‘Quick Wins’ Enhancements for IFM Jim Boyer, Senior Consultant [email protected] Mike...
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Transcript of ‘Quick Wins’ Enhancements for IFM Jim Boyer, Senior Consultant [email protected] Mike...
‘Quick Wins’ Enhancements for IFM
Jim Boyer, Senior Consultant Jim Boyer, Senior Consultant
[email protected]@cistech.net
Mike Taylor, VP SalesMike Taylor, VP Sales
[email protected]@cistech.net
Agenda
1. Fast Cash2. Purchased Receipts not Invoiced3. Electronic Lock Box4. Electronic Funds Transfer
1. Fastcash -- Overview
• Streamlines and Improves the Cash Application Process
• Provides additional capabilities to process and track credits and deductions
• Especially valuable when processing high volumes of payments with large numbers of credits or deductions
– Ie, Retail or large industrial customers
Fastcash -- Features
• Adds New Deduction Types and Reason Codes to help categorize deductions
• Allows multiple deduction types to a single invoice
• New Cash Receipt Entry screen designed for managing credits and deductions
– Prompt for deduction– Inquiry to open invoices– Post unapplied cash– Running totals
Fastcash -- Cash Receipt Entry
• After entry of invoice or credit memo number, current balance is displayed
• Invoice/Credit Memo is then entered• Discounts are calculated and displayed• Warning message for duplicate invoice receipts• Invoice check for outstanding balance, held, or disputed
status
Fastcash -- Deduction Management
• Press Deduction Entity to display this prompt• May change entity• Reason code required
Fastcash -- Cash Invoice Inquiry
• Available Inquiry into outstanding Invoices/Credit Memos• Transaction entry for items on this screen• Toggle View by Open Invoice # or Packing List #• Invoice check for outstanding balance, held, or disputed
status
Fastcash -- Batch Controls
• View Check Summary provides deposit control totals•Includes System Calculated Totals
• Toggle View by Open Invoice # or Packing List #• Invoice check for outstanding balance, held, or disputed
status
Fastcash -- Benefits
• Reduced effort and improved efficiencies of cash application process
• Improve profitability by identifying unauthorized deductions
• Improve customer service with ongoing reconciliation of account status
• Quickly identify trends in deduction type enables root cause analysis
• IFM R6/7, green screen or IWP• License fee = $4,500• Technical installation/support =
$1,200• Implementation consulting services
– 2 days on-site = $2,800 plus time and travel expenses
Fastcash -- Pricing and Implementation
2. Receipts not Invoiced -- Overview
• Effectively manages reporting requirements for purchased items that have been received into inventory, but have not been invoiced by the vendor
• Consolidates information to provide fast and accurate reconciliation of:
– Un-invoiced receipts accrual account– AP Clearing Account
Receipts not Invoiced -- Features
• Review un-invoiced warehouse inventory receipts in numerous sort and run-time options.
• Review any Plant’s Warehouse Inventory Receipts or IFM AP Charge Lines for any GRN/PO or other Vendor for any GRN/PO or other Vendor ReceiptsReceipts.
• Can be run against receipts, and IFM Invoices, for anyany Fiscal Reporting Period (date sensitive and great for audits).
Receipts not Invoiced -- Features
• Documents impact to AP Pending Liability Account by providing detail for Material Receipts and corresponding offsets caused by IFM Invoicing and CA Transactions.
• Enables reconciliation of AP Pending and un-invoiced receipts liability accounts
‘Input’ Data Fields
The Receipt Fields The IFM Fields• Receipt Warehouse
•Item Class
•Vendor/PO/PO Date/Buyer
•Item Number/GRN
•Receipt Date
•Receipt Qty/Stocking UOM
•Receipt Value at Standard/Transaction Costs
•IFM Invoice Number for Receipt
•IFM Invoice Date
•IFM Charge Line PO/Ref Number for Receipt
•IFM Charge Line Quantity from Receipt
•IFM Charge Line Total Cost
•IFM Variance (CA Amount) to IM
•Last Payment Date
•IFM Check Number last payment.
INVENTORY RECEIPT
DATA FROM XA IM
INVENTORY IFM CHARGE LINE FOR
RECIEPT AND VARIANCES
CISTECH AP PENDINGDETAIL AND SUMMARY
FILES AND REPORTS
CISTECH AP Pending ReportingCISTECH AP Pending ReportingGeneration EngineGeneration Engine
AP Pending Reporting with Paid/Un-Paid activity options.
SUMMARY AND DETAIL
Program Output
AP PendingAS400DetailFile
AP PendingAS400
SummaryFile
AP PendingAS400
ExceptionFile
IFM XA
FILES
IMTXN
HISTORY
CISTECH REPORTING PUTS IT ALL TOGETHER !!CISTECH REPORTING PUTS IT ALL TOGETHER !!
CONNECTS THE XA RECEIVING TRANSACTIONWITH THE IFM A/P INVOICE FOR A PARTICULAR RECEIPT.
