankingFixed Assets



Microsoft NAVISION Financial

MS Navision Financial Modules:

Microsoft Business Solutions–Navision Cash Manager Microsoft Business Solutions–Navision Financial Management Microsoft Business Solutions–Navision Fixed Assets Microsoft Business Solutions–Navision General Ledger Microsoft Business Solutions–Navision Multicurrency Microsoft Business Solutions–Navision User Portal

BANK ACCOUNT MANAGEMENT: Unlimited number of bank accounts, modify and delete accounts , transfer between accounts independetly of currency, G/L account is automatically updated when you post bank transactions, CHECK WRITING: Automate and control check-writing process, generate printed checks with unique number series, track check numbers and void checks, write checks in more than one currencyBANK RECONCILIATION: Reconcile all your bank accounts with the account statements issued by bank, apply transactions from bank statement to bank account ledger entries, post additional transactions recorded only by the bank and not yet by the program, deal with errors on your bank statementBANK STATISTICS: Print company bank account statistics reports, View company bank account statistics




FlowFields : Continually updates and recalculates contents of a flowfield online, data can be drilled down from all flowfield amounts to view which entries were included in the calculation of the amount.Specify which information should be displayed by using filters on flowfields and tables:Allows for setting a table filter on one or more fields in a table. Can use filters on flowfields to limit which entries are used in calculating the amounts or quantities presented in a flowfield

Chart of Accounts: Balances and net changes for all G/L accounts online and filter by date, department dimension, project dimension, account and numerous other criteria. Drill down to the detail levelArrange G/L accounts into a hierarchical structure with posting and total accountsDefining totaling formulas to gather totals from more than one accountNew G/L accounts can be added at any time and changes can be made to existing accounts simply by altering the account card.Attribute a range of characteristics, posting criteria and business rules to each individual account. For example, assign a default department and project code to an individual account and define rules for how these codes are to be used in conjunction with that account numberView debit and credit information for accounts, periods, department or project, and compare this with budgeted balances.

Flexible Accounting Periods: Define any starting date for the fiscal year and specify own accounting periods with an unlimited number of periods of any duration:Use filters to view and print financial data across periods, regardless of starting and closing datesTransfer income statement balances to balance sheet using the Close Income Statement batch job:

Closing entries can be created per business unit, department code and/or project code or per G/L account, and are retained by the program in a specified journal for scrutiny before posting.Closing entries are sorted and marked, making them easy to view and filter on.The batch job can be carried out as many times as necessary so you can make corrections to your income statement even after transferring balances to your balance sheet.




Foreign Trade and Currency Management: Maintain general ledger in two different currencies, view balances online and print financial reports for two currencies simultaneouslyInvoice a customer or a vendor in an unlimited number of currenciesManage entire customer and vendor accounts in a foreign currencySet up relational exchange rates in the format applicable in your countryTraceability: Transactions leave a complete audit trail, so even complex business transactions become transparentG/L registers record every entry made and where and when it originatedView all G/L entries for all accounts or specific accounts from your Chart of Accounts, account cardsNavigate feature locates all entries posted with the same document number and posting dateChronological list of all changes to any field in any table and see who made the changes General Journals: Use general journals to post to G/L accounts, bank accounts, customer accountsSet up and unlimited number of journal batches, define rules for each individual batch, for example, you can assign a default balancing account and define rules for VAT calculation per journal batchForce documents to balance for each document type and document number before a journal can be postedPrint a test report that highlights any corrections that need to be made before posting the journal.present your journals as you please. Using the Show/Hide function, you can select which fields are shown in the journal windowUse recurring journals for frequent transactions, whether they are of fixed or variable amounts. You can also set an expiry date for when a series of recurring posts should end




