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Financial System

General Ledger

PropertyNet General Ledger is a solution that provides customers with highly flexible financial and reporting tools necessary to operate successfully in today’s rigorous business environment. Users can manage bottom-line results easily and efficiently through this intuitive and comprehensive system. Journal Entry, Allocation, Budgeting and other accounting functions are advanced, yet allow quick and easy drill down to see details.
Recurring, reversing and prior period entries are available to create necessary adjustments and minimize data entry time. Custom financial reports for current or previous periods can be printed in a variety of formats and combinations of profit centers, branches or companies. These comprehensive reports can include budget comparisons to track performance against expectations.


Product Highlights

General Ledger Controls

  • »  Allows definition of up to thirty character account numbers in up to twelve segments
  • »  Provides profit/cost center analysis using up to twenty characters in up to six segments
  • »  Categorizes accounts as Asset, Liability, Revenue, Expense, Capital or Statistical types for reporting purposes
  • »  Controls posting with ability to suspend posting to account and effective expiration dates
  • »  Rolls profit centers up into multiple user-defined reporting centers
  • »  Flags accounts for various transaction types
  • »  Maintains up to 13 periods per fiscal year, handles a yearly audit or closing period
  • »  Calculates critical business ratios tomorrow

Financial Measurements

  • »  Maintains multiple versions of budgets for tracking revisions
  • »  Supports budget recalculation and vertical budgeting through allocation
  • »  Allows comparison of best case/worst case budget scenarios
  • »  Eases budget setup with user-defined budget distribution methods
  • »  Stores unlimited number of years for trends

Transactions

  • »  Reduces data entry, automatically posting from other PropertyNet modules
  • »  Simplifies entry with single entry screen for general, reversing and recurring journal entries
  • »  Verifies journal entries are in balance as they are entered
  • »  Automates reversing entries, with links between original and reversing entry
  • »  Posts recurring journal entries with fixed or variable amounts
  • »  Allows an unlimited number of automatic allocating entries on a fixed or proportional basis
  • »  Allocates actual balances, budgets, or an entered amount
  • »  Permits journal entries to a closed period with proper security
  • »  Posts GL journal entries immediately or by batch Records journal entry notes

Financial Inquiry

  • »  Ability to drill down to the sub-ledger, then to the document detail level
  • »  Account inquiry – general information, summary activity by year specified
  • »  Journal inquiry – current, prior and future period journal transactions
  • »  Budget view of the current year by period
  • »  Account comparison – view of actual, budget and last year for 12 periods
  • »  Security view of valid user groups
  • »  Summary management inquiry including financial ratios
  • »  Use of lookup for general inquiries

Financial Report Writer

  • »  Complete flexibility in defining rows, columns and report formats
  • »  Sets lines (rows) as headings, detail lines, subtotals, totals or ratios
  • »  Rows may be designated with options for underlines and page breaks
  • »  Reports by period, quarter-to-date or year-to-date for this year or last year
  • »  Report templates allow customization of header and footer information
  • »  Rich Text options to enhance the appearance of printed financial statements

Key Features

  • »  Flexibility in creating the chart of accounts with different levels as needed
  • »  Closing the year automatically through the system and do the necessary journals for this
  • »  Closing can be done in two steps; temporary closing for review and then later the final close
  • »  System allows you to define till six level of accounting dimensions like building, owner, cost center, department, employee, project, fixed asset, vendor, customer, and branch
  • »  Transactions including general, reversing, temporary and recurring journal entries
  • »  Ability to copy the chart of account; cost center; financial statements setup from one company to another as needed

Key Benefits

  • »  Maintains multiple versions of budgets for tracking revisions
  • »  Ability for users to define/design as much as he wishes as Financial Statements
  • »  The idea of financial dimensions has been introduced to the system to ensure controlling of financial transactions entries in the system
  • »  Flexibility in copying the chart of accounts, cost centers, budgets, income statements from one company to another

Fixed Assets

PropertyNet Fixed Asset Management provides you with the power to eliminate spreadsheets and manual effort from your company’s asset management processes. PropertyNet’s complete and integrated solution gives you an easy-to-manage single version of the truth for your assets, a flexible fixed asset calculation engine, complete asset reporting and seamless integration with PropertyNet’s core accounting functionality.

PropertyNet Fixed Asset Management enables you to maintain and control the complete asset lifecycle from creation to depreciation, revaluation and retirement. Its detailed asset management functionality supports multiple depreciation calculation types, handling of depreciating and non-depreciating assets, maintenance schedules and insurance. Tight integration with PropertyNet Financials creates accounting entries and fixed assets from purchases to end of asset life.


