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Acumatica Cloud ERP: Financial Management

Financial Management Overview

Acumatica’s award-winning Cloud ERP offers a host of features that will greatly increase your organization’s productivity and effectiveness. Shared data and cross-team workflows make collaboration seamless. And AI-powered automation drives efficiency. Acumatica is ranked highest in customer experience and product usability, and integrates easily with the tools you already use.

Acumatica Cloud ERP system offers a collection of dashboards, reporting and analytic resources that go far beyond balance sheet and cash flow statements, enabling you to see the health of your organization at-a-glance and quickly spot good or bad trends. Acumatica’s modules come with a full set of essential reports that can be used out-of-the-box to access real-time data from the system. Easily modify reports, and create new reports quickly, using Acumatica’s Report Designer.

NonProfit+™ is Acumatica’s Nonprofit Edition. Built by ASI, Nonprofit + addresses the specific needs of nonprofits. It was built on the Acumatica platform, has the same look and feel, and includes all the features inherent in the Acumatica Cloud ERP platform.

ASI has been working with nonprofits since 1999. We’ve been helping nonprofits implement Acumatica and NonProfit+™ since 2009. We help nonprofits implement a complete business management solution that streamlines business processes and delivers the insights to make faster, smarter decisions.

Financial Management Modules

The General Ledger is the central repository for your financial information, including your chart of accounts, financial periods, ledgers, and allocations. Because GL is fully integrated with the entire Acumatica solution, you can make entries in other modules and automatically post them to GL. 

KEY FEATURES OF GENERAL LEDGER:
  • Flexible GL account and sub-account structure: Nearly unlimited reporting dimensions
  • Drill down to original documents: Drill down to the originating document from any inquiry screen or report, even if the transaction was created in another module.
  • Account and sub-account security: Control roles and access permissions by account and sub-accounts to protect sensitive data and improve accuracy.
  • Flexible consolidation processes: Combine data from multiple entities for consolidated reporting and analysis.
  • Multiple Currency Support: Enter transactions in different currencies. Maintain balances in base and foreign currencies.
  • Allocations: Distribute GL account balances over multiple accounts and subaccounts per allocation rules.
  • Automated Workflow and Approval for JE’s and Budgets: Automate approvals by assigning approvers based on the approval map and workflows.
  • Reversing and Auto-Reversing Entries: Automatically generate reversing entries in the next financial period during the post procedure, or when the financial period closes.
  • Recurring Transactions: Create recurring transactions based on specific schedules and time periods.
  • Audit Trails: Maintain audit trails of transactions and user identities. Entries cannot be deleted. Corrections require adjusting entries. Attach notes and supporting electronic documents to transactions.
  • Account Error Detection and Date Error: AI-powered anomaly detection with machine learning reviews posted transactions and surfaces potential mistakes.

Manage all your cash needs from one place. Cash Management automatically collects all cash account transactions from General Ledger, Accounts Payable, and Accounts Receivable. It provides real-time reports with summarized views that let you drill down to account details.

KEY FEATURES OF CASH MANAGEMENT:
  • Integration with financial modules: Collect all cash account transactions from General Ledger, Accounts Payable, and Accounts Receivable into the integrated Cash Management module for clearing and reconciliation.
  • Bank feeds: Connect Acumatica to more than 17,000 financial institutions. Link savings, checking, and corporate credit card accounts to cash and expense accounts inside Acumatica.
  • Automated Transaction Matching: Eliminate manual reconciliation and matching with auto-match capabilities and default settings.
  • Cash account transfers: Transfer funds between bank accounts and track funds that are in transit.
  • Cash Account Reporting: Use customizable reports to reconcile cash account balances and manage short-term cash reserves, forecasts, and projections. Drill down to review transaction details.
  • Petty Cash Management: View transaction history for a specific date range and switch between detailed and daily views. Trace both uncleared and cleared balances—and clear and add cash-related transactions—directly from the inquiry screen.
  • Remittance and Payment Instructions: Gather and pre-define payment information (such as preferred payment type and account numbers) for vendors and customers.
  • Multiple Currencies: Maintain cash account balances in your base currency and your bank account currency. Automatically calculate realized gain and loss when transferring funds between accounts using different currencies.
  • Cash Account Security and Integrity: Control access to cash account information and balances.
  • Audit Trails: Maintain a complete audit trail of all cash-related transactions. Handle corrections by adjusting entries, and each entry is logged. Capture the user ID for each transaction or adjustment. Attach notes and supporting documents directly to transactions.