VALIDATES THE CA-COST ADJUSTMENT BOOKED TOTHE COMPANY P&L ACCOUNTS !
CISTECH AP PENDING REPORTING
IM Receipt Detail linked to IFM Invoice Transactions reveals the CA Variance Amounts and QUICKLY ANSWERS VARIANCE QUESTIONS and quickly proves what went INTO and what was moved OUT OF the AP Pending Accounts!
ABC Mfg Company
XA IM RP TRANSACTIONSXA IM RP TRANSACTIONS XA IFM AP TRANSACTIONSXA IFM AP TRANSACTIONS
Receipt & Invoice
LET’S LOOK AT AN EXAMPLERP/PQ Receipt Transaction
1200 Raw Material Inventory $154,620.00
2001 Un-Invoiced Rec/AP Pending $-154,620.00
IFM API Transaction
2002 AP Clearing $168,120.00
2000 AP Trade $-168,120.00
Instant CA Txn Created for “I” AP Txns
2001 Un-Invoiced Rec/AP Pending $154,620.00
5100 PPV/Cost Adjustment $ 13,500.00
2002 AP Clearing $-168,120.00
The APP Report proves my entries !
Reporting Engine
F4
Reporting Engine
Output to Crystal, save as Excel
Receipts not Invoiced -- Benefits
• Quickly reconcile MAPICS un-invoiced receipts liability account
• Enable accurate balance sheet representation of asset and liability accounts
• Minimize large adjustment transactions
• Ensure compliance with internal and external audit requirements.
• IFM R6/7• License fee = $4,500
– Green Screen or PC based
• Technical installation/support = $1,200
• Implementation consulting services– 2 days on-site = $2,800 plus time and
travel expenses
Receipts not Invoiced Pricing and Implementation
3. Electronic Lockbox -- Overview
• Streamlines and Expedites Cash Receipts processing by importing to IFM:
– Invoice listing provided by customers, for multiple invoices typically paid on one bank draft
– Bank Lockbox deposits of invoice payments
• Provides editing and transaction registers to ensure accurate posting
Electronic Lockbox -- Features
• Transfers data from the bank/customer file into a work file
– Edits to ensure valid entity number– Check totals – Maintenance enabled for correcting
entity, items can be deleted• Provides editing and transaction
registers to ensure accurate posting• Data Imported into IFM Cash Receipts
for matching and posting to the GL
Identify and Transfer the File
Edit Report and Batch Totals
Sample Edit Report – Totals
Lockbox File Maintenance
Invoice Inquiry and Editing
Post Records to IFM
Electronic Cashbox -- Benefits
• Reduce time and effort to process cash receipts
• Improve customer service with up to date account status
• IFM R6/7• License fee = $4,500• Technical Services
– Installation/support = $1,200– Tailor interface to import file = $600-
2,400
• Implementation consulting services– IFM Planning – 2 days on-site = $2,800 plus time and
travel expenses
Electronic Cashbox Pricing and Implementation
4. Electronic Funds Transfer -- Overview• Provides Electronic Distribution of
Accounts Payable payments• Enhances the IFM EFT process by
providing editing and ‘pre-note’ capabilities
• Creates ACH formatted file and extracts to IFS Drive for transfer to your bank
EFT -- Features
• Process starts after regular IFM approval process
• IFM setup provides vendor settlement method and account number
• ‘Pre-Transfer’ Validation and Editing ensure accurate transfer transactions
– Edit reports document transactions• Provides creation of ‘Pre-notes’ for
additional instructions to the bank– Account Verification
EFT -- Features
• Generates ACH Bank file – Validation performed to ensure required
data– Error report provided– Inquiry available for details
• Transfers Bank file to IFS drive for transmission to bank
– File is available for e-mail or further processing for automated communication to the bank
EFT – IFM Setup
•Must also complete IFM Vendor Setup for bank and routing information
EFT – Pre-Extract Edit
EFT – Add ‘Pre-Notes’
•Multiple Pre-Notes can be added
EFT – Generate Payment Transfer
EFT – Transfer file to IFS Drive
EFT – Transaction Inquiry
EFT -- Benefits
• Reduce administrative time and effort to process checks
• Reduce cost of checks and postage• Streamlined payment process can
help capture terms discounts• Audit reports provide documentation
of transactions• Integration with IFM enables no
duplicate data
• IFM R6/7• License fee = $4,500• Technical Services
– Installation/support = $1,200– Tailor interface to import file = $0-1,200
• Implementation consulting services– IFM Planning – 4 hour webex for training – $1,400
EFT- Pricing and Implementation
Agenda
1. Fast Cash2. Purchased Receipts not Invoiced3. Electronic Lock Box4. Electronic Funds Transfer
IFM Tools Next Steps
• Schedule your implementation
Or…..
• Follow up discussion to define your specific needs
• Then, detailed demonstration to address those needs.
Questions or Questions or comments?comments?
Thank you!!Thank you!!