Acquire, Depreciate, Dispose of and Revalue Assets

PropertyNet Fixed Asset Management supports the entire company asset management lifecycle, from creating a purchase order within PropertyNet to tracking, depreciation and eventual retirement. It supports unlimited asset types, whether they are subject to depreciation or are non-depreciating assets that simply need to be tracked. PropertyNet Fixed Asset Management makes asset creation easy, enabling you to default in types when creating an asset and specify and maintain key fields and details relating to a particular asset.

It allows you to:

  • »  Control all transactions related to company assets including asset proposal, creation, depreciation, revaluation, disposal and split
  • »  Easily track depreciating or non-depreciating company assets
  • »  Quickly create assets based on unlimited asset types, and report on them
  • »  Easily track non-depreciating assets and employee-owned items
  • »  Maintain all relevant detail for assets, including insurance and maintenance schedules
  • »  Use automated defaults for asset creation, depreciation and eventual retirement with minimal effort.

Comprehensive Support for Depreciation

With PropertyNet Fixed Asset Management, you gain complete flexibility to depreciate assets based on the right depreciation method. PropertyNet Fixed Asset Management provides out-of-the-box methods, as well as flexibility that enables you to create your own depreciation methods.

  • »  Leverage built-in support for all standard depreciation methods, including straight line, fixed declining, sum of years digits and asset usage
  • »  Create and customize user-defined depreciation methods
  • »  Use “chain” depreciation methods to support comprehensive asset valuations
  • »  Apply multiple depreciations per asset for both financial and reporting depreciations.

Complete Integration with PropertyNet Accounting

PropertyNet Fixed Asset Management enables you to create easily fixed assets from purchase orders while ensuring that all asset depreciations and disposals are posted to PropertyNet’s core accounting system.

  • »  Automate the creation of assets from purchase orders
  • »  Post depreciation and asset retirements directly to PropertyNet accounts
  • »  Streamline the entire process, including journal posting, bill posting and PO billing posting.

Summary and Detail Real-Time Asset Reporting

With PropertyNet Fixed Asset Management, you can leverage the full power of PropertyNet dashboards and reports to analyze and report on your company assets in real time. The solution ships with out-of-the-box reports, while giving you the flexibility to build any kind of asset report based on business needs.

  • »  Comprehensively report across assets, valuation and depreciation
  • »  Slice and dice assets across locations, subsidiaries, asset types and more
  • »  Easily execute preconfigured reports including asset register, register summary, depreciation schedule and report status
  • »  Quickly run pre-built saved searches on monthly depreciation, asset additions, asset disposals, period movement, asset list, asset register, proposal history, inspections due, insurance renewals due, expiring leases and more.

Key Features

  • »  Fixed asset system is linked fully with the GL module; user can post directly from the module to GL and verify his transaction
  • »  Recording all asset transaction from purchasing till disposition including additions and decrements if needed
  • »  Different method to calculate the depreciation like constant, decline. Also, number of days within the month can be actual or constant
  • »  Providing a high level of information through its professional reports , which gives the user the overall picture about his assents status  

Key Benefits

  • »  Full track on fixed assets details and history from purchasing till disposition
  • »  Detailed reports for fixed assets transactions
  • »  Ability to record additions/decrements in each asset

Accounts Payable (AP)

PropertyNet Account Payable represents an entity's obligation to pay off a short-term debt to creditors. The accounts payable entry is found on a balance sheet under the heading current liabilities. AP refers to a business department or division that is responsible for making payments owed by the company to suppliers and other creditors

Product Highlights

Full control to the vendors’ transactions like invoices, credit notes, debit notes and payments, with ability to follow contractors’ payments over contract period life time.

Invoices, Credit Notes and Debit Notes

Here user can register his transactions by entering the reference number, the reference date, amount, supplier, cost center, financial dimensions if required, the description in both languages. At the lower block, user can distribute the other side of journal as needed. Any extra remarks can be recorded in the system with details. The system will follow each transaction in terms of settled amount and the balance. Two levels of posting have been introduced in order to give more control for users.

The transaction can be printed at any time from the system from the screen in a form designed for the user.


Payment Voucher

Here user can register the payments done for vendors. User can use different pay methods like cash, bank transfer, certified check or check as required. For each payment method, different details will be recorded like bank, check ID and dates. The beneficiary could be the supplier, employee, employee loan or other.

