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