SmartFusion Financial Management Features
SmartFusion provides an advanced solution for managing your financial data and encumbrance accounting. Our budgetary and planning tools allow for accurate revenue and expenditure projections and increase efficiency and accountability.
The vendor payment process is easily managed with the Accounts Payable module. The system provides for strong cash controls for increased accountability.
- Use the Temporary vendors feature to eliminate the need for setting up a vendor to process one-of-a-kind or infrequent payments. Selecting the Temporary Vendor Status allows payment to a variety of vendors under a single vendor number. Vendor name and address is then entered on each check.
- Automate use tax payments. If a vendor fails to charge sales tax on a taxable invoice, the invoice can be flagged as “subject to use tax.” At the end of the month, a menu option is available that will calculate the use tax, create an Accounts Payable voucher to pay the tax and automatically distribute the tax to the appropriate expenditure accounts.
- Prints 1099s to laser printers. Optionally, include 1099s over a minimum dollar amount.
- Place vendors on payment hold, purchase hold or both.
- Pay vendors through ePayment.
- Email vendor notifications.
Maintain Cash Control
- Interfaces to Bank Reconciliation. When checks are written, an outstanding check record will be added to the Bank Reconciliation module.
- Automatic accrual of invoices at year-end. Invoices paid in the current year that should be expensed in a prior year can be flagged as an accrual during voucher entry. The system will automatically charge them to the correct expenditure account in the prior year.
- Enter and pay invoices for a new accounting period without waiting for the current period to be closed.
- Funds are automatically balanced when expenditures chargeable to multiple funds are paid from a central cash account.
Receive and Record
- Account numbers are verified when invoice amounts are distributed to the ledger accounts.
- Check budget availability as invoices are entered. An alert message appears if the invoice entry exceeds budget. Depending on user authority, as defined within the system, the user may change the account number, allow the budget to be exceeded or be required to obtain additional approval.
- Invoice history and vendor history can be easily displayed on the screen or printed.
- Funds are automatically balanced when expenditures chargeable to multiple funds are paid from a central cash account.
- Vendor Master List
- Vendor Labels
- Vendor Activity Report
- Vendor 1099 Report
- Voucher Register
- Check Proof
- Ledger Posting Register
- Account Distribution Report
- Accounts Payable Report by Account Number
- Accounts Payable Report by Location
- Paid & Unpaid Invoice Reports
The Bank Reconciliation module is a valuable addition to the Accounts Payable and Payroll applications. If Bank Reconciliation is installed, an outstanding check file is created when checks are written from either Accounts Payable or Payroll. The ledger cash account assigned to each bank account allows multiple bank accounts to be maintained.
Facilitate the Process
- If your bank offers Bank Reconciliation services, a file of checks written during the month can be sent to the bank.
- Checks paid by the bank are entered in the Bank Reconciliation module and matched with the outstanding check file. Checks not matched (cleared) make up the outstanding check report.
- Checks paid by the bank can be entered manually by individual check, by batch or via a file provided by the bank.
- Clear other credits and debits entered via Journal Entry or Cash Receipts.
- Clear electronic payments entered via a Journal Entry, such as payroll direct deposits.
- Supports multiple cash accounts. As checks are written in Payroll or Accounts Payable, a check record is written in the outstanding check file.
- Positive Pay feature adds another layer of security by electronically updating the bank’s records with checks generated from your system.
- A bank statement date is entered when checks are cleared and a list of cleared checks can be printed by this date.
- Full bank reconciliation capability.
- Allows full reconciliation for deposits and checks, as well as interest earned for true bank reconciliation when comparing bank statement to Harris recorded account activity.
- Check Report
- Deposit Report
- Credits Report
- Debits Report
- ePayments Report
- Bank Reconciliation Report
The Budget Preparation system is designed to assist the budget process outside of the Fund Ledger and Payroll/Personnel modules.
Forecast Budget Needs
- Track requested, recommended and approved amounts for each revenue and expenditure account.
- Display comparative prior year budget history for each account.
- Allows restricted access for department staff to enter requested budget amounts and justification notes.
- Since budgets are normally for the following year, it is easy to change the system dates to work in a future period.
- Budgeted amounts for each ledger account can be automatically transferred to the Fund Ledger module to start the new fiscal year.
Detailed Payroll Budgeting
- Build salary schedules to automatically compute budgeted salaries. When salary schedules are changed, all individual salaries can be recomputed to reflect the schedule changes. If a salary schedule is not applicable, the budgeted salary can be entered manually.
- Perform “what if’” calculations and optionally update budgeted amounts based on the calculation.
- The Employee Profiles section includes a budget record for each employee that reflects base salary, salary supplements, fringe cost and the ledger accounts where salary and fringe will be allocated.
- When Employee Profiles are used, reports are available that will show, by employee name, the details for each budgeted salary account.
- Automatically transfer approved salaries to the Payroll module.
- Years of experience can be automatically incremented or decremented.
- Revenue & Expenditure Reports.