The Accounts Payable application streamlines your accounts payable processes and keeps outgoing cashflow timely and accurate. Accounts Payable automates the steps for receiving vendor invoices. 

Manage vendor invoices, automate payment processing, predict cash requirements, track vendor balances, optimize available discounts, and deliver vendor reports. It also keeps track of payment obligations, so you always pay vendors on time, which ultimately improves supplier relationships.

KEY FEATURES OF ACCOUNTS PAYABLE:
  • AP Document Recognition: Acumatica’s AP Document Recognition extracts relevant AP data from vendor bills that you receive in PDF format to create an AP document for processing in Acumatica.
  • Automated Approval and Payment: Using Acumatica’s built-in, system-wide workflow/approval engine, set up automatic processes to approve invoices, payments or establish an approval process to prioritize or delay payment.
  • Vendor Prepayments: Enter prepayment requests, issue prepayments, and apply prepayments to invoices as they are received.
  • Prepaid Expense Recognition: Assign a deferred expense schedule by AP line item. Split payments between prepaid accounts and expense accounts.
  • Vendor Payment Processing: Avoid overpaying vendors with a process flow that makes open debit adjustments automatically available to be selected during payment processing.
  • ACH Payments: Automatically export AP payments over the ACH network into the NACHA file format.
  • Multiple Currency Support: Automatically calculate realized gains/losses. Calculate unrealized gains/losses with an AP currency translation account.
  • Recurrent AP Invoices: Create recurring bills by setting payment frequency and timeframe.
  • Vendor Refunds: Each vendor refund will debit a cash account and debit an AP Account. Apply a refund towards a Debit Adjustment or Prepayment document.
  • Cash Basis Accounting: Record revenue and expenses when actual payments are received or disbursed rather than when transactions occur.
  • AP Aging Reports: By providing total outstanding balances and past due accounts, aging reports help analyze your AP, cash requirements, and vendor performance.
  • 1099 Support: Automatically generate form 1099-NEC and 1099-MISC.
  • 1099 Reporting: Accumulate 1099 information for any vendor. Track 1099 payments and produce the appropriate 1099 reports.
  • Audit Trails: Maintain an audit trail of all transactions. Documents cannot be deleted or canceled. Correct mistakes by correcting or reversing entries. Capture IDs of users who enter transactions and users who modify records. Attach notes and electronic documents to transactions.
  • Vendor Account Security: Control access and restrict sensitive vendor information by individuals and roles.

Tracking and recording expenses can be a time-consuming and confusing process, but Acumatica’s Expense Management software uses the power of artificial intelligence (AI) and machine learning (ML) to cover these tasks automatically.

KEY FEATURES OF EXPENSE MANAGEMENT:
  • Manage expense claims: Enable employees to enter expense receipts and submit expense claims with reimbursement for expenses incurred using personal accounts or corporate credit cards.
  • Automated receipts: Advanced Expense Management automatically creates expense receipts from new credit card transactions.
  • Generate expense receipts: US and Canadian customers can take a picture of receipts on a mobile phone. Acumatica automatically creates an expense receipt from the image.
  • Bank feeds: Connect Acumatica to more than 17,000 financial institutions. Link corporate credit card accounts to cash and expense accounts inside Acumatica.
  • Smart matching with AI and ML: Define default settings to categorize and post transactions to specific general ledger accounts. For example, use the credit card statement category or the vendor to automatically identify food or restaurant expenses to post to a meals and entertainment account in Acumatica. Artificial intelligence automates smart matching for credit card transaction imports and expense receipts with character recognition for improved data accuracy. Machine learning adjusts matching algorithms to improve match accuracy for future transactions.
  • Push notifications: Select a single employee or multiple employees to notify via email or text message when credit card transactions do not have an associated scanned expense receipt. Employees can submit expenses by scanning receipts on their mobile devices.
  • Security & Audit Logs: Multi-Factor Authentication (MFA), Advanced Encryption Standard (AES 256), and Transport Layer Security (TLS) ensure safety and security for all information exchanges. Credit card feed updates are logged at the record and field level, providing traceability for all data transactions

Accounts Receivable helps improve collections by automating billing and tracking receivables. It’s fully integrated with all Acumatica and Acumatica Nonprofit +’s Grants modules for draw downs. 

