Companies and institutions are complex entities that require precise and effective financial management to ensure their continuity and prosperity. Given the multitude of financial operations these entities conduct, it becomes essential to establish a rigorous system to manage and control these operations. Here comes the role of the restriction system as an indispensable tool to ensure the integrity and smoothness of financial processes.
The restriction system in Evix is an accounting system integrated into the Enterprise Resource Planning (ERP) system of Evix. This system helps in recording all financial operations and classifying them according to their nature and assessing their impact on the company’s accounts, according to the double-entry principle.
Restrictions are classified into several types, the most important of which are:
Journal Entries
These are entries used to record daily financial operations in the journal.General Ledger Entries
These are entries used to transfer data from the journal to the accounts in the general ledger.Adjustment Entries
These are entries used to adjust temporary accounts and close them at the end of the financial period.Correction Entries
These are entries used to correct errors that may occur in recording financial operations.To effectively apply the restriction system in Evix, follow these steps:
Define Accounts
Identify all the accounts you need to record financial transactions in your company.Record Financial Transactions
Record all financial transactions in the journal on a daily basis.Prepare the Balance Sheet and Income Statement
At the end of the financial period, prepare the balance sheet and income statement.Financial Audit
Conduct an internal or external audit of financial data to ensure its accuracy and reliability.Analyze Reports
Analyze the detailed reports provided by the system periodically to monitor the company’s financial performance and make data-driven decisions.Review and Update the System
Review the system periodically to ensure it meets your company’s evolving needs and update it with the latest features and functions.The restriction system in Evix has many features that make it an ideal tool for integrated financial management, including:
Ease of Use
The system is designed with an easy-to-use interface, making it understandable and accessible to all users, even those not specialized in accounting.Accuracy and Efficiency
The system helps ensure financial data accuracy and operational efficiency by automating many tasks and reducing errors.Integration with ERP System
The system is fully integrated with the Evix ERP system, providing users with a comprehensive view of all company financial operations.Detailed Reports
The system provides a wide range of detailed reports that enable management to monitor the company’s financial performance and make sound decisions.Security and Reliability
The system provides the highest levels of security and reliability to ensure the safety of financial data.Continual Support
Evix provides ongoing technical support to users to ensure they receive the necessary assistance.The restriction system in Evix consists of the following essential elements:
Accounts
These are tools used to record and classify financial transactions according to their nature. Main accounts include asset accounts, liability accounts, equity accounts, revenue accounts, and expense accounts.Entries
These are records used to describe each financial transaction and determine its impact on the company’s accounts. Entries include the date of the transaction, its description, the debtor and creditor accounts, and the amount.Reports
These are organized data providing detailed information about the company’s financial performance. Main reports include the balance sheet, income statement, cash flow statement, and performance reports by account or center.Use the User Guide
Make sure to read the user guide provided by Evix to understand how to use the system correctly.Utilize Technical Support
Do not hesitate to contact Evix’s technical support team for assistance when needed.Train Your Staff
Ensure that your staff are trained on how to use the system properly.Integrate with Other Systems
Integrate the restriction system in Evix with other systems in your company, such as the Customer Relationship Management (CRM) system and the Human Resources Management System (HRMS) to improve process efficiency.Ensure the accuracy of financial data and improve its quality.
Prevent fraud and embezzlement by tracking cash flow paths.
Improve financial operations efficiency by automating many tasks and reducing errors.
Facilitate internal and external financial audits.
Comply with applicable financial laws and regulations.
Make sound financial decisions that help achieve your company’s goals.