ACTouch ERP is a 100% integrated solution across Sales, Purchase, Manufacturing, Finance etc. These are integrated tightly to the Inventory and Accounting entries. So ERP Finance is an important area to learn and understand. It helps to pass the financial entries and even non finance persons can use the ERP easily.

What is ERP Finance or Finance modules in ERP?

Finance Modules in ERP is a huge subject and it has many components to it. When we do a Transactions like Purchase Receipt or Invoice etc, there are mainly 2 set of activities happens.

1. In the module level data – like Purchase Receipt or Invoice details and the corresponding effects on Inventory, tax modules etc.
2. Financial level entries – The data that affects the General Ledger, Accounts and that leads to Balance sheet and Profit and Loss Statements.

The reasons for the above is the ACTouch ERP is tightly coupled with the modules across to facilitate the end users to manage their business.

For an example when we create an Invoice, below transactions happens automatically. You dont need to pass the entries again in another modules.

1. Reduce the SOLD PRODUCTS from your inventory
2. Pass the financial entries
3. Customer has to PAY the MONEY now.
4. Pass the Tax data to the respective heads.

ERP Finance

In this Finance module of ERP, we cover the following modules / features here

1. Accounts Payable
2. Accounts Receivable
3. Debit and Credit notes
4. How to manage the Expenses and Pay Advances to Suppliers.
5. How to manage the Customer Advances.
6. Journal Entries
7. Tax details

What is the difference between Accounts Payable VS Accounts Receivable?

As you go through the Modules and understand the functionalities, the above question would be answered. In summary, the major difference is AP is for Suppliers/ Vendors and AR is for Customers.