Financials
Financials is the accounting center of ERPX. It receives approved business activity from Sales, Purchase, Inventory, Manufacturing, HR, and Projects, then turns that activity into balances, ledgers, payments, and financial statements.
How Financials connects to ERPX
Financials is highly connected. Correct an error in its source document where possible; do not use an unrelated manual journal merely to force a report to match.
What creates accounting activity?
| Source | Typical financial effect |
|---|---|
| Sales Invoice | Customer receivable, income, taxes, and charges |
| Purchase Invoice | Supplier payable, expense or inventory-related accounts, taxes, and charges |
| Delivery Note | Stock out and cost of goods sold where accounting applies |
| Goods Received Note | Stock received and receipt liability/clearing |
| Stock Entry / Reconciliation | Inventory value moving between stock and adjustment accounts |
| Manufacturing | Raw material, work-in-process, and finished-goods value movements |
| Payroll / Expense Claim | Employee expense and payable/payment activity |
| Payment Entry | Cash or bank movement and settlement of a party balance |
| Journal Entry | Direct accounting adjustment approved by Finance |
Quotations, Proforma Invoices, Purchase Requests, and other planning documents normally do not post to the ledger by themselves.
Recommended order
- Complete Financial Setup.
- Confirm the Chart of Accounts and Accounting Dimensions.
- Use Journal Entries only for work that does not belong to another source document.
- Process and review Invoices.
- Record and allocate money through Payment.
- Reconcile bank accounts.
- Monitor Budgets and review Reports.
- Complete Period Closing only after open work and report differences are resolved.
Browse the guide
Fiscal Year, Accounting Dimensions, Tax and Charges.
Account hierarchy, posting accounts, and opening balances.
Standard, opening, tax, exchange adjustment, and reversal entries.
Sales and Purchase Invoice approval, returns, notes, and settlement.
Payment Entry, reconciliation, and reconciliation history.
Compare bank and ERP balances, clear entries, and create missing journals.
Project or Cost Center budgets, allocation, enforcement, and utilization.
Review blockers and close a completed fiscal year safely.
Registers, statements, ledgers, aging, tax, and exception reports.
Screens and actions depend on the user’s Finance role and subscription. Missing tiles or approval buttons usually indicate access restrictions.
Frequently Asked Questions
What's the difference between a Cost Center and a Project as accounting dimensions?
A Cost Center represents an ongoing part of the organization, such as a department or branch. A Project represents a time-limited initiative, contract, or job. Both can be selected on the same transaction for combined analysis.
Does ERPX support multi-currency accounting across the organization?
Yes. Sales and Purchase Invoices, Payment Entries, and Journal Entries all support currency and exchange rate fields, and an optional setting posts realized exchange gain or loss to a dedicated account.
How does budget enforcement apply across Cost Centers and Projects organization-wide?
A Budget can be set to Block Transaction (stops the action once exceeded), Warn Only (requires confirmation), or No Enforcement (monitors utilization without blocking), scoped to a Project or Cost Center for a Fiscal Year.
Can a closed fiscal year be reopened, and what audit trail does that require?
Yes, through a controlled reversal process — an authorized Finance user requests it, and an admin approves or disapproves the request before the fiscal year reopens. Because reopening a year can change previously issued financial statements, Finance is expected to retain the reversal reason, approval, corrected reports, and the replacement closing record as part of the audit trail.
What's the difference between Payment Reconciliation and Bank Reconciliation?
Payment Reconciliation changes how an already-recorded payment is allocated to invoices — it does not move money. Bank Reconciliation compares that recorded activity against the actual bank statement to confirm what has cleared.