Human Resources Management System (HRMS)
At an instance when an employee record is created in HRMS, the following processes occur
- HRM reports including Nominal Roll, Wage Distribution, Leave Schedule, Employee Category, Length of Service, and Employee’s Exit are few of the reports that are automatically generated for management decisions.
- Payroll record is automatically created for the employee for the current month/period.
- Payroll reports including pay-slips (separated into Staff and Management), Wage Bills (separated into Staff, Management, Department and Units), Monthly Bank Schedule (separated into Staff and Management), Leave Grants are automatically generated for the employee.
- Staff receivable account is created automatically in the Central Accounts to track monthly staff loans or salary advance repayment.
Modification or Editing HRMS
When a record is modified or edited in HRMS, all the above processes will equally respond to the modification carried out in respect of the employee automatically.
Payroll Posting
At the end of every month or company accounting period, the payroll Wage Bills can be posted to reflect in the Statement of Comprehensive Income (Profit & Loss) accounts and the Trial Balance report in the Central Accounts.
Suppliers Register
Suppliers are either registered as Active (non-cash suppliers who supply goods and services to the company on regular basis) or Inactive (those who are indolent). A built-in function allows the user to register a supplier as Active or Inactive. For being active, a trade payable account is automatically opened for non-cash suppliers in the Central Accounts.
Customer Register
Customers are either registered as Active (non-cash customers who are in the good books of the company) or Inactive (those who are indolent). A built-in function allows the user to register a Customer as Active or Inactive. For being active, a trade receivable account is automatically opened for the Customer in the Central Accounts.
Inventory
- A simple logical and distinct code is allocated to every item in various stores of the organization. The code identifies the item whenever and wherever it is needed within the departments of the organization.
- A Goods-Inward-Note (GIN) is raised when an item is received into the store.
- A trade payable account created for the Supplier in (4) above is automatically credited while the receiving stock is debited in the Central Accounts.
- When a stock item is sold vide a Store Requisition or Issue Note (SRN or SIN), the transactions are automatically transferred to the Central Accounts for recording.
- Sales Reversal occurs when an already sold stock item is returned for defects or any other reason, sales reversal transactions are automatically transferred to the Central Accounts for recording.
Manufacturing
This process monitors the quantity and cost of tangible inputs (raw materials, semi-finished goods, sub-assemblies), Work-In-Progress (WIP) and finished goods, and at the end of every shift, transfer the financials to the Central Accounts.
Central Accounts
Every financial transaction received by the Central Accounts from the processes aforementioned above, are clustered as raw entries for verification by the company accountant. A flashing green light indicates a balanced entry ready for posting. The balanced status of the entries can, therefore, be checked by clicking on the flashing light. Posting the entries can only be done when the green light is flashing, otherwise, posting is impossible.
This logical and methodical because;
- It will forestall the problems usually encountered by accountants in the course of unbalanced accounts that may take days to solve
- All the books of accounts would be balanced without any error
- Gives no room to tamper with already posted transactions.
- Company accounts will be made ready as at when due. (No backlogs)