At the lower block of the screen, user can check the journal created automatically by the system and adjust if needed. User can follow the settlements related to this payment as needed. Two levels of posting have been introduced in order to give more control for users.

The payment can be printed at any time from the system from the screen in a form designed for the user.


Payment Adjustment/Debit Note Adjustment

Here user can settle the advance payment or debit note he created before against other transactions.

At the lower block of the screen, system gives a recommendation for distribution and user can overwrite as needed. Two levels of posting have been introduced in order to give more control for users.

The adjustment can be printed at any time from the system from the screen in a form designed for the user.


Vendor Contracts

Here user can register the agreed payments for every contract/agreement with each supplier. The idea here is to keep track of installments with its related date.

At the lower block, user has to enter the details of installments related to the contract and whether it is paid or not. Later, and alert or report can be designed in the system to show pending payments so that finance department can schedule their cash flow accordingly.

Key Features

  • »  Bilingual with full dual calendar support (Hijri and Georgian)
  • »  Suppliers and Creditors Full Management
  • »  Classify your Suppliers to different Groups/Classes as needed
  • »  Multi Settlement Methods for Suppliers like Cash, Bank Transfer, Check, etc. for different beneficiaries like suppliers, employees or others
  • »  Following Vendors Contracts Installments
  • »  Ability to record Suppliers’ Invoices/Credit notes with distribution to different Financial Dimensions
  • »  Two levels of posting for proper control one to AP and another one to create transactions in GL
  • »  Ability to record Advance Payments and Debit notes and then settle them against proper invoices/Credit notes
  • »  Forms Setup and Printing

Key Benefits

  • »  Full integration with GL and other modules
  • »  Reduce time needed to follow Vendors’ contracts installments
  • »  Aging of Vendors’ Balances in order to give good control to your Cash Flow
  • »  Better time-to-market decisions utilizing comprehensive Vendors reports
  • »  Track Unpaid Bills

Accounts Receivable (AR)

Money owed by customers (individuals or corporations) to another entity in exchange for services that have been delivered or used, but not yet paid for. Receivables usually come in the form of operating lines of credit and are usually due within a relatively short period, ranging from a few days to a year.

Product Highlights

Full control to the customers’ transactions like invoices, credit notes, debit notes and payments, for non-rental activities.

Invoices, Credit Notes and Debit Notes

Here user can register his transactions by entering the reference number, the reference date, amount, customer, cost centers, financial dimensions if required, the description in both languages. At the lower block, user can distribute the other side of journal as needed. Any extra remarks can be recorded in the system with details. The system will follow each transaction in terms of settled amount and the balance. Two levels of posting have been introduced in order to give more control for users.

The transaction can be printed at any time from the system from the screen in a form designed for the user.


Payment (Settlement)

Here user can register the payments done from customers. User can use different receive methods like cash, bank transfer, certified check, LG, Note, Credit Card, Deposit or check as required. For each receiving method, different details will be recorded like bank, check ID and dates. The collection details will be recorded too like collector name, collection document ID and collection date.

At the lower block of the screen, user can check the journal created automatically by the system and adjust if needed. User can follow the settlements related to this payment as needed. Two levels of posting have been introduced in order to give more control for users.

The payment can be printed at any time from the system from the screen in a form designed for the user.


Receive Voucher Settlement/Credit Note Settlement

Here user can settle the advance payment or credit note he created before against other transactions.

At the lower block of the screen, system gives a recommendation for distribution and user can overwrite as needed. Two levels of posting have been introduced in order to give more control for users.

The adjustment can be printed at any time from the system from the screen in a form designed for the user.

Key Features

  • »  Bilingual with full dual calendar support (Hijri and Georgian)
  • »  Customers Full Management
  • »  Classify your Customers to different Groups/Classes as needed
  • »  Multi Receive Methods from Customers like Cash, Bank Transfer, Check, LG, Deposit, Note, etc…
  • »  Ability to record Customers’ Invoices/Debit notes with distribution to different Financial Dimensions
  • »  Two levels of posting for proper control one to AR and another one to create transactions in GL
  • »  Ability to record Advance Payments and Credit Notes and then settle them against proper Invoices/Debit Notes
  • »  Forms Setup and Printing

Key Benefits

  • »  Full integration with GL and other modules
  • »  Reduce time needed to follow Customers’ transactions
  • »  Aging of Customers’ Balances in order to give good control to your Cash Flow
  • »  Better time-to-market decisions utilizing comprehensive Customers reports
  • »  Track Customer Credit and Build Customer Loyalty
  • »  Track Uncollected Profits