Users of Enspire HR can assign cost centres to transactions that have up to five dimensions. With transactional reporting—as opposed to general ledger account reporting—it is possible to associate a cost centre with a transaction. This gives users a more detailed understanding of what is happening in each division of the company. Once the dimensions are set up, cost centres may be created for each one.
- Categorize and analyze costs so that managers of various departments can understand the costs for which they are accountable.
- Track and compare budgets with actuals, more efficiently allocate resources.
- Evaluate performance.
Includes details on the percentage or fixed amounts of costs or revenues that must be distributed among the cost centers. Distribution rules may be connected to the corresponding expense and sales G/L accounts of the company. As a result, each accounting transaction that is posted to these accounts results in a monetary amount that is recorded in the corresponding cost centers in accordance with the distribution rules’ ratio.
Enspire Journal Voucher Posting:
Debit equals credit is the guiding premise of journal voucher posting. The Finance department can post Journal Voucher by grouping company, location, branch, department, specific employee group etc. Separate JV postings for various transactions like loans, offcycle payments, leave encashment, employees’ salaries are also made available. Invalid transactions may potentially result in JV cancellation. Additionally, a thorough JV preview by employee is offered for quick troubleshooting of faulty records. Once the JV has been reviewed by the Finance Department, the entry can be posted into the ERP system.