Sample multiple segment COA

A company's organization structure can serve as the outline for its accounting chart of accounts.
For example, if a company divides its business into ten departments (production, marketing, human resources, etc.), each department will likely be accountable for its own expenses (salaries, supplies, phone, etc.). Each department will have its own phone expense account, its own salaries expense, etc.

Sample Chart of Accounts For a Large Corporation


Industry Considerations

1.Manufacturing/Services
XX- XXX-XXXX-XXX-XXX-XXX
Company-Cost Centre-Account -Product- Product Line- Sub Account

2.Distribution (News)
XX-XXXXXX-XX-XXX-XXXX
Division-Account-Region-Story-Distribution

3.Projects
XXX-XXXXX-XXX-XXXX-XX
Company-Account-Department-Project-Project Type

The reporting flexibility allows users to modify a number of control fields on standard reports allowing for quick customization to fit your organization’s needs.

Your organization can quickly produce presentation-quality financial statements and analysis reports for your board, auditors, management, and other users of financial information.hence this satisfy more complex reporting requirements.

We provide the report examples for your further understanding on the Chart of account segment.

Trial Balance
Summary Trial Balance
Detail Trial Balance Sorted by Fund
Detail Trial Balance Sorted by Cost Center 3

Statement of Revenue and Expenditures
P and L-Multiple Cost center.pdf
P and L-Multiple Cost center1.pdf


Vivienna from erp2u.com

ERP Data Conversion

Data Conversion: Moving a Rock versus a Mountain

The “X” factor (or big unknown) in any services quote is data conversion. Companies often overlook this and end up with a big, fat bill they didn’t expect.

The most obvious way to minimize your costs for data con-version is bring into the new system only data you need to use often. Remember, even if you choose not to convert some data, you’re not losing it forever.

If you’d like to refer back to historical information such as invoices and AP history, you can keep hard copies of reports, or you can choose to keep the old system “alive” even after you switch to the new system.

To Save $ : One way to save money is to convert data from the old system at a summary level instead of a detailed level. For example, convert a summarized open invoice as BF figure for an entire month’s activities instead of bringing over open invoice entry for the month.

Vivienna from erp2u.com

Advantages VS Disadvantages of ERP Systems

Advantages of ERP Systems
There are many advantages of implementing an EPR system; here are a few of them:

 

1. A totally integrated system
2. The ability to streamline different processes and workflows
3. The ability to easily share data across various departments in an organization
4. Improved efficiency and productivity levels
5. Better tracking and forecasting
6. Lower costs
7. Improved customer service

Disadvantages of ERP Systems

While advantages usually outweigh disadvantages for most organizations implementing an ERP system, here are some of the most common obstacles experienced:

 

Usually many obstacles can be prevented if adequate investment is made and adequate training is involved, however, success does depend on skills and the experience of the workforce to quickly adapt to the new system.

 

1. Customization in many situations is limited
2. The need to reengineer business processes
3. ERP systems can be cost prohibitive to install and run
4. Technical support can be shoddy
5. ERP's may be too rigid for specific organizations that are either new or want to move in a new direction in the near future.

What is the provision for bad debts?

The provision for bad debts might refer to the balance sheet account also known as the Allowance for Bad Debts, Allowance for Doubtful Accounts, or Allowance for Uncollectible Accounts. In this case Provision for Bad Debts is a contra asset account (an asset account with a credit balance). It is used along with the account Accounts Receivable in order to report the net realizable value of the accounts receivable

Provision for Bad Debts might also be an the income statement account also known as Bad Debt Expense or Uncollectible Account Expense. In this situation, the Provision for Bad Debts reports the credit losses that pertain to the period shown on the income statement

The Ideal ERP System

An ideal ERP system is when a single database is utilized and contains all data for various software modules. These software modules can include:

Manufacturing: Some of the functions include; engineering, capacity, workflow management, quality control, bills of material, manufacturing process, etc.

Financials: Accounts payable, accounts receivable, fixed assets, general ledger and cash management, etc.

Human Resources: Benefits, training, payroll, time and attendance, etc

Supply Chain Management: Inventory, supply chain planning, supplier scheduling, claim processing, order entry, purchasing, etc.

Projects: Costing, billing, activity management, time and expense, etc.

Customer Relationship Management: sales and marketing, service, commissions, customer contact, calls center support, etc.

Data Warehouse: Usually this is a module that can be accessed by an organizations customers, suppliers and employees.