With a recent product update, Sage ERP X3 is now integrated with Sage Fixed Assets. If your company requires more than just the basic fixed asset functions that are built into Sage ERP X3, then the advanced capabilities you get when adding Sage Fixed Assets might be worth a look.
For many companies, their largest capital investment is in fixed assets like property, plant, and equipment. With complex tax rules, changing compliance requirements, and assets coming in and out of service all the time, managing fixed assets can be a moving target.
Errors and missteps in tracking fixed assets can result in inaccurate depreciation expense entries and unnecessary tax overpayments. As an example, you may have assets that are no longer in service or even exist within your company - yet somehow those assets remain on the books because they were never properly disposed of. If that's the case, you're probably paying tax on these non-existent "ghost" assets.
What's more, these mystery assets affect everything from depreciation schedules to insurance payments.
While Sage ERP X3 offers some basic fixed asset functionality, the advanced Sage Fixed Assets suite automates the entire process from acquisition to disposal. Not only does it save time and improve accuracy, Sage Fixed Assets features a comprehensive depreciation calculation engine that contains over 300,000 IRS and GAAP rules, more than 50 standard depreciation methods, and automatically calculates AMT and ACE schedules.
Depreciation journal entries can be posted directly into the general ledger from Sage Fixed Assets to Sage ERP X3. You simply enter, track, and run the depreciation process in Sage Fixed Assets, then use the GL Link provided for Sage ERP X3 to export the depreciation entries. Using the import function in Sage ERP X3, you can create those depreciation journal entries directly in the General Ledger - no manual or duplicate data entry required which saves time and ensures accuracy.
26 Released in November, Patch 26 for Sage ERP X3 Version 6.5 delivers significant enhancements to the core financial capabilities. This software update also begins the delivery of important functionality that's designed to handle true intercompany transactions. Here's a closer look.
For mid-sized businesses that operate multiple legal entities (i.e. a parent company plus one or more subsidiaries), the ability to easily process and manage intercompany transactions is must-have functionality. If that sounds like a requirement at your company, then you'll benefit from these new features in Patch 26:
Intercompany Customer and Supplier Invoices - through intercompany transactions in Sage ERP X3, you are now able to share a customer or supplier invoice across multiple companies without manual data re-entry as required with previous versions. This new feature helps improve productivity and consolidate business processes. Intercompany General Ledger (GL) Journal Entries - new functionality in Patch 26 allows you to create journal entries that include financial sites from different Sage ERP X3 companies as well as the set up of elimination accounts that will be used for intercompany AR/AP invoices and journal entries. This eliminates the risk of data entry errors across different companies.
Another useful enhancement to the financial features is the ability to define repeating/recurring Accounts Payable and Accounts Receivable invoices and facilitate automated management of these transactions without having to create each document from scratch manually.
The latest product updates included in Sage ERP X3 Version 6.5 Patch 26 are available for download by logging into the Sage Customer Portal online.
Sage recently enhanced the online Support Knowledgebase to provide an improved self-service experience for Sage customers. Now when you need help with Sage ERP X3 in a hurry or even during off-hours, you can log on to the 24/7 online portal that now features:
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