Top Reasons Your Accounting Department Says Yes
We know that upgrading your ERP system can be time consuming and disruptive. So customers sometimes skip over new releases and product updates – particularly if you’re only running the core general ledger and accounting modules. But if you’ve been holding off on an upgrade to Sage 500 ERP Version 7.4, here are some of the top reasons that your accounting department is saying “we need those new features!”
Ability to Create & Track Negative Invoices
Customers don’t always submit payments that tie neatly to existing invoices. So how do you apply and track those payments in a way that makes sense to you and to them?
In version 7.4, your accounting department can now apply overpayments to an existing invoice and track the balance (as a “negative invoice”) using the original invoice number – whether applying Cash, a Customer Payment, a Credit Memo or another overpaid invoice’s negative balance. The overpaid amount appears with the original invoice number in all the expected places like Print/Re-print invoices, Customer Statements, Aged Receivables, AR Trial Balance, and more.
New Process for Issuing Refund Checks
Version 7.4 simplifies the process of issuing a customer refund check – which previously was inefficient and required multiple steps in multiple modules. Process Cash Receipts has been enhanced to allow the creation of a customer return from start to finish (including printing the check), all from one task. Refund checks use the customer information without the need to create a vendor or a voucher – saving steps and increasing productivity.
Business Insights Improvements
Arguably one of the most valuable tools in Sage 500 ERP, Business Insights is now even better in Version 7.4 with added performance improvements, new right-click filtering capabilities, and new data export options that provide you with a choice of exporting all of your data or just the current view. All told, these new reporting enhancements provide more meaningful insight into accounts payable, accounts receivable, and financial reporting.
Need to Upgrade? Contact us and we’d be happy to provide any assistance you need.