Security and Business Rules: Use mandatory filters on table data to ensure that certain roles only have permission to access the specified dataAutomate procedures and policies in an organization by using business rules. Influence how your accounting is conducted and increase the consistency of data entry, and thereby data outputBusiness rules can be applied to individual accounts, account types, dimensions, VAT accounting and many other areas of NavisionAccount Schedules:Create an unlimited number of unique, company-specific reports based on G/L data, budget data and dimensions dataSave reports and scrutinize them online using the drill-down featureSpecify rows using any accounts or account totals from your chart of accountsSpecify an unlimited number of columns to compare G/L figures with budget figures using the Net Change, Formula, and Balance at Date column typesUse the Comparison Period Formula to compare figures for current periods and previous periodsSelect budget and date filters, and choose whether to show amounts in additional reporting currencyBudgets: Create and maintain budgets in easily comprehendible matrix formInvestigate budgetary performance using account schedules and specific budget reportsAllocate budgets on total accountsCreate very specific ‘sub-budgets’ within an overall budgetMonitor how individual units are performing and compare performance with other units, previous periods and budgeted amounts using dimensions on budget entries



Microsoft Great-Plains Financial

Great Plains - Analytical AccountingTransaction Dimensions:Classify, report, and analyze financial transactionsTransaction Dimension Codes: Attach user-defined transaction dimension codes to ledger transactionsMulti-Level reporting: Allow multi-level reporting Wizard-Driven Inquiries: Generate multi-level reports Valid Code Combinations: Define valid transaction dimension code combinations to prevent invalid combinations being entered for a transaction. Integration: Analyze transactions across entire organization

Great Plains - Bank ReconciliationEasy Transaction Management: Control the way transactions are handled during reconciliation processes Efficient Transaction Entry: Focus on the information with a customizable transaction view Summary Information: Speed up reconciliations with on-screen summary informationTransaction Tracking: Track simple or complex transactions Easy and Efficient Transaction Review: Review transactions by setting reconciliation ranges, sorting transactions by type or date, and marking single transactions Automatic Adjustments: Reconcile totals with automatic file update and General Ledger postingsException Handling: Handle cleared amount differences with drill-downs for more information.Simultaneous Reconciliations: Manage multiple reconciles out of separate checkbooks without having to complete each one before beginning the nextReporting: Create, view, and post a suite of standard reports Multicurrency Support: Enter, view, and reconcile transactions for checkbooks in any currency,




Great Plains - Cash Flow and Collections Management*Cash FlowCustomize the selection of data to include calculations and manage cash flow Control day-to-day operations with clear views of daily inflows and outflowsCreate up to three different forecasts based on many different scenarios View cash flow for the current or coming months, scroll from month to month, or check specific dates using the graphical calendar viewDisplay detailed listings of all source documents making up the net change to cash flow in a given day, and drill down for greater detailShow cash flow trends clearly with weekly and monthly calendar reports, including base summaries, source-based summaries, source-based details, transactions by category, and moreCollections ManagementBuild and store queries to target and view customers that meet a user-defined criteria, such as balance, notes, customer, credit manager, and commitment statusAutomate printing and faxing of collections letters, e-mails, statements, and invoices to customers with the push of a button, customized by customer and days overdueSet automatic follow-up actions and reminder dates with the intuitive Collections Task List to view completed and uncompleted tasks, as well as completed or uncompleted payment promises by customers

* Microsoft Business Solutions Financial Management components are sold separately and may not be available on all versions of Microsoft Business Solutions–Great Plains.




Great Plains - Payables ManagementExtensive Drill-Down: Cross-module drill-down capabilities give you the ability to locate the exact details you need. Comprehensive Vendor Information: Streamline your vendor information with vendor categories for consistent record maintenance and comprehensive data, including addresses, shipping methods, default purchase accounts, and user-defined information. Installment Management: Automate vendor installment payments by creating schedules, calculating interest, amortizing amounts, and forecasting the impact of variable interest rates, payment amounts, and installment changes. Expenditure Control: Manage expenditures with full control over check runs and tracking of after-the-fact payments Automatic Posting: Automate posting for each vendor to designated General Ledger accounts for recurring transactionsReceivables Management: View un posted, posted, and historical transactions, plus complete customer, period sales, yearly sales, payment history, and receivables summary information, Utilize user-defined fields to track customer information; Automate customer installment payments by schedules, calculating interest, amortizing amounts, and forecasting the impact of variable interest rates, payment amounts, and installment changesCustomer/Vendor Consolidations: Define relationships with customers who are also vendors and apply open debit and credit documents against each other to consolidate current balances in both Payables and Receivables Management.




