IFS ERP is an integrated Enterprise Resource Planning (ERP) software solution developed by the Swedish company IFS. It is a comprehensive business management tool designed to assist organizations in efficiently managing their core business processes. One notable aspect of IFS ERP is its industry-focused approach, providing tailored solutions for specific sectors.
It is a high-end solution widely adopted by renowned companies to manage their resource planning effectively. However, instances may arise where data is not accurately recorded in the software, potentially leading to discrepancies. It is crucial to closely monitor such discrepancies, ensuring that all transactions, including those conducted through the company’s website, are accurately reflected in the ERP system.
Keeping track of payments is important for safeguarding the overall financial integrity and resources of the company. In such situations, the reconciliation of transactions becomes imperative. Cointab reconciliation software offers an automated solution that verifies transactions with minimal effort and resources.
Reconciliation of IFS ERP software results:
ERP with Website:
Found and Reconciled with Website Report:
These transactions are identified and reconciled in both Website reports and ERP reports.
Less Amount Recorded in Website Report:
In the above case, the transaction amount recorded in the Website report is less than the ERP reports.
More Amount Recorded in Website Report:
In the above case, the transaction amount recorded in the Website report is more than the ERP reports.
Not Found in Website Report:
Transactions in ERP reports are not found in website reports.
Cancelled Transactions:
Transactions are present in the ERP report but are cancelled.
Website with ERP:
Found and Reconciled with ERP:
These transactions were reconciled in both ERP reports and website reports.
Less Amount Recorded in ERP:
In this case, the amount recorded in the ERP report is seen to be less compared to website reports.
More Amount Recorded in ERP:
In this case, the amount recorded in the ERP report is seen to be more than the Website reports.
Not Found in ERP:
Transactions in website reports are not found in ERP reports.
Cancelled Transactions:
Transactions present in the website reports have been cancelled.
ERP with Payment Gateway:
Found and Reconciled with Payment Gateway Report:
Transactions are identified and reconciled in payment gateway reports and ERP reports.
Less Amount Recorded in Payment Gateway:
In this case, the payment gateway transactions have less amount compared to the ERP reports.
More Amount Recorded in Payment Gateway:
In this case, the payment gateway transactions have more than the ERP reports.
Not Found in Payment Gateway:
Transactions in ERP reports are not found in payment gateway reports.
Cancelled Transactions:
The transactions are present in the ERP reports but are cancelled.
Payment Gateway with ERP:
Found and Reconciled with ERP:
These transactions are found and reconciled in both ERP reports and payment gateway reports.
Less Amount Recorded in ERP:
These transaction amounts are seen to be less in ERP reports compared to the payment gateway reports.
More Amount Recorded in ERP:
The transaction amount is seen to be more in the ERP reports compared to the payment gateway reports.
Not Found in ERP:
Transactions are present in payment gateway reports but are not found in ERP reports.
Cancelled Transactions:
Transactions present in payment gateway reports are cancelled, from the customer’s end.
Cointab reconciliation software facilitates seamless transaction reconciliation by enabling users to effortlessly upload data and construct custom workflows tailored to the user’s specific requirements. The software excels in highlighting the errors, providing clear highlights for easy identification. Embark on your reconciliation journey today with Cointab reconciliation software and witness the transformative change firsthand.
