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Accounting Software for Distribution Businesses

Accounting Software for a Distribution Business

Accolent ERP is comprehensive accounting software for a distribution business that delivers GAAP-compliant distribution accounting, a full General Ledger Chart of Accounts, plus Accounts Receivable and Accounts Payable and full configurable financial statements.

  • General Ledger

    • Fully integrated General Ledger with multi-segment Chart of Accounts capability
    • Accepts any GL Account numbering scheme
    • User defined default GL Accounts for all postings but may be overridden by transaction
    • Ability to define default allocations between multiple GL Accounts that may be overridden by user
    • Immediate posting of accounting transactions to GL through Accounting Journals upon saving the transaction
    • GL Accounts mapped to Account Groups to Account Sub-Types to Account Types allows extremely flexible financial statement structure
    • Ability to generate financial statements by warehouse and department
    • Full drill-down capability for all financial statements to individual voucher or invoice levels
    • Detailed budgeting by General Ledger account, by department, and by warehouse
    • Support for multiple bank accounts
    • Running totals by bank account and reconciliation against bank statements
    • Extensive financial reports that can be run in detail or summary mode
    • All reports can be downloaded in a variety of formats (Excel, Word, PDF, HTML, etc.)

  • Multi-currency

    • Permits transactions in foreign currencies for purchases from foreign vendors or sales to foreign customers
    • Transactions with foreign counterparties denominated in specified foreign currency and converted back into US dollars as the system’s functional currency
    • Tracks foreign currency gains and losses
    • Tracks realized and unrealized foreign currency gains and losses
    • Exchange rates can be manually entered or automatically updated

  • Sales Tax Tracking & Reporting

    • Multiple available options for managing sales tax:
      • Maintain a sales tax table for each tax jurisdiction in Accolent ERP
      • Periodically import or lookup sales tax jurisdictions from a sales tax vendor (Zip2Tax)
      • Use Avalara for online sales tax calculation as orders are finalized
    • Accolent ERP allows for creation of a sales tax table by user-defined tax jurisdiction and allowing split tax jurisdictions and rates
    • Specify tax Specify nexus for all tax jurisdictions based on applicable regulations
    • Specify whether freight and labor are taxable in each state
    • Specify whether tax by origin or tax by destination based on ship-to
    • Allow for taxable or non-taxable customers and products
    • Manually override any default sales taxability line-by-line on an order to account for products for sale vs for internal consumption
    • Create multiple sales tax reports by tax jurisdiction or split tax jurisdiction

  • Accounts Receivable

    • Complete accounts receivable and payment detail functionality
    • Access to customers’ open and paid invoices with current 30/60/90/120 aging
    • Detailed aging report by terms
    • Ability to age Accounts Receivable as of a past date
    • Generate customer statements for one, all, or a group of customers and automatically deal with specified ship-to locations and bill-to locations
    • Ability to automatically send Customer Statements directly to default email addresses
    • Cashiering functions for over-the-counter sales
    • Flexible payment receipts capability to apply payment, accept and apply deposits and view customer ledger card
    • Report payments by payment type: Cash, Check, Credit Card type
    • Payment history by item if multiple payments are applied to an invoice
    • Payment listing with detail on how payments were allocated
    • Extensive sales and payment history summary screens
    • Ability to support complex payment date discount rules
    • Charge and book interest charges with flexibility as to how applied
    • Maintain customer collection comments
    • Write-off accounts receivable balances to multiple General Ledger accounts during payment receipt process

  • Credit Checking/Management

    • All orders or immediate invoices automatically call the credit checking and management functionality
    • Customer accounts are automatically placed on Credit Hold when assigned credit limit is exceeded or if invoices are open beyond a preselected number of days – which can be different from the invoice due date
    • Manually assign customers to Credit Status that prohibits orders under user-defined conditions
    • Process orders for customers on Credit Hold with authorization
    • See warning message at beginning and end of order entry for accounts on Credit Hold
    • Seasonally adjust credit limits for groups of customers
    • Single screen centralizes management of overdue accounts

  • Accepting Customer Payments

    • Accept payments by credit card, e-Check or ACH payments
    • Integrated with CardConnect®, a unit of Fiserve/FirstData one of the largest global payment processors
    • Ability to get best pricing by optimizing on interchange charges ensuring the lowest possible rates on every transaction
    • Accessible on any desktop, tablet or mobile device as well as virtual and plug and play retail terminals
    • Transactions secured using P2PE (point-to-point encryption) and tokenization, support EMV (Europay, MasterCard, Visa)
    • Provides maximum PCI compliance scope reduction and maximum data security to protect card data at rest and data in flight
    • Extensive reporting tools and e-Statements available

  • Accounts Payable

    • Vendor ledger card with full drill-down capabilities
    • Ability to set invoice payment priorities and check writing
    • Cash requirements report forecasts cash needed for cash discounts
    • Accounts payable aging:
      • by vendor payment priority
      • due date
      • by vendor
      • as of a past date
    • Validations enabling tie-out of vendor invoice to PO and PO Receipt totals
    • Ability to allocate a single voucher to one or multiple receiving transactions
    • Ability to process 1099 forms

Contact Us Today to Demo Accolent ERP Accounting Software for Distribution Businesses

Arrange a demo of Accolent ERP software.

Let us show you how Accolent ERP’s accounting software for distribution businesses covers all the functionality needed to manage and report on your business.

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