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.
- BUDGETTING PROCESSING:
Budget is a quantitative report of expected inflow and outflow of a particular period in monetary terms. This application helps you to create budget, helps you to compare actual performance with budget in order to determine variance and it also gives variance in value and percentage.
- DIRECT GL JOURNAL PROCESS:
The direct GL journal is used to post journals that cannot be captured in the cash book/moneybook, especially, those transactions that do not involve the movement of cash.
- MONEYBOOK JOURNAL PROCESS:
This is a temporal house for the transactions posted in the moneybook before it’s finally.
- ACCOUNT ALLOCATION PROCESS:
This is a process of apportioning /allocating expenses that are jointly incurred by different units/departments within an organization. It’s used for cost control purposes.
- RECURRENT JOURNAL PROCESS:
This is used to auto-post transactions that usually occur periodically. These transactions may be in form of standing order, amortized expenses, rental payment, depreciation charged etc.
- IMPORT AND EXPORT: This process allows the user to import data from an external application such as excel.
- APPROVAL PROCESS:
The application ensures that approval is got on any transaction before a process can be successfully completed. The approval process is a process where a higher authority who has an access to approval menu reviews a transaction for the purpose of approving or disapproving the transaction (rejection).
- CHART OF ACCOUNT:
This system allows you to design your chart of account in compliance with IFRS requirement. The system is flexible enough that you could adjust your existing account chart or add more to it in order to suit your purpose.
- PAYMENT PROCESS:
This module is used to capture all outflow of cash. It is the process that records all money paid by the company which could be paid either by cash, cheque, bank transfer, draft, ETC. It also allows user to print cheque, payment voucher note, receipt and a predefined bank instruction letter.
- SCHEDULED PROCESS:
This process is used to capture payment to be made in a future date and on the due date it will automatically move to pending for actual payment process.
- LODGEMENT PROCESS:
This is used to capture all inflow of cash. It is used to record all money received by the company which could either be in cash, cheque or direct credit.
- SCHEDULED RECEIPTS PROCESS:
This process is used to capture expected future receipt or postdated cheques, and on the due date it will automatically move to pnding for actual receipt process.(A form of reminder)…
- RECONCILIATION PROCESS:
Reconciliation is a process of checking discrepancies between the cashbook and bank statement in order to ensure they agree. Reconciliation process on moneybook could be done automatically, partly auto and manually. The application allows the user to import their bank statement into the system and compare it with cash book automatically in order to ensure accurate reconciliation and also to save time usually spent on manual reconciliation…
- INTER-BANK TRANSFER CORRECTION PROCESS:
This is process used to correct error of commission relating to bank account. This is in a situation where wrong bank account is debited or credited for a receipt or payment. ..
- REVERSE PAYMENT AND RECEIPT PROCESS: This process is used to reverse a payment or receipt that was wrongly captured by the user.
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.
Payment Process: This is the process of capturing disbursement of petty cash where exact amount needed is known by the petty cash officer and the person to utilize the cash. It must be duly approved by a higher authority that is authorized to do so.
Cash Advance: This is the process of capturing disbursement of petty cash where exact amount needed is not known but can be estimated. This must also pass through approval process before it can be successfully disbursed.
Petty Cash Reimbursement Process: This is the process of replacing disbursed/spent petty cash in order to be at the minimum level set by the management at all times.
Retirement Process: This is the process of returning unspent/unutilized petty cash disbursed in advance. The system allows the petty cash officer to capture unspent petty cash.
Refund Process: This is the process of refunding to a person or staff that has spent in excess of the amount of petty cash given to him in advance. The application requires the person to give a breakdown of the amount spent before such refund can be made/approved.
- Easy monitoring of disbursement of petty cash.
- Easily linked to cash book and general ledger module.
- It has an audit trail which makes it easier to trace a transaction as to who does what, when and what for including the person that approved it.
- It reduces/eliminates paper work.
- It generates petty cash schedule at any given period.
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)
- 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.
Asset Acquisition: This is the process of acquiring (getting) an asset. It involves raising LPO, delivery process, and booking of assets to register. This process documents the asset acquisition from raising of LPO to the time the asset is booked to the asset register.
LPO Process: This is a process of documenting all activities involved in ordering for an asset.
Componentization: The system allows you to capture asset based on their components and as well depreciates based on the components. Here, the global depreciation of the assets can be seen as well as the components.
Delivery Process: this is a process that document the delivery of asset ordered, the condition of the asset as at the delivery time and the quantity delivered.
Depreciation Process: This is the reduction in the value of an asset due to usage, passage of time, wear and tear, technologically outdated or obsolescence, depletion or other such factors. This application automatically calculates the depreciation value of each asset and posts directly into the general ledger depending on the depreciation method chosen.
Re-evaluation Process: This is a technique used in Fixed Assets to accurately describe the true value of the capital goods a business owns. This could be upward or downward review of an asset in order to determine the true value of such asset. This application takes care of revaluation completely.
Asset Register Process: This is a list of fixed assets owned by an individual or business entity. It allows a person/company to keep track of details of each fixed asset, ensuring control and preventing misappropriation of assets. It also keeps track of the correct value of assets, which allows for computation of depreciation and for tax and insurance purposes.
Disposal Process: Asset can be disposed directly from the system, and it could as well be disposed by selection of highest bidder.
Depreciation Change: The system also takes care of changes in the useful life of an asset.
Transfer: The application keeps record of movement of assets from one department to the other or from one location to another.