Question 1

Which accounting software or solution provides a 360 degree view of your business?

TWM · Accepted Answer

Sage 300 connects your entire finance and operation together. Sage 300 has the tools to help your company improve productivity and accelerate growth. It provides real-time visibility, making it easier to get data.

Financial snapshots from Sage 300 web increase insight with secure access of key performance indicators (KPIs), with drill-down capabilities to underlying reports.

Sage 300 offers cost effective Operations, Distribution, and Supply Chain Management solution that improve bottom line and deliver on time.

Sage 300 Operations and Distribution Management modules ensure your business follows best practices for efficiency and accuracy by automating and integrating processes to keep your inventory and production running smoothly.

Question 2

What is lost sales?

wendy · Accepted Answer

It is good practice to create sales quotation in the erp software. If the sales quotation is not converted to sales order, customer can use it to track how many of their quotations are converted to sales.

Question 3

My auditor has recommended to change the home currency from Singapore dollars to United States Dollars. What should I do?

wendy · Accepted Answer

A change in home currency involves lots of work. Usually the financial software will not allow a change in home currency. A company has to create a new database and import all the master files like debtor profile, creditor profile, Chart of Accounts and Item code. User will have to enter all the opening balances.

Question 4

Am I able to post to easier period if I have closed my accounts?

wendy · Accepted Answer

User with super user rights can unlock closed period. Once the period is reopen, user can post to earlier period. User has to reprint the financial reports of the earlier period.

Question 5

How to prevent posting to future period?

wendy · Accepted Answer

User can lock the earlier and future periods in the system to prevent accidentally posting to wrong period.

Question 6

What is a lead?

wendy · Accepted Answer

A lead is usually a prospect that asked for a quotation or enquire about your company product or services. As we do not know if they will give us their order, we will create them as a lead instead of customer code. All activities related to this lead can be entered in the system. This will allow us to keep our customer database neat. Once the lead becomes a customer, we can turn the lead into a customer.

Question 7

Can I have different invoice number for different department?

wendy · Accepted Answer

A company with different department can consider using different series of document numbering. This will allow them to know how many invoices have been posted. It also allows them to easily refer to the correct invoice file to retrieve the document.

Question 8

How do i post the sales and cost of sales GL code by the country I sold to? How do I know my sales and cost of sales by country?

wendy · Accepted Answer

Instead of creating individual sales and cost of sales GL code by county, SAP Business One has Advanced G/L Account Determination feature for user to determine rules to define to their needs. These G/L Account Determination rules are based criteria.

Question 9

How can I know per cost centre or department expenses?

wendy · Accepted Answer

Create each cost centre or department as a segment or dimension.

Question 10

Should I use standard cost for inventory?

wendy · Accepted Answer

Standard cost is a preferred costing method if the raw material price tends to fluctuate. The difference between the purchase price of the item and standard price will be posted to price varience account. This will not cause the cost of sales to increase or decrease too much.

Question 11

How do I capture cost variance in assembly or production

wendy · Accepted Answer

Standard cost has to be the default item costing in order for system to calculate the cost varience between the purchase price and standard cost.

Question 12

How can I ensure physical stock tally with General ledger accounts?

wendy · Accepted Answer

Each item code has to link to the GL Inventory Control Account Code. It is the control account.

 

When user post a purchase receipt, the double entry will be

Dr Inventory Cr Receipt Credit.

When User posts the AP invoice and match against the PO Goods receipt, the double entry will be

Dr Receipt Credit Cr Creditor Control.

 

When User posts the delivery order or AR invoice, the double entry will be

Dr COGS Cr Inventory

Dr Debtors Cr Sales

 

User has to made adjustment from the inventory control module and not directly from the General Ledger module.

Question 13

Having trouble tracking outstanding sales order?

wendy · Accepted Answer

A customer can request for partial delivery on a sales order. It is important for a user to know how much sales are still pending. A open sales order report with status of partial can be printed at the end of each month.

Question 14

How can I prepare an invoice with progressive billing?

wendy · Accepted Answer

Using a software that has down payment feature will enable you to bill according to milestone or scheduled payment term.

Question 15

Must I enter supplier exchange rate for GST input tax calculation?

wendy · Accepted Answer

Yes. A user has to enter the exchange rate reflected on the supplier invoice.

Question 16

How do I handle exchange rate differences for foreign currency invoices?

wendy · Accepted Answer

User has to enter daily or monthly exchange rate. The sales will usually be a fixed rate for the entire company. When customer pays, the bank will determine the exchange rate. The difference between the invoice rate and the bank exchange rate will be the exchange rate differences. This is the matching principal concept. Most software like SAP B1 and Sage 300 handles the exchange rate differences automatically.

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