ACCOUNTS PAYABLES

Socrate Platinum provides a powerful tool to manage payables. Each invoice is tracked untill its full settlement. Cost can be allocated directly from purchase invoice or payment voucher. Due dates of payments are managed for each invoice according to pre--defined rules. A purchase invoice is directly posted into the agenda of payables, and updates directly the general ledger as well as the cash forecast report. A wizard provides a tool to process payment in batch mode. Credit limits are controlled during invoicing. In addition to the common specifications of Socrate Platinum, and the financial package, the Accounts Payables present the following main features.

KEY PRODUCT CAPABILITIES

✔ Opens a comprehensive file for each supplier of goods, assets, or other.
✔ Provides a consolidation feature for the vendors belonging to the same group.
✔ Records default rules for payables for each vendor (credit limit, terms of payment....).
✔ Handles purchases on accounts.
✔ Tracks each purchase invoice until its full settlement.

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✔ Posts automatically purchases, prepaid entries, agenda of payables and cash forecast into the general ledger.
✔ Performs payment voucher, payments “On behalf” and check printing as well as inter company payments.
✔ Links the payment vouchers to settled invoices using “First In First Out” or “selective” methods.
✔ Handles debit notes / credit notes to vendors.
✔ Handles remittance advice.
✔ Provides payment wizard tool for batch payment operations.
✔ Allows multiple payment types on the same document (bills, bank transfers, checks.).
✔ Gives instant access to the statement of account of each vendor.
✔ Consolidates payables and receivables for each contact file.
✔ Manages inter-company payables.
✔ Manages third party payables.

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ACCOUNTS RECEIVABLES

Socrate Platinum manages receivables in a fully comprehensive method. Each invoice is tracked until its full collection. Allocation of revenue is directly linked to cost centers during invoicing and/or collection. Due dates of receipts are managed for each invoice, according to predefined rules. A sales invoice is directly posted into the agenda of receivables, and updated directly the general ledger as well as the cash forecast report. Commissions on sales are managed upon sales or collections. In addition to the common specifications of Socrate Platinum, and the financial package, the Accounts Receivables present the following main features.

KEY PRODUCT CAPABILITIES

✔ Opens a comprehensive file for each client and sales representative.
✔ Consolidates client’s information for the same group.
✔ Records default rules of receivables for each client (credit limit, terms of payment.).
✔ Manages black listed clients.
✔ Links sales representatives to each client.

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✔ Tracks each sales invoice until its full collection.
✔ Posts each sales, agenda of receivables and cash forecast into the general ledger.
✔ Handles receipt vouchers, collection “On behalf” and inter-company receipts.
✔ Links automatically receipt vouchers to invoices collected using “First In First Out”, or “selective” methods.
✔ Manages simultaneously multiple collections on the same document (bills, bank transfers, checks).
✔ Handles debit notes / credit notes to clients.
✔ Outputs aging reports.
✔ Manages inventory of checks, PDC, promissory notes, credit card collections.
✔ Manages endorsements and bank deposits.
✔ Tracks bank return and unpaid notes.
✔ Gives instant access to the statement of account of each client.
✔ Consolidates payables and receivables for each contact file.
✔ Manage Inter Company Receivables.

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CASH MANAGEMENT AND FORECAST

Each payable and receivable amount is posted into the agenda of payables and receivables for tracking and forecasting purposes. Listings of all due amounts for collection or payment are available and can be sorted according to many criteria (client, supplier, sales representative, bank domiciliation). Ageing reports are available to show delay in collections.

KEY PRODUCT CAPABILITIES

✔ Manages maturity dates on payables and receivables.
✔ Maintains a complete history of transactions for an account.
✔ Prints automatically promissory notes.
✔ Recalls unpaid maturities with the possibility of a printout of a “follow up” letter.
✔ Reports cash forecast statements and charts.
 

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