Advanced Payables and Receiveables Management Available on Controlled Release

Openbravo is pleased to announce the availability of the Advanced Payables and Receivables Management module.

Advanced Payables and Receivables Management offers a completely new user experience that simplifies and automates the business processes around receiving and making payment, including the reconciliation of those events with bank statements.

Some of the key features of this module include:

  • Easy financial account management: You can now define and administer all of your financial accounts – such as bank and cash accounts – in a single window and use that window to view and manage all of the transactions that affect the balance of those accounts.

  • Automatic bank reconciliation: Having an automated bank reconciliation process can save a business man-days of effort, particularly in businesses that have high transactional volumes. The Openbravo Advanced Payables and Receivables module supports both manual and automatic reconciliation of bank statements. The automatic reconciliation process allows a bank file to be imported in either a standard format or, using a customizable modular extension, in a specific format for a particular bank. Additionally, the rules for matching can be defined (using either a standard or customized modular extension) giving full control over what is considered a “match”. This process also supports the concept of “strong” matches or “fuzzy” matches, allowing a user to further automate the steps that they take in either accepting or rejecting a proposed match. Imported bank statements are stored within Openbravo and can be viewed as necessary.

  • Make and receive payments against order or invoice: The ability to make or receive payments against order increases the flexibility of businesses to agree credit terms that appropriate for their customers, particularly in industries where cash flow is critical. Transactions against orders are automatically inherited by the resulting invoices, allowing invoices to be closed quickly and easily.

  • Flexible process configuration: The accounting flows associated with the process of making or receiving payment are fully configurable to match your own business needs and preferences. This includes control over whether an intermediate financial account is used (supporting “cash in transit” accounting) and which business event triggers the recognition of cash in your Openbravo Financial Account (for example, having the posting of cash from an Intermediate “cash in transit” Account to the Bank Account driven by the reconciliation process). Additionally it is possible to drive posting events based on business events. For example, if you issue sales invoices in a business scenario where customers pay “on the spot” (for example, cash sales from a warehouse), you now have the flexibility to have Openbravo automatically post a receipt of payment when closing the invoice. This can save significant time at the sales desk and reduce administration costs.

  • Extensible payment methods: The list of payment methods in Openbravo can be extended to support a customers business needs. A new payment method can be associated with a module that defines the format in which the payment is to be made. Openbravo includes example payment formats, but business partners can easily configure their own payment methods and associate them to payment format modules, that they can create, supporting local business practice.

  • Automatic Payment Proposal: In order to simplify the payment process, the Advanced Payables and Receivables Management module supports the creation of payment proposals based on a number of flexible criteria, review and adjust, and then have those payments automatically created in the configurable format associated with that payment method. Payments can be made in full or in part, or removed from the proposal completely (resulting in them being included in the next proposal).

  • Multiple due dates: An invoice can have multiple due dates associated with it, resulting in a payment schedule. Each payment schedule is then referred to by the payment proposal when suggesting which business partner should be paid on a particular date and the amount due.

  • Transparent invoice status: The status of an invoice an invoice is clearly displayed, showing the amount due and the number of payments received or made.

  • Fees and charges management: As part of the bank reconciliation process it is often necessary to add transactions, such as bank fees and interest charges, that appear on the bank statement that are not yet reflected in the Openbravo financial account being reconciled. This module supports the easy addition of such transactions to your financial account.

  • Reconciliation Statements: The Advanced Payables and Receivables Management module includes both detailed and summary reconciliation statements for review and approval.

Please note that Advanced Payables and Receivables Management module is a commercial module initially available under a Controlled Release. This new module offers significant new breadth and depth in business critical processes, and, while this module has been through our internal quality assurance program, we also acknowledge that it is possible that users wishing to take advantage of these new processes may also wish to use the solution in ways that we may not have envisaged.

As of today, we encourage all partners to download and evaluate this new functionality.

Partners interested in deploying this module for new customers are recommended to thoroughly test each customer’s business processes before deploying into a production environment. Additionally, any partner planning to deploy this Controlled Release solution in a production environment is asked to inform Openbravo before doing so. Where Openbravo is informed of an implementation project in advance, then Openbravo will provide enhanced support to that partner during that implementation; informing Openbravo in advance will ensure that any issue that may arise during the implementation phase is correctly prioritized through our Support infrastructure.

Finally, we currently recommend not to deploy this module for existing production customers as the module permanently modifies core behaviour and, once installed, does not provide any roll back capability. A version of the module that provides a safe upgrade for existing customers will be available in the coming months.

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