While the accounting modules are completely integrated into Tavis Manufacturing, the accounting transactions are independent of the manufacturing data. This allows the accounting transactions to contain only the information required by the accountant and enables the data to be managed more rigorously. It also allows the opportunity for the detailed manufacturing data to be summarized before posting into the accounting.
General Ledger
The General Ledger (GL) in Tavis Manufacturing is more than just a report. It is one place from which to explore all the accounting transactions. Each GL account can be expanded to view the transactions posted to it. The GL also has the capability for further breakdown of accounts. For example, accounts receivable, accounts payable, and employee expenses all have sub-accounts that filter the transactions by customer, supplier or employee.
Receivables & Payables
These accounting transactions are automatically generated when printing a customer invoice or posting a supplier invoice. To assist in managing payables and receivables, reports such as Aged Receivables, Aged Payables, Overdue Receivables, Customer Statements, Accrued Expenses can all be produced as of any date. When making deposits and printing cheques, the payable and receivable transactions can be individually credited to ensure that the tracking of outstanding amounts is accurate and simple.
General Ledger accounts can be designated as foreign currency accounts, allowing foreign currency transactions. Each transaction maintains both a source currency and a base currency, preventing the need for many currency correction transactions.
Closing Periods
In Tavis Manufacturing, the notion of a financial period is far more flexible than in many accounting packages. Period closing is simply a convenient way of locking data based on the transaction dates to prevent accidental data entry with the wrong date. The accountant can still do transactions in the current month without having closed the previous period. With the appropriate security privileges, periods can be easily re-opened when necessary.
Certain types of General Ledger accounts can be configured to allow reconciliation by statements. This allows bank accounts, for example, to be reconciled by simply moving the open transactions onto an electronic version of the statement to match the one received from the bank. In addition to this being an extremely simple way of reconciling the account, it also provides permanent online records of the bank statements.