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The Settlement subsystem in FlexPoint controls the accounts receivable and payable accounting functions in a business entity. It is fully integrated with the order processing system, the incentives subsystem and the general ledger. FlexPoint will automatically create the appropriate accounts payable and receivable invoices, debit or credit memos or notes resulting from activity in the order processing and incentives systems when the respective interfaces are run.

Unlike most traditional accounting systems that are modular in design, FlexPoint has integrated the accounting functions, optionally enabling users to maintain and process accounts payable and receivable from a central source file. A system that integrates accounts payable and receivable into a single file has several inherent advantages over systems that keep the files separate:

In FlexPoint, integration enables users to match a vendor’s invoice with a purchase order thereby eliminating the need to re-key the details of the invoice. It enables users to offset account the receivable against the accounts payable thus reducing the paperwork and time involved in processing these items in separate sub-ledgers. Integration enables users to track finance items such as invoices, credit or debit notes and payment transactions back to the original source for a true audit trail.

Since account payables and receivables are processed from a single application, users have the option of consolidating payables and receivables on the same Aged Trial Balance for a better view of the overall cash flow position.

Accounts Receivable Features Include

  • User defined credit terms
  • Order Billing rules control invoice creation based on order class, account, and order type
  • Online, real-time invoice generation
  • Flexible invoice creation points including by order (at point of sale), by shipment, by accumulation and manual
  • Manual tax overrides
  • GL account overrides may be specified at the invoice line level
  • Open item receivable tracking
  • User defined aging periods
  • Aging by invoice date and due date
  • References to order line and shipment line for invoice lines created from shipments and orders
  • User defined settlement transaction codes
  • Manual payment entry and application support
  • On account payment application
  • Payment application to multiple invoices
  • Payment cancellations
  • Rules based finance charge generation using flexible criteria including account, account group, invoice age, previous late charges and invoice amount
  • Account statement generation
  • Optional ad hoc statement printing
  • Customizable, account specific statement documents
  • Customizable Invoice Register, Aged Trial Balance, and Payment Report
  • Multiple currency support
  • Invoice class and settlement transaction entry authority by employee

Accounts Payable Features Include

  • User defined payment terms
  • Rules based invoice creation using flexible invoice creation points including by order (at point of purchase), by shipment, by shipment (upon receipt), by accumulation and manual
  • Online invoice vs. receipt matching
  • Manual tax overrides
  • GL account overrides may be specified at the invoice line level
  • Open item payable tracking
  • User defined aging periods
  • Aging by invoice date and due date
  • References to order line and shipment line for invoice lines created from shipments and orders
  • User defined settlement transaction codes
  • Flexible check batch creation and generation according to user defined selection criteria including account, account group, invoice amount and due date
  • Ability to indicate that an invoice should be paid in the next check batch
  • Optional ad hoc check printing
  • Manual payment entry and application support
  • Payment cancellations
  • Account statement generation
  • Customizable, account specific statement documents
  • Customizable Invoice Register, Aged Trial Balance, and Payment Report Bank reconciliation facility
  • Multiple currency support
  • Invoice class and settlement transaction entry authority by employee

Other Applications

The following applications are designed to work hand-in-hand with Settlement:

"Settlement" is part of the FlexPoint ERP System line of products, developed by Spensa Business Applications.