Accounting and Financials
With support for various finance & accounting processes, TERMS delivers financial management functionality that enables your enterprise to be more efficient and more productive. TERMS Financial Management Features TERMS supports financial management in the following ways.
Accounting – Create charts for any country using a chart-of-accounts template, which you can adapt to fit your unique business needs; define individual charts of up to 10 segments, if needed, to support reporting requirements.
Journal entries – Benefit from functionality that automatically posts journal entries from the sales, purchasing, and banking areas and also creates new journal entries. You can search for existing entries and automatically allocate each transaction to a project or a profit center.
Journal vouchers – Save multiple manual journal entries to a batch and process them simultaneously. This allows you to verify and collect postings before they are entered into the general ledger.
Financial report templates – Quickly and easily generate unlimited financial report templates, such as additional profit-and-loss statements, to suit every business need.
Banking – Track all banking processes, from cash receipts and check writing to deposits, advance payments, credit card payments, and account reconciliation.
Posting templates – Define general ledger account templates to save time and help avoid mistakes during the manual posting of journal entries.
Recurring postings – Define your own postings for regular execution in accounting and specify a frequency for each recurring posting. With recurring postings, the application automatically reminds you to post your transactions.
Profit center – Define different profit centers or departments and allocate corresponding revenue and cost accounts to a pre-designated profit center in the chart of accounts.
Profit center report – Run a profit-and loss statement based on revenues and costs – both direct and indirect – asdefined in the allocation rules. You can run it for any profit center, choose between annual and monthly display formats, and compare the results with figures for the previous period.
Accelerated Period End closing – Accelerate month-end closings by assigning tasks to individuals or creating reminders to manage various aspects of the closing via the activity window.