Little Known Features in Epicor ERP Financials



The Epicor ERP application is comprised of many financials features. In this issue, you can review useful financials features that are available in the Epicor 9.05 application but may not be very well known.


Asset Mass Changes


Use Asset Mass Changes to issue mass changes to assets, including changing the depreciation parameters of an asset, asset group, or asset class. The mass update occurs only for values in the default register, it leaves any other registers unaffected. You can use filters to specify which assets, asset group, or asset class to modify, and you can use replacements to specify the values to be assigned to the selected assets. To use this program, from the main menu go to Financial Management > Asset Management > Setup and open Asset Mass Changes.


Auto Retrieve Invoices</font >

 You can use the Auto Retrieve Invoices functionality in the AR Invoice Entry or AP Invoice Entry programs to activate automatic retrieval of invoices for the current group. After it is enabled, recalculation occurs each time a line is saved. To use this feature, open Invoice Entry and from the Actions menu select Auto Retrieve Invoices. A check mark is displayed when the feature is enabled. 

Balance Control


Use the Balance Control feature within the General Ledger module if you need to use multiple balance control methods. Available methods include:


   Include in Detail Balance – Maintains segment balances for use on reports and trackers.

   Include in Summary Balance – Summarizes segment balances for use on reports and trackers.

   Opening Balance on P/L – Maintains year-end segment balances for expense and revenue accounts.


specific accounts can be configured to maintain daily
balances. You can display balances through chart, summary, or detail views. Balances are automatically reset at year-end, but you can also share balances between periods on a Profit and Loss account. You can then maintain a cumulative balance within this account. To use this feature, from the main menu go to Financial Management > General Ledger > Setup and open Chart of Accounts.

Automatic Transaction Reversal


You can use Automatic Transaction Reversal to cancel a posted journal. You typically use this program in two situations. When you preview a consolidation in an intermediate book, you may discover an error. You can then reverse the consolidation within the intermediate book before you transfer the data to the target book. After you make the changes you need, run the Consolidate to Parent program to re-post. If you have already consolidated to the target book, you can first reverse the consolidation in the target book, and then reverse the consolidation again in the intermediate book (a user within the source company launches this reversal process). When the data is updated in the source company, the consolidation can be run again. Cancellation of journals reduces tax consequences in some countries such as Russia and in other jurisdictions where tax is based on turnover in general ledger accounts. You can reverse the most recently posted journals. After you make the corrections you need, you can then re-post the journals. This prevents values from being doubled within the posted results. Available cancellation modes include:    Reverse Transaction – Posts debit amounts equal to credit amounts on the original journal and credit amounts equal to debit amounts on the original journal. In Russia, this mode is known as ordinary storno. For example, you estimate payroll as a $1000 credit to the payroll accrual. When reversed, a second entry is created as a $1000 debit to the same account.    Reverse as Red Storno – Posts transactions that contain reversing amounts. This type of journal contains a negative debit or credit line when the debit or credit line on the  original journal increases th
e account balance; the journal
contains a positive debit or credit line when the debit or credit line on the original entry decreases the account balance. For example, a posted journal line debits an asset account. A red storno journal posts a negative debit line to the same account to cancel the increase from the original detail.
 To use this feature, from the main menu go to Financial Management > General Ledger > General Operations and open Automatic Transaction Reversal.



Batch Balances You can use the GL Batch Balances Process to maintain the GL balance records in batch mode. This feature helps to improve performance in companies with a high volume of daily transactions and in companies which do not find it necessary to review GL transactions on a daily basis. You can run this process manually, or set the schedule to run it at various intervals. You can also indicate whether it should be a recurring process. To use Batch Balances, from th
e main menu go to Financial
Management > General Ledger > General Operations and open GL BatchBalances.


Copy Invoice Lines

 Use the Copy Invoice Lines option to adjust posted invoices that contain errors. You can add adjusting entries to a miscellaneous invoice, shipment invoice, or credit memo. To do this, copy selected lines to the original invoice. You can choose to create the adjusting line as a reversing entry. This can result in the creation of a zero- balance invoice. Adjustments only affect financial processes. Adjustments have no effect on shipments or other processes connected with the original invoice. To use the Copy Invoice Lines functionality, go to Financial Management > Accounts Receivable > General Operations > Invoice Entry and from the Actions menu select Copy Invoice Lines.





Currency Accounts


The Currency Account option allows users to set up natural segments to hold balances in multiple currencies. If a company is generating currency transactions, they may need to manually add or adjust the GL in a non-book currency.  To do this, the natural account must be set up as a currency account.  Currency balances can be revalued via the G/L Currency Revaluation process and used in General Ledger reconciliation.




Customer Tracker Aging Sheet


Use the Aging sheet available in the Customer Tracker program to display AR invoice aging information for a selected customer. The Aging sheet calculates the year to date totals on the current invoices that the customer has paid and it lets you compare these amounts to last year’s totals. To use the Aging sheet, open the Customer Tracker and navigate to Financial > Invoices > Aging. You will find that the Aging sheet is a very useful tool to view AR aging by customer in a dashboard view.

