AbilityOne – Cash Management


AbilityOne ERP in the cloud, in conjunction with Dimension Data, offers complete peace of mind when it comes to managing your cash. Regardless of your size, geographical presence, number of bank accounts under your control, the fully integrated solution ensures that your bank accounts will always balance to the associated control accounts in your General Ledger.


The emphasis of AbilityOne’s Cash Book module is ease of administration, no matter the number of accounts under your control. An unlimited of both local and foreign currency accounts may be associated at either company or branch level within your organisation. Direct transfers between bank accounts, even between accounts of different companies and branches, is fully supported by AbilityOne via self-balancing intercompany control accounts.

 




Bank account reconciliation is action by electronic auto-presentation of you bank statements. All major bank formats are supported. You may even pre-define certain transaction types off your statement that you have no prior notice of such as bank charges, interest payments, to auto-present and match against the accounts associated Cash Book. The outcome of the auto-presentation is AbilityOne gives you a view of any transaction in your bank statement not reflected in your Cash Book and vis-versa, so allowing you to manage by exception.




Processing integrity is always front of mind in AbilityOne’s architecture. Access control at both a function and account level allows for split responsibilities to be fully implemented. One person or group of people may be authorised to capture deposit details while a separate group of people are responsible for the actual allocation of those deposits to various accounts. Deposits are initially held in a suspense account until such time as they are allocated to different customers, suppliers or direct to a General Ledger account. All suspense amounts must be fully allocated before the posting period for that bank account can be closed. This is not a problem as the Cash Book may be open in multiple periods at any one time. If the period is still open authorised operators may auto-reverse Deposit/Payment/RD cheque transactions. Full audit trails support these reversals and AbilityOne auto-generates contra entries and does not simple remove the original postings.




When allocating payments to a specific account, you have the option to auto-allocate or allocate at an individual invoice level. Auto-allocate will allocate to the oldest invoices first until such time as all moneys are fully allocated. If there is money outstanding then AbilityOne gives you the option to allocate to a different account or retain it as an unallocated Credit Note on the original account.




Regardless of the origin for request for payment, be in the Creditors Payment selection run in Accounts Payable module or a sundry payment in the Cash Book, payments may be actioned in cash, by cheque or via an Electronic Funds Transfer run. As with the electronic Bank Statement reconciliation, all major banking formats are supported for EFT payments. Once again the security and auditability of “split responsibilities” is deployed for EFT payments with different groups auctioning the selection of payments to be made, the generation of the banking file and double authorisation on the actual export of the EFT file to the associated banking organisation.
All the above supported by extensive drill down enquiries and reporting to give you that peace of mind over your cash management.


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