FMS Accrued Items is a complete record keeping and control system that organizes the institution's prepaid expenses, accrued expenses, and deferred income items into electronic archives. It automates clerical recordkeeping and accrual calculations. Some outstanding system features are:
- Performs detailed item record keeping
- Automates amortization/accrual calculation
- Offers a comprehensive array of reports
- Delivers reports on-screen
- Supplies extensive on-line financial history
- Provides data access by ODBC compliant programs
Compliance: FMS Accrued Items complies with generally accepted accounting principles. It maintains item book values and supports the asset accounting method. It calculates amortization/accrual entries according to straight-line, sum-of-the-years digits, fixed amount, and constant amount methods. FMS Accrued Items lets the user determine the start amortization/accrual date and life for each item.
Easy to Use : FMS Accrued Items is easy to use. It furnishes simple set-up, amortization/accrual, write-off, pay accrued item, and adjustment processes. It also furnishes an easy to use menu, point and click operation, and on-line help. FMS Accrued Items also supplies immediate on-line access to the FMS Accrued Items master record and detailed transaction history, and streamlines department work flow with speedy automatic amortization/accrual calculation and posting procedures. FMS Accrued Items seamlessly integrates with the FMS General Ledger System.
Posting : FMS Accrued Items incorporates easy to use transaction posting routines to guide the operator through the routine set-up, amortization/accrual, and adjustment processes. Transactions incorporated into the system include:- Set-up New Item
- Adjust Amortization/Accrual
- Adjust Expense
- Write Off Item
- Pay Accrued Expense
- Reverse Entry
- • Inventory Report with Sort Options
• Amortization/Accrual Projection Report
• Transaction Register
• Accrued Items Exceptions Listing
• GL Proof Report