Feature Spotlight: Advan</font >ced Allocations


The Advanced Allocations functionality distributes specific amounts posted to the general ledger across various receiving, or target accounts. Through this feature set, you define a series of allocations that first pulls amounts from financial source data and then spreads these allocated amounts across multiple accounts. You can set up your allocation structure to be as simple or as complex as you need. The feature set includes creating allocation codes, generating allocations, and viewing the history.




General Ledger Import


You can use the General Ledger Import process to import data from other applications into the Epicor application. The file you import must be a comma delimited file (CSV) and follow the GL import file template. After you submit the General Ledger Import process, the changes update the application. If you want to review imported data before it posts to the GL, do not select the Post check box before you submit the process. The imported group is then available to review and post within GL Journal Entry. You can select the Post check box to post the imported data without reviewing the data first. To use the import process, from the main menu go to Financial Management > General Ledger > General Operations and open General Ledger Import.


Generate Shipment Invoices


Instead of using the Get Shipment function in Invoice Entry, you can use the Generate Shipment Invoices process to generate shipment invoices for products or services. This process allows you to create invoices directly from packing slips and you can set it up to run at regular intervals. To use this process, from the main menu go to Financial Management > Accounts Receivable > General Operations and open Generate Shipment Invoices.


Locate Invoice Group


Use the Locate Invoice Group option to quickly find a group that includes a specific invoice. This option locates the group number; you can then enter this group number on the Group sheet to display all invoices within the entry group. To use the Locate Invoice Group functionality, go to Financial Management > Accounts Payable > General Operations > Invoice Entry and from the Actions menu select Locate Invoice Group.


Advanced Allocations – High-End Approach to Distribution of Costs


Advanced Allocations enhance and simplify the process of creating, calculating, and processing allocations and accruals. This functionality distributes specific amounts posted to the general ledger across various receiving, or target accounts. You can set up as simple or as complex an allocation structure as you need. By specifically defining the calculating and processing of allocations, you save time and ensure allocations are consistently dispersed across your selected target accounts.


You can allocate amounts using different types of source data


To start working with advanced allocations, you should create allocation codes and define settings for each code using the Allocation Code Maintenance program. When the codes are created, you need to define the source. The following types of sources are available: Categories, Journal Codes, GL Account Masks, and Account Segment Ranges. After applying the selection criteria, each account (or GL transaction which affects each account) that matches the criteria is allocated.


You can use target accounts with fixed value ratios and formula based ratios


For each allocation code, you should enter a list of target accounts and the ratios that define the proportion to divide. These target accounts receive the dispersed source amounts using the specified ratios. You can indicate whether each allocation code disperses amounts through a fixed value or a formula you create. Each formula you enter must contain the arithmetic operators and operands needed to complete the expression. The available operands are fixed values, balances of specific GL accounts, non- financial data, and summary balances generated across several GL accounts.


You can batch and schedule allocations


Use Allocation Batch Entry to define the groups, or batches, of allocations you want to run simultaneously or sequentially. After you create the batches, you set up a schedule to define the fiscal year during which these allocations run.


You can also configure the allocation process to run on an automatically recurring schedule. Once you create a batch and assign allocation codes to that batch, from the Actions menu, select Generate Schedule to define in which fiscal periods this batch should be generated. Later, when you enter an apply date in the Generate Allocations process, the system will pull in the appropriate batches based on their generated schedules.


You can create tiered allocations


Within each batch, the allocation codes can be organized into different levels, or tiers. Any tiers processed
after the first tier use
the journal details generated through all the previous tiers. Each tier processes one level of allocations, followed by the next level of allocations, and so on until all tiers have generated allocation amounts to the journals set up to receive them at each tier level.



The Acme company has a multi-site environment which consists of several offices. At the end of the month, they need to allocate the rent amount between the sites and between the departments according to the area they occupy. To do this, they create a batch allocation and schedule it to run once in a month. The batch consists of two tiers: the first tier distributes the rent amounts between the sites’ accounts; the second tier is based on a  formula factor – it calculates the amounts that need to be allocated according to the number of square feet each department occupies and redistributes the rent amount between the departments’ accounts.



You can simulate the allocations


After allocation codes are grouped into batches, use the Generate Allocations program to process the allocation amounts, and, when you are ready, post them to the general ledger.


However, you can first use  the program in a simulation mode. In this mode, you calculate and save allocation transactions without  affecting the general ledger. To do this, you must select the Simulation check box when running the Generate Allocations program.


Simulated results are saved

separately from the general ledger. You can then verify the allocations in the Allocations History Tracker and make adjustments before you process the results against your actual data.


You can track the history of allocations


The Allocation History Tracker stores all allocation transaction information and provides references to the source data. It enables you to view for a specific period, all of the general ledger transactions created by applying allocations. The allocations are grouped by batches and tiers. You can view the information on allocations with dates and user IDs.


If necessary, you can use the Allocation History Tracker to reverse the selected allocations transactions posted to the GL in prior allocation runs.