Finance

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Iptor launches feature rich financial modules as fast track into the flagship DC1 ERP suite

20-Feb-2019
Iptor launches feature rich financial modules as fast track into the flagship DC1 ERP suite
Iptor Supply Chain Systems (Iptor), a leader in distribution and supply chain management, planning and logistics software and services, today announces the launch of Iptor 1 for Financial Management (Iptor 1) – a fully managed, multi-tenant, pre-configured cloud-based solution that provides a powerful, integrated set of modules to manage distribution organization’s entire financial needs.

The fully managed solution means customers will always be on the latest release of the software and Iptor’s leading edge infrastructure provides users with peace of mind knowing they will have constant availability, stability and access to market-leading support. The pre-configuration also means new customers can be up and running in 10 days, thereby removing a vast amount of the potentially costly implementation phase of ERP projects.

Iptor 1 consists of General Ledger, Accounts Receivable, Accounts Payable and Asset Management modules and also features a new user interface. Additionally, it is built on an open API framework, aperio, which enables real time communication with the Iptor DC1 financials functionality and enables speedy implementation of 3rd party applications as well as supporting the Live Search functionality which is built into the new interface.

Iptor 1 includes true multi-currency functionality for any of the world’s currencies, with an option for dual system currency reporting. The software is also genuinely multilingual and processing and analysis can be done on multiple levels for an international business, such as by company, division, cost center, account group or currency.

Christopher Catterfeld, Iptor Chief Marketing & Product Officer, said, “Iptor 1 Financial Management provides our customers with a full update to the financials module alongside a re-imagined user experience. Our customers have been delighted with Iptor DC1 Version 10 since its launch in 2017 – and Iptor 1 will now build an easy to implement fast track to cloud functionality, helping distribution-focused organizations solve their most complex challenges in a world where exceptions are the rule.”

Features:
General Ledger
  • Flexible chart of accounts and summary identities
  • Manual and automated data entry
  • Parallel transaction-, system- and reporting currencies
  • Automatic posting, validation and currency revaluation
  • Accruals, recurring journals and standing orders
  • Unlimited parallel budgets and forecasts
  • Cost accounting and cost allocation

Accounts Payable
  • Credit status and profile – considering both limit and payment behavior
  • Default currency – Prime trade currencies can be defined per customer/supplier account
  • Authorizing person – Records the normal authorizing person per supplier
  • Payment terms and methods – Determines terms of trade and settlement discounts, and preferred payment methods
  • Reminder letter with pre-defined level and timing
  • Sundry customers/suppliers handling

Accounts Receivable
  • Order summary and settlement – Linking an order to a payment, or vice versa
  • Automatic write-off of small residual balances
  • Automatic cash allocation supported
  • Multi-currency settlement with currency independent processing
  • Automatic settlement of all open items within a specific selection based on due date, currency, etc.
  • Debit/credit note link – Linking Iptor Distribution debit/credit notes with open A/R items triggers automatic settlements
  • Payment entry and difference handling- On account or posting miscellaneous receipts directly to the General Ledger’s income code
  • Automatic calculation and posting of realized exchange rate variances
  • Split posting and allocation to facilitate bank paying-in schedules

Asset Management
  • Calculate useful life
  • Work out depreciation and plan disposal
  • Handle leasing, non-tangible assets and financial assets
  • Automatically calculate profit and loss and update easily for reconciliation
  • Make budget comparisons
  • Plan future investments
  • Revalue assets to manage insurance premiums