Orax SDI Cloud Reference

Challenges with Orax Accounting

It is important to understand that the Orax SDI General Ledger and accounting system has a few areas that may be different than other systems. Over the years we've found that customers often struggle in the following areas:

Access control
Make very sure that people who should not have access to accounting and banking records (or any other sensitive transactions) do not have access. The best way to fail is to have someone who does not know what they are doing working on accounting records. Customer ageing, banking and accounting are accountant territory.

Do not ignore warnings
Do not ignore and red warnings in any of the ledgers functions (banking, ledgers, journals, etc). These point to issues that may be very important. The sooner you fix issue, the simpler. Keep an eye out for warnings regularly.

Bank Transaction Linking and Ageing
Ensuring that your bank transactions are captured accurately and that each bank account is reconciled every time you complete an import from the bank is critical. Each customer receipt and supplier payment (also refunds, etc) have to be correctly linked to the source document (invoice) to ensure that ageing records for your customer statements are accurate. It is also very important to link credits and debits and journal adjustments to the correct source document for ageing records to be accurate. For more detail see Debugging Ageing Issues and Banking and cashbooks.

Year End Procedures and Opening Balances
Once per year you need to start a new financial year. Because you do this once per year, you can forget the steps. We have a guideline on the Ledgers menu as well as in this help reference (see Financial Year-end procedures ). Important steps that can be forgotten are:
1. Make sure you've created a new financial year in the system.
2. Import your balance sheet Opening Balances (Ledgers tab).
3. Post both the old and new year to ensure ageing is accurate for billing statements.

Inventory Physical VS GL levels
The Orax SDI Inventory and Ledgers modules are two separate systems. You need to ensure that they align by doing some critical steps at year-end/start as well as during the year. See Physical and GL Inventory management for more detail.
1. Ensure you have a comprehensive set of stocktakes on the last day of the year (and post variances to the GL).
2. Import the inventory opening balances into the GL by using the stocktakes in step 1 above (Ledgers tab).
3. Use the "Inventory" tab on the Ledgers menu to compare the physical and GL inventory from the opening balances all the way through the year.

Inventory management
Inventory management is tough. You need to do regular stocktakes during the first year to see where issues creep in and get your procedures robust. Ensure you label all inventory for efficient and effortless stocktakes (including barcode mappings). Refer to the Inventory Asset management section in the self-help docs.

Production management
Production order change the inventory and the GL. Make sure you understand these posting and configure the system for your needs.

Review GL postings for a transaction
To understand how the accounting system posts an invoice or production order to the GL, find the section where you can inspect these postings on the record. It will help you debug issues and understand the system better.