- Allows for multiple employee profiles.
- Allows for multiple budget versions.
- Budget Comparison Report
- Annual Budget Estimate
- Budgeted Positions
- Budget Version Report
- Budget Version Comparison
- Five Budget Version Comparison
- Accumulated Salaries/Positions
- Salary Schedule Report
- Salary Supplement Report
- Employee Profiles
- Employee by Account
The Fixed Assets module tracks capital equipment and calculates depreciation.
- GASB34 compliant.
- Multiple invoices supporting the purchase of a single asset can be recorded within the asset record to provide details of the asset’s total cost.
- Optionally, track expenditures for fixed assets by expenditure account and fund source.
- Use system-assigned asset numbers or assign them manually.
- Track asset transfers between locations or between departments. Depreciable life can be assigned in the asset group parameter file and automatically applied to each asset that is subsequently assigned to the group.
- Record service agreement and warranty expiration dates for each asset.
- Utilize user-defined note fields to track information that is not covered by standard data entry fields.
- Record unlimited notes and information for each asset in the Memo field.
- Maintain transfer history for each asset.
- “Pending” status for assets that have been created from new purchases in the Purchasing module allows the user to review assets before making the asset active in Fixed Assets.
- Monitor depreciable and non-depreciable assets.
- Automatically calculates depreciation.
- Maintains a complete depreciation history. Access this history in the asset master screen under the Depreciation History tab.
- Allows the use of automated bar-coding solutions.
- Asset Master Report
- Acquisitions/Transfers/Disposals Report
- Depreciation Schedule
- Asset Account Distribution Report
- Parameter Reports
With the Fund Ledger system, you will be able to achieve total financial reporting flexibility for any fund, location, profit center, facility, department or any other defined segment of the account number. Inquiry options and on-demand reports provide access to updated financial information at any time. The Fund Ledger is the heart of a fully integrated system that is routinely updated from other SmartFusion modules.
- Specify separate fiscal year ending dates for each fund, allowing for separate year-end closing.
- With proper security, transactions can be posted to any accounting period. However, supervisory personnel have the flexibility to declare a period “closed” to further transactions.
- Multiple years can be open at one time. Switching between years is as easy as choosing a menu option.
- Changes to prior year ledger balances automatically update beginning balances in the current year.
- Provides for automatic fund balancing to record transactions that cross funds.
- Automatic update from other subsystems on demand.
- Original budget amounts along with a budget change history are maintained and reported.
- Supports the use of standard journal entry templates and automatic reversal of accruals.
- Print financial statements at any time and for any date.
- Drill down capability on any account provides detailed information for ledger transactions and encumbrances.
- Through the security system, ledger access can be granted or denied on a menu or menu option basis. Access can also be restricted to selected account numbers.
- Special report criteria selections provide flexible reporting options and give you the ability to save defined selections for repeated use.
- Easily export reports to a wide variety of formats, such as Excel.
- Quickly run reports by utilizing report sequence memorization.
- Supports an unlimited number of funds.
- Designate custom groups of accounts for budgeting and reporting. Budget amounts can be assigned to a single account or multiple accounts within the group.
- Utilize up to 40-digit, user-defined account. Up to 11 account segments can be defined.
- Chart of Accounts
- Budget Reports
- Trial Balance
- Balance Sheet
- Revenue & Expenditure Report
- Detail Account Inquiry
- Encumbrance Reports
- Transaction Report by Batch
The Purchasing module is designed to interface with the Fund Ledger, Accounts Payable and Inventory modules.
- Allows multi-user entry of purchase requisitions from a primary location or remote sites.
- The user will be alerted if the requisition entry will cause the budget to be exceeded. Security levels can be set to dictate if and how the order will be processed.
- Vendors can be placed “On Hold,” preventing a requisition from being entered.
- Online electronic approval of purchase requisitions is supported. When a requisition is approved, a PO number is assigned and it can then be printed.
- Ledger accounts are automatically encumbered when the requisition is entered.
- Enter unlimited notes and memos with each line item on the purchase order.
- Laser printing technology allows high-quality, low-cost purchase orders to be printed on plain paper.
- If the Inventory module is installed, the inventory master record will be updated to show that items are on order.
- Supports online verification of account numbers and budget balances.
- Through third-party software, purchase orders can be automatically faxed or emailed.
- Approve/review process is enhanced with email notification.
- Requestor or approver can check the status of requisition or purchase order online.
- Memorize vouchers.
- Email notifications of purchase requisitions to specific individuals.
- Email specified individuals about purchase orders to vendors via Email Monitor.
- If a vendor does not already exist in the system, you can add them on the fly while you are entering a purchase requisition.
- Mark all items on a purchase order as non-taxable with the click of a button.
- Use purchase order templates to set up a format for recurring purchase orders, reducing the amount of time it takes to enter purchase orders.
- Purchase Requisition Status Report
- Purchase Order Encumbrance Report
- Purchase Order Audit
- Purchasing Report by Vendor
- Purchase Order Master Report by Vendor