Accounts And Financials Product Demo Transcript

Plex provides video demos that give an interactive, inside look at how our Products help you manage your manufacturing operations with unmatched agility and superior performance.

Plex Accounting and Financial Management delivers a competitive edge to manufacturers with flexibility, comprehensive functionality, and real-time visibility through auditable accounting controls and real-time reporting of your enterprise operations. All financial functions are brought together in a single solution with flexibility to fit your business processes.  A comprehensive range of accounting functionality to help you manage your business more effectively. And finally, real-time visibility and analysis enable better-informed business decisions. Let’s see how Plex Accounting and Financial Management allows you to easily create an accrual journal entry for advertising expenses, that needs to be reversed in a different accounting period. You have the flexibility to post this journal entry into any open accounting period of any open fiscal year. We’ll select the Reversing Period option to let the system know that the entry needs to be reversed into another accounting period.  In this case, we have entered accruals for advertising expenses from Europe so we want to select EUROs. To see a pre-defined list of currencies, click on the magnifying glass. You can find the account number by entering whatever you know about the account, such as part of the description A-D-V for advertising – even in the numeric account box!  

Plex searches the account number and account name to populate the data. Once we enter the transaction currency amount, the system computes the functional currency equivalent based on the exchange rates that are automatically updated every day. Let’s go ahead and post the entry.  Not only is the journal entry posted in real-time but the reversal entry is created immediately in the correct accounting period. Next, let’s take a look at visibility through financial reporting in the General Ledger. As financial statements are a very common function, you may want to set it up as a Favorite, accessible from the “star” icon. You can define as many custom reports as you need. Let’s pull a custom income statement, where you analyze data for a range of accounting periods and compare actuals with budget amounts showing variances. You can filter reports by various custom accounting segment ts such as cost center or location. Let’s go back to the Advertising expense account, where we posted the auto-reversing journal entry.  Because Plex is a native web application, all the functions you’re used to in your web browser are available. I’ll use the Find shortcut - and enter A-D-V for advertising to highlight those letters on the page. By clicking on the account balance for period four, you can easily drill-down to contributing transactions and then to the source transaction. Finally, let’s look at the powerful costing tools that Plex provides. Whether it’s last PO price, supplier approved pricing or different burden rates, Plex provides the tools to calculate standards for inventory valuation. It is important to see how the standards have been calculated. This is clearly visible on the part cost structure. Plus, you have the flexibility to look at inventory valuation by cost models, inventory, and costing dates, allowing you to make meaningful comparisons between different periods or between cost models. Plex Accounting and Financial Management gives you flexibility to manage accounting tasks in whatever way fits your business with comprehensive functionality and real-time visibility that allows you to build your business for success. To learn more or see a more detailed demonstration, please contact Plex at  855-534-8012 or visit plex.com/contact.