In Sage 300, under Inventory Control / Setup / Account Sets - the second GL account in the list is for a Payables Clearing Account.
Why do we need a payables clearing account in inventory?
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ERP or enterprise resource planning adds considerable value to manufacturing companies. With the click of a button, they can get access to instant, real-time reports on all facets of their business. From operations to warehouse management, the ERP system of today offers a view into the heart of the business, providing vital data for strategic planning and implementation.
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Many companies that are on a calendar-year budgeting cycle find themselves facing December with trepidation. Reviewing the past year’s performance, anticipating needs, and building the next year’s budget are all part of the end-of-year cycle as predictable as a holiday party. To make your budget setting easier, you can use your ERP system for better planning and productivity.
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The BAASS Pillar Methodology
Implementing an accounting system is like building a home. It needs structure and support. A plan or blueprint must be developed first which ensures the foundation is stable and construction proceeds smoothly.
Manufacturers considering ERP systems would be wise to consider these three questions, and pursue solutions that satisfactorily answer them. Manufacturers have specific needs when it comes to ERP systems. Some of these needs are “nonnegotiable” and essential to get the most out of your ERP implementation. Failing to ask key questions can lead to a poor implementation experience.
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On average, how much time are you spending creating and analyzing financial reports? How long does it take you to deliver completed reports to requestors? A mere couple of hours or weeks?
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Manufacturers are keenly attuned to productivity and profitability. Many have embraced enterprise resource planning systems (ERP), business intelligence software (BI), customer relationship management (CRM) and many other technological solutions to improve efficiency and revenues.
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Many businesses find that, instead of rejoicing when the company implements an
ERP system, some employees cling to their spreadsheets as if to a life raft. Whether it’s through fear of the unknown or misunderstanding of the role of ERP in their lives, these spreadsheet-o-philes love their formulas and charts.
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