Great Plains - E-BankingElectronic Funds TransferPost sales batches with associated payments and automatically generate an electronic file for transfer to your bankSecurely transfer payments to vendors and employees or across accounts Conform to U.S. bank-industry EFT standards with support for ACH format and most Canadian formatsElectronic Bank Reconciliation Automate reconciliation of transactions and adjustments with downloaded bank dataManage exceptions for transactions that aren't in your recordsEasily reconcile transactions and adjustments with electronic account informationCommunicate with your bank over any communications link with transaction downloading for later viewing and auditingSafe PayAdd Positive Pay functionality, including daily exporting of checks for comparison by the bank when those checks are presented for paymentLockbox Processing Easily process and match transactions from the lockbox file provided by your bankAutomatically import and apply customer payment information Easily set up multiple lockbox profiles and reuse them with easy mapping of key fields in the lockbox file Automate and connect business and banking processes

* Microsoft Business Solutions Financial Management components are sold separately and may not be available on all versions of Microsoft Business Solutions–Great Plains.




Great Plains - E-Expense Automated Expense Management *Online Expense Reporting: Enable employees to submit expense reports onlinePre-populate expense reports with existing employee informationAutomatically submit expenses against pre-configured or custom cost centers mapped to General Ledger accountsCapture out-of-pocket expenses instantly with Palm Operating System-based devicesDeploy over the Internet to minimize IT resources View, sort, and filter a wide range of best practices reports, or custom-configure own reportsView and filter vendor statisticsOffline: Anytime, Anywhere Expense ReportingEnable complex itemization of expenses Ensure efficient processing and timely reimbursementReceipt Imaging: Electronic Receipt Imaging ServiceSubmit, review, and store expense receipts electronicallyEliminate costs for managing and storing paper receipts

* e-Expense components are sold separately and may not be available on all versions of Microsoft Business Solutions–Great Plains®.




Great Plains - Fixed Asset ManagementEasy Asset Setup: Create and manage assets books for each company including corporate, federal tax, alternative minimum taxAsset Tracking: Track comprehensive information about assets Asset Classes: Define asset classes to set defaults for a group of assets, as well as set characteristics such as depreciation or asset retirement for multiple assets at one time. Averaging Conventions: Utilize a variety of averaging conventions for managing assets Depreciation Management: Use depreciation methods to forecast depreciation expenses for budgetary workAsset Review: View and analyze information about assets including account, lease, insurance, or user data, or drill down to the originating transactionAsset Manipulation: Manage assets with powerful tools for adding or changing assets such as retirement, transferals, and making mass changes to multiple assetsReporting Flexibility: Share information with a wide variety of standard reports Property Management: Manage physical inventory and asset movement with location IDs providing reconciliation of an asset's actual physical location to the recorded physical locationIntegration: Update the General Ledger automatically with Fixed Asset Management information




Great Plains - General Ledger *General LedgerDesign an accounting structure to suit business or create unique structures for each company Manage accounts and transactions with flexibility using user-defined accounting structures, definable fiscal periods, prior-year adjustments, batch posting, cross-module auditing, and more. Create default budget templates complete with accounts, descriptions, and default amounts Improve advanced financial analysis capabilities by modifying existing General Ledger financial reports or creating new reportsCreate comprehensive reports consolidating information from multiple companiesMultidimensional AnalysisDefine any type of grouping including departments, product lines, and regions, and set up unlimited analysis codes to analyze any facet of business Account Level SecurityFilter account views based on access granted for accountsInter CompanyManage single-use or recurring transactions between companies

* Microsoft Business Solutions for Financial Management components are sold separately. Multidimensional Analysis, Account Level Security, and Intercompany are not available with

Microsoft Business Solutions–Great Plains Standard.




