September 9, 2020 9:51 am | by John Adams
Our Assets Software functionality is integrated into all other modes, which enables users of SapphireOne to easily keep track of its company’s assets and their depreciations.
Entering new data in the equivalent Mode of the Assets Software creates a number of transaction types that can also link through to the financials mode:
There are two groups that Transactions in our Assets Software can be divided into:
Transactions which are transferred to Financials as a GJ, VI or MP:
- DGJ – Depreciation General Journal
- PGJ – Purchase General Journal
- SGJ – Disposal Sale General Journal
- VGJ – Revaluation General Journal
- RGJ – Reverse Sale General Journal
Transactions which are retained within Assets:
- DNT – Depreciation Note
- DLN – Depreciation Loan
- DSR – Depreciation Service
- DRP – Depreciation Repair
- DCO – Depreciation Company
The Assets Software is based on two principles:
This is the calculation of multiple depreciation schedules in relation to the company assets. Only one depreciation schedule may be transferred to the General Ledger. This covers the ATO Standard, plus the Company required value. For example: Your company may wish to retain a record of the WDV tax value, plus the potential WDV sale value. We suggest that only the transactions relating to the ATO Standard are transferred to SapphireOne, while the company transactions are kept within Assets in order to give a true reflection of the assets worth.
The Assets of your company can be purchased, sold and controlled with ease in SapphireOne. It includes the ability to record locations of assets and the specific staff responsible for each. Further, you can keep a record of all asset details, including the warranty period, any repairs that were done and loans that were taken. This enables the tracking of the life of any asset in the company.
If you would like to find out more on how to manage and control your Assets Depreciations etc. with our Assets Software, have a look at our website.
April 23, 2018 5:29 pm | by John Adams
The most important tips for Financial Controllers in any Organisation
Reconciling your bank accounts is a vital part of your daily routine and forms best practise in any organisation. Why is it important to reconcile on a daily basis? because it gives the organisation their current cash position. It is essential that an electronic copy of all past reconciliations performed are retained for control and audit purposes.
The three most important financial reports in any organisation are Trial Balance, Income Statement/Profit & Loss and Balance Sheet. The purpose of a trial balance is to prove that the value of all the debit value balances equal the total of all the credit value balances.
Income statements will help the Financial Controller determine the past financial performance of the enterprise, predict future performance, and assess the capability of generating future cash flows through report of the income and expenses. A balance sheet summarises an organisation or individual’s assets, equity and liabilities at a specific point in time.
Workflow rules allow the setting up, performing, and monitoring of a defined sequence of processes and tasks, with the broad goals of increasing productivity, reducing costs, becoming more agile, and improving information exchange within an organisation. Having the ability to set definable limits based on predefined values at a transactional level, an automated process that the appropriate person within an organisation are notified when approvals are required.
Identifying the prospect, capturing the initial contact details is the first step in the sales pipeline. When planning for the potential sale it is important to have a structured approach. When you have assessed the potential clients needs and objectives, you can then gain a commitment. Then following up is essential to close the sale and keep the customer engaged for future sales
Contact Relationship Management is an approach to manage a company’s interaction with current and potential customers, Vendors, Projects, employees and assets. It uses data analysis of the contact’s history with a company, to improve business relationships, specifically focusing on contact retention.
The CRM compiles all the data from a range of different forms of communication, including a company’s website, telephone and emails etc. CRM allows a single repository for all contact data and facilitates better relationships within financial controllers.
Absence of accounting means an absence of accountability. Accountability cannot exist without proper accounting practices. User logging is essential to ensure everyone is accountable for their own actions.
The batching of transactions gives the final control to a supervisor, to verify those transactions are true and accurate before they are posted to the general ledger. Looking to boost your financial management potential with a Dashboard equipped ERP, feel free to contact us or request a live demo.
Read testimonial – https://www.sapphireone.com/testimonials/financial-reports