As you know, Plex Smart Manufacturing’s robust accounting functions are great for capturing your real-time costs on the production floor and producing real-time financial reports based upon these transactions. Plex also has several advanced accounting functions which you may not be utilizing and may want to consider.
Three of those advanced accounting functions which can further assist you in processing and analyzing your accounting transactions are: Budgets, Sales Taxes, and Bank Reconciliations.
Plex provides you the option to import both monthly and annual budgets for both revenue and expense accounts. You may create and upload multiple monthly and/or annual budgets as well as have multiple “what-if” budgets to view within the financial statement screens. Additional reports are also available which compare budget -vs- actual amounts, budget comparison plus actual (to view budget amounts and variances), and budget to view budget accounts by period for one complete fiscal year.
Plex allows you to establish tax codes for multiple jurisdictions to automatically calculate sales and use taxes on your sales orders (both 2-tier and 3-tier), invoices, or purchases, including freight and services, based upon ship-from and ship-to addresses. You may establish a tax-exempt code as well as setup codes to track accruals to be paid monthly or quarterly.
If your company requires managing many complex tax calculations for multiple states, you may utilize a third-party add-on such as Avalara. Avalara will assist with the automatic application of sales taxes for sales and purchases, will assist with the filing of monthly/quarterly returns, will update tax rates as changes occur, and will automatically capture sales tax exemption certificates and track certificate renewal dates, if required, for your customers.
Plex bank reconciliations allow you to upload transactions from your bank account(s) to clear and reconcile your accounts in real time while maintaining a running balance total. You may reconcile all your accounts, even those in foreign currency or with different banking institutions. Reconciliations of foreign currency accounts that do not match your base currency in Plex can automatically have foreign exchange adjustment transactions created as needed.
Even if you have been using Plex for a while without the bank reconciliation, you can still utilize the reconciliation with some initial cleanup and clearing of your historical transactions.
If you would like to learn more about these or other advanced accounting functionality in Plex, call us at 614-212-1111 or reach us at [email protected]. We would be happy to assist you!