Great Plains - Multicurrency ManagementExchange Rate Tracking: Track the date and time of exchange rates used in multicurrency transactionsStandards Support: Manage multicurrency transactions to international standards with adherence to FASB-52 and BASDA standardsCurrency Rate Definition: Define an unlimited number of currencies and exchange rates per currency or set specific rates as neededCustomer-Specific Default: Set default currency rates for specific customers, vendors, or accounts Realized Gains and Losses: Automatically track and record realized gains and losses for sales and purchases over the life of transactions due to the effect of currency changesMulticurrency Reporting: Show multicurrency activity in financial reports or translate existing reports into multiple currencies to share information with associates around the worldMulticurrency Inquiry: Instant access with multicurrency transactions

Great Plains - StandardFinancial Management: General Ledger, Accounts Payable, Accounts Receivable, Cash Flow Management, Bank Reconciliation, and Electronic Funds Supply Chain Management: Inventory Control, Invoicing, Sales Order Processing, and Bill of Materials Human Resource Management: Direct Deposit, Payroll, and Human Resources capabilities for up to 500 employees Manufacturing Planning: Materials Requirements Planning, Manufacturing Order Processing, and Manufacturing Bill of Materials Project Management: Project Accounting and PS Time and Expense Reporting: Crystal Reports® 9.0 Professional



IBM – ERP Financial Management

The financial management solution from IBM is designed to: Standardize information, processes and applications across all departmentsEnable communication among suppliers, vendors and partners—even across disparate systems. Integrate people, applications and data into the same workflow and data flowEnable multi-channel input and access to financial information (phone, Web, desktop). Streamline accounting processes enterprise-wideAnalyze financial information from across organization in order to make sound decisionsEnable communication among suppliers, vendors and partners, even across disparate systemsIdentify and implement a tailored financial solutionStreamline financial processes Enabling true enterprise-wide view of financial records on standard platform to speed up financial reportingIntegrating fragmented operations and eliminating redundant processesProvide a reliable, secure infrastructure that's easy to manageAllow for future scalability and flexibility by using standards-based productsSimplify database management by consolidating all financial informationIntegrate disparate systems, platforms and processesLeverage legacy systems as part of a customized financial roll outBy integrating with other ERP application, IBM solutions would addresses: Accounts payable, Accounts receivable, Cost accounting, General ledger, Financial statements, Invoicing



PeopleSoft - Financial Management

PeopleSoft Financial Management SolutionsPeopleSoft CFO PortalPeopleSoft FinancialsPeopleSoft Business Planning and BudgetingPeopleSoft TreasuryPeopleSoft Enterprise Performance ManagementPeopleSoft Enterprise Service AutomationPeopleSoft Accelerated FinancialsPeopleSoft Accelerated Enterprise Service Automation

PeopleSoft Financial Management offers:Streamline closing processes, get updated view of organization’s financial healthConsolidate accounts across disjoint systems, automate currency translation and valuationAvoid costly budget overruns with real-time control over actual and planned expenditures Track total financial commitments and revenue against budgetsSet key performance indicators at multiple levels, measure progress, and adjust plans accordingly.



PeopleSoft - Financial Management

PeopleSoft Financial Management offers:Eliminate reporting overload by delivering real-time performance indicators and alertsCompare, and monitor projects across the enterprise to focus on those most aligned with business objectivesDrill down to source data from a single point,and eliminate IT involvement for ad hoc reporting.Collect and aggregate financial data from any sourceUse pre-built data models to enable multidimensional reporting and analysisLeverage hundreds of predefined profitability metrics, such as revenue per order, gross margin, net income/loss, pricing variance, and gross margin per unit.Use pre-built data models to enable identify trends, perform comparisons, and highlight opportunities using financial metrics such as debt-to-equity ratio, debt-to-assets ratio, working capital-to-assets ratio, receivables and payables turnover, gross margin percent, return on equity, and return on invested capital.

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