KEY FEATURES OF ACCOUNTS RECEIVABLE:
  • Flexible invoice and statement delivery: Gain greater control over how you create and deliver customer invoices and statements. Format statements for printing, HTML, or PDF delivery. Keep full records for reference and auditing.
  • Deferred revenue recognition: Use deferred revenue codes for individual line items at invoicing to support revenue recognition requirements. Acumatica will recognize the current part of deferred revenue and generate the right transactions.
  • Multiple AR Accounts in GL: Map customers to various AR accounts in GL.
  • Payment Reversal, Automatic Payment Application: Apply payments automatically to the oldest outstanding documents. Easily void incorrect payment applications—all affected balances will be reversed automatically.
  • Small Balances Write-Off: Write off small document balances. You can control write-offs using a maximum write-off limit and eligible customers list.
  • Cash Basis Accounting: Record revenue and expenses when actual payments are received or disbursed rather than when the transactions occur.
  • Audit Trails: Get audit trails of transactions. Correct errors by reversing fully documented entries. Track user IDs for transactions and modifications. Attach notes and documents to transactions.
  • Customer Account Security: Specify individuals and roles to view and modify customer information and balances.

Acumatica accelerates decision-making with reporting tools that deliver personalized views of your business to every department. Tailor real-time, role-based reports, inquiries, and dashboards with security to control access to sensitive information. Analytics, Dashboards, Generic Inquiries, and Reporting is not a stand-alone module. Rather, it is a set of functionalities available throughout Acumatica Cloud ERP that enables you to use your data to better manage your business and make more informed decisions.

KEY FEATURES OF ANALYTICS, DASHBOARDS, GENERIC INQUIRIES, AND REPORTING:
  • Interactive, Real-Time Dashboards. Use role-based dashboards to visualize data from multiple sources. Dashboard content is dynamically generated for real time results with drilldowns to view detailed transactions.
  • Personalized Dashboards: Design dashboards with little or no training to deliver real-time information for their needs. Customize a “home” dashboard as well as a dashboard for each application workspace.
  • Acumatica’s Analytical Report Manager: Improves performance with easy maintenance for free-form, multi-dimensional report creation utilizing rows, columns, and units.
  • Role based reporting: Tailor reports to meet the information needs of all roles in your organization so sensitive information is only shared with the individuals who have appropriate access.
  • Ad Hoc Filters: Apply ad hoc filters to entry forms and report forms to display only the data you need at that moment.
  • Combined Reports: Create multiple reports and merge them into a single package before sending them as an HTML or PDF file.
  • Scheduled Reports: Schedule report generation with delivery email delivery options.
  • Generic Inquiries: Use Generic Inquiries to access data contained in Acumatica and make it available for reports, dashboards, Excel files, or OData.
  • Pivot Tables. Create multiple pivot tables for each Generic Inquiry. You can use pivot tables to reorganize and summarize data in a Generic Inquiry and view it from different perspectives.
  • Microsoft Excel Export: Export a Generic Inquiry to MS Excel and place parameters on a separate Excel sheet. The result is an Excel file with a data sheet containing the Generic Inquiry data and a parameters sheet containing the parameters used prior to export.
  • Mobile Access: Access dashboards, reports, and Generic Inquiries from secure mobile devices.
  • Microsoft Power BI: Leverage Acumatica’s integrated business intelligence tools, such as Microsoft Power BI, to aggregate data from multiple sources, extract actionable information for strategic and tactical decision making, and present it visually to stakeholders.
  • Secure Data Access: Reports, Generic Inquiries, and Dashboards incorporate defined user security policies to protect access to sensitive data.

Fixed Asset Management maintains depreciation schedules for assets that you own, rent, or lease, and it’s fully integrated with all other financial modules. You can add fixed assets directly from AP purchases, import them, or add them individually. Manage fixed assets under construction. Track tax and reporting scenarios independent of general ledger postings.

KEY FEATURES OF FIXED ASSET MANAGEMENT:
  • Multiple depreciation methods: Choose from a large inventory of predefined depreciation schedules or create your own.
  • Purchase order and AP integration: Convert purchases into fixed assets without reentering data.
  • Multiple Depreciation Books: Create multiple depreciation books for tax and reporting purposes without updating the general ledger. Assign tax and reporting fiscal years that are independent of your actual financial ledger.
  • Multiple Asset Types: Manage multiple property types, including owned property, leases, rentals, and granted property.
  • Multiple Averaging Options: Select from different averaging methods such as full period, midperiod, next period, modified half period, full quarter, full year, and full day.
  • Fixed Asset Classes: Create fixed asset classes to group assets and simplify the entry of commonly used schedules.
  • Fixed Asset Reporting: Manage asset acquisitions, disposals, asset balances, asset net values, future projections, and depreciation transactions through built-in reports. Drill down to view transaction details.
  • Fixed Assets Under Construction: Costs are accumulated in a dedicated fixed asset under construction asset account until transferred to the fixed asset account when the asset is completed.

