GALAXY (SIMPLEX ACCOUNTING SOLUTIONS)
SIMPLEX GALAXY application gives you the ability to capture records of all your transactions and obtain exact figures captured in form of report about the state of affairs of your business and also to evaluate the performance of your business. It handles all payments/receipts processing, cheque writing, bank confirmation & transfer letter, auto and manual bank reconciliation, auto posting of recurrent journal, allocation of expense by business units, and all other cash book aspects. Galaxy also takes care of preparation and generation reports such as, profit or loss, balance sheet, budget and any other report which could be generated for the entire company, business units, product line and location(s) all in record time. Simplex Galaxy is a combination of the General Ledger and MoneyBook.
Simplex (Galaxy) General Ledger is the central hub where transactions are consolidated and used to generate real-time information on your financial position and profit or loss.
DIRECT GL JOURNAL PROCESS
MONEYBOOK JOURNAL PROCESS
ACCOUNT ALLOCATION PROCESS
RECURRENT JOURNAL PROCESS
IMPORT AND EXPORT
CHART OF ACCOUNT
SCHEDULED RECEIPTS PROCESS:
INTER-BANK TRANSFER CORRECTION PROCESS:
REVERSE PAYMENT AND RECEIPT PROCESS:
SIMPLEX IBS – BEACON gives you the ability to reconcile your Cash Book to all your Bank Accounts in no time and without stress.
- Ability to import any Bank Statement of account (soft copy)directly without any human intervention
- You can create/set reconciliation period with the opening and closing balance of each Bank Statement for any date range
- Automatically match items in Cashbook vs. Bank statement using nine (9) criteria (User flexibility included). Up to 85% match rate
- It can partially match using amount only on both the Cashbook and Bank Statement. This requires user approval to complete
- It allows manual matching of transactions on both the Cashbook and Bank Statement sides
- Ability to add to the Cashbook known transactions that are on the Bank Statement but not in the Cashbook e.g. direct lodgement, bank charges. etc
- Ability to add Bank transfers (Sweeps) within the same bank to Cashbook from the Bank Statement
- It makes reconciliation less stressful by showing you any reconciliation difference even before you start reconciling. This tells you if you have a balanced reconciliation data or not right from the start
- After matching, a click on “Show Me” on the Cashbook/Bank statement displays the corresponding items that matched
- Ability to reconcile reversals automatically or manually both in the Bank and Cashbook statements
- You can view and re-print your reconciliation statement even after it has been closed. The statement remains as it is even after many years
- You can change statement date, value date, cheque date of transactions that were posted wrongly and this can be done in the reconciliation module
- You can sort for transactions both on the Bank Statement and Cashbook using any of the available fields (Date, Cheque No, Narration, Amount etc)
- It carries over outstanding transactions on both sides (un-cleared) to the next month until they are sorted and cleared
- You can re-configure the entire reconciliation screen by changing the fonts and/or sizes
- You can always tag transaction(s) and unmatched anytime during the process.
Petty cash is small amounts of discretionary funds in the form of cash used for expenditures where it is not sensible to make any disbursement by cheque, because of the inconvenience and costs of writing, signing and then cashing the cheque.
Petty cash application: This is the Simplex application that helps in managing operations involving petty cash, as explained above.
PETTY CASH REIMBURSEMENT PROCESS
- Easy monitoring of disbursement of Petty Cash.
- Linked to Cash Book and General Ledger module.
- Audit Trail
- Eliminates rigorous paper work.
- Generates petty cash schedule.
Fawin(Fixed Asset Software Application) keeps a register of all assets and handles other areas of asset management procedures like Asset Acquisition, Depreciation, Capitalization, Revaluation, Transfers, Capital Allowance Tax and Disposal with automatic calculation of Profit/Loss in line with the relevant accounting standard.
In accordance with the relevant Accounting standard regarding fixed asset, the International Accounting Standards (IAS), 16 describes these as resources owned by an organization as a result of past event in which future economic benefit will be derived. Relating the stated attribute of identifying an asset from the definition, FAWIN is a complete replica of ‘’HOW IT SHOULD BE’’ (meaning it does not deviate from the accounting principles of recording fixed assets)
ASSET REGISTER PROCESS
- Unlimited Multi Company Setup with Consolidation
- Unlimited Asset Category Definition
- Unlimited Asset Location Definition
- Unlimited Asset Department Definition
- Unlimited Asset Users Definition
- Unlimited number of Asset Records
- IFRS Compliance In terms of Componentization of Assets
- One Input Screen for All Assets
- Ability to Choose your Desired Depreciation Calculation Method
- View/Search for Assets by Code, Description, Location, Branch, Department, or Any Other Value
- Gives Room for Direct Asset Disposal and Bidding
- Ability to Track your Insured Asset
- Allows for Revaluation and Capitalization of Assets.
- Keeps Historical Record of Asset Purchased, Disposed, Revalued and Capitalized.
- View Instant Values (Total Cost, Accumulated Depreciation, Net Book Value) of Each Asset at any Given Date/Time
- Differential Useful for Assets in the Same Category or Across
- Capitalize Substantial Expenses on a Given Asset and Adjust the Asset Value Instantly
- Make Depreciation Rate Useful (Life Changes to Assets) Without Affecting Old Depreciation Rate.
- Capture Complete Asset Revaluation
- Complete Monitoring of Assets Movements Through FAWIN’S Unique Asset Transfer Function on a Historical Basis
- Automatic/Instant Calculation of Profit/Loss on Asset Disposal.
- Suspension/Re-instatement of Depreciation Posting. Etc.
The adoption of IFRS for financial reporting has brought up different areas between the Nigerian GAAP and International Financial Reporting Standards (IFRS). One of these differences is in the area of componentization. IAS 16 on Property, Plant and Equipment (PPE) states that each part of an item of PPE with a cost that is significant in relation to the total cost of the item shall be depreciated separately i.e. componentized. This was given due consideration in the latest version of FAWIN.