Accounts and Financials Product Demo Transcript
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 through flexible, comprehensive and auditable accounting controls and real-time management reporting of your entire enterprise operations. Let’s take a look at how Plex Accounting and Financial Management allows you to easily create an accrual journal entry for advertising expenses that need to be reversed in a different accounting period.
We 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 in another accounting period. In this case, we’ve entered accruals for advertising expenses from Europe in Euros. Once we enter the transaction currency amount, the system computes the functional currency equivalent based on the exchange rate prompted by the system. Let’s go ahead and post the entry. Not only was the journal entry posted in real-time, but the reversal entry also got created immediately in the correct accounting period. Note that throughout the system, you can import transactions, budgets and other data for accurate and efficient processing.
Now, let’s move on to budgeting and planning. You can create multiple versions of budgets by account and by period. You can spread annual budget amounts evenly or choose to specify different amounts per period to cater for seasonality and fluctuations.
Next, let’s take a look at financial reporting in General Ledger. 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 segments for analysis by Cost Center or Division and suppress zero balance accounts for cleaner yet comprehensive reporting in real-time. Let’s go back to the advertising expense account where we had posted an auto reversing journal entry earlier. By clicking on the account balance for Period 7, we can then drill down to contributing transactions and on to the source transaction. It’s that easy. Finally, let’s look at fixed Asset Management for ACME Manufacturing. From the list of fixed assets, let’s choose the CNC Lave Asset. With a single click, you can get all relevant information about the asset including details on how it is managed in the system and any contracts associated with it. You can also see if the asset represents equipment on the shop floor, what its current replacement or salvage value is, and its depreciation schedule for accounting and tax reporting purposes. With the click of a button, we can drill down into the history of depreciation calculations for this asset to see its value at the end of an accounting period. And from the same Asset Master screen, we can drill down to the equipment used at the shop floor, showing an ends-to-end view of the asset from one central location.
Plex Accounting and Financial Management delivers a competitive edge through real time visibility of enterprise business operations. Through accurate reporting of auditable transactions, automated user defined accounting controls, and strict compliance with local regulatory needs, Plex allows you to build your business for success. To learn more, or to see a more detailed demonstration, please contact Plex at 855-534-8012 or online at www.plex.com/contact.