Acumatica’s native mobile app boosts productivity, placing remote access to Acumatica data in the palm of your hand with the native mobile app for iOS and Android—wherever you are, any time of the day or night. Capture expense receipts, time entries, and approvals on the go. Take advantage of a personal mobile workspace with customizable widgets, favorites, and KPIs to truly support each user’s needs and priorities.

KEY FEATURES OF ANALYTICS, DASHBOARDS, GENERIC INQUIRIES, AND REPORTING:
  • Time reporting: Update Acumatica immediately from anywhere, at any time with mobile time card entry.
  • Upload expense receipt Images: Capture an image of a receipt and Acumatica automatically creates the expense receipt using AI with Machine Learning.
  • Approvals: Review and complete approvals for time and expense items in just a few clicks.
  • Mobile Push Notifications: Automatically notify users of business events via the mobile app.
  • Navigation Tabs: Navigate to the most used detail lists by tapping or swiping on the mobile form.
  • Personal Mobile Workspace: Personalize mobile workspace with widgets, favorites, and KPIs to support user preferences and priorities.
  • Warehouse Mobility: Use mobile apps for automated warehouse and inventory transactions including receiving, put-away, picking, packing, shipments, warehouse transfers, and more.

Capture time for employees, volunteers, contractors, and other staff or resources. Team leaders can record time for team mates with a single click. Time Management supports Acumatica Nonprofit + applications, project accounting, and payroll. And it integrates with HR applications.

KEY FEATURES OF TIME MANAGEMENT:
  • Time Capture: Capture time for employees, contractors, and other resources. Record time for crews of multiple employees with one click. Time entry activities support clock-in and clock-out transactions. Time is entered from any web browser or mobile application.
  • Approvals Workflow: Dynamically route timecards for multiple approvals. Approvals may be made in the browser application or via mobile devices.
  • Connected Applications: When used with Project Accounting, Time Management activities post to projects to account for costs and expenses. When used with NonProfit+™; Fund Management, Grants Management and Program Management (Acumatica’s nonprofit suite), activities post to Funds, Grants and Programs. Time activities can be applied to Acumatica Payroll. Time activities can be integrated with external HR applications.
  • Project Accounting: Time entry flows through to project accounting for costs and expenses related to projects or specific project tasks. Time activities are marked billable or non-billable. Billable activities can be marked-up depending on the project, task, employee, or activity being performed. Post updated project costs from within Time Management instead of waiting until after payroll has been processed. Bill time in the customer’s currency of choice.
  • Nonprofit Suite: Time entry flows through to the nonprofit suite for costs and expenses related to funds, grants and programs as well related time entry codes. Time activities can be billed during the drawdown process based on grant specific billable rates by positions, marked-up or at cost. Post updated fund, grant and program costs from within Time Management and review time activities against budget for quantities and amounts before the time activity is released to GL.

Currency Management automatically computes realized and unrealized gains and losses, performs account revaluations, and translates financial statements. Operations in multiple currencies become available through all Acumatica financial modules.

KEY FEATURES OF CURRENCY MANAGEMENT:
  • Realized gains and losses calculations: Automatically calculate realized gains and losses from foreign currency transactions entered into any financial module. This can include receiving payments from customers, issuing payments to vendors, and transferring funds between accounts.
  • Revaluation of General Ledger Accounts: Revalue General Ledger accounts denominated in a foreign currency. Adjust the value of the base currency and post the appropriate currency gain or loss transaction.
  • Complete Tracking of Gains and Losses: Create detailed analytical reports of gains and losses. Assign accounts and subaccounts for each currency to track realized and unrealized, translation, revaluation, and rounding gains and losses based on currency fluctuations.
  • Auto reversing entries: Automatically prepare auto reversing entries in the General Ledger for all open documents recorded in foreign currencies.
  • Financial statement translation: Manage subsidiaries that operate in a foreign currency—or prepare your financial statements in a foreign currency. Automatically calculate translation gains and losses. Automate the consolidation of financial statements from multiple subsidiaries in combination with the General Ledger module.
  • Unlimited Currencies and Rate Types: Currency Management supports an unlimited number of currencies and rate types. You can update exchange rates any time.
  • Audit Trail: Complete audit trail of all currency-related transactions. Include the ID of users who entered a transaction or modified a record. Attach notes and supporting electronic documents directly to the transactions.