Our accounting package was developed specifically for the recycling industry and is completely integrated into RECY®, a solution also developed for the recycling industry.
Up to 80 % of all accounting entries are generated automatically through RECY® Business Management, payments in A/P and other automated processes.
Each entry is immediately visible in the balance sheet and profit & loss reporting. There is no practical restriction in regard to the number of open fiscal periods. All monthly figures can be reported forward and backward for any given period for which the system was used. This makes the closing of fiscal periods extremely easy for the authorized user. As all detail is also stored in the same consequent way, our accounting system meets the requirements of the most demanding reporting rules.
Open and paid receivables and payables are available in the A/R and A/P history table which enables any cut-off date for reports like aging or payment analysis.
The software provides cost center and profit center allocation with extensive reporting which can be customized to the requirements of the users. The profit center reporting uses detailed data from the RECY system, up to the gross margin, which provides all figures for purchases, sales, inventory, freight, and other direct cost. Combined with the allocation of general and administrative expenses to the various profit centers, a very efficient reconciliation is provided.
For each manual accounting entry a posting sheet with all relevant data is printed with the index in a barcode. This provides an easy solution to scan external invoices and store them in an optical archive where the barcode supplies the necessary indexing. All documents generated through our software are automatically indexed, converted into PDF files, and stored in our RECY® Archive database.
All documents, scale tickets, bills of lading, sales invoices, settlements, contracts, etc., can easily be retrieved in this application and re-printed or mailed out with the necessary security options. This eliminates the search in multiple filing cabinets and folders.
Parallel to your local currency, you can work in a separate reporting currency. Currency rates can be maintained on a daily, monthly, or yearly basis. All rates are kept historically and chronologically. Optionally you can revalue your receivables and payables with a new currency rate at the end of the fiscal period, and create automatically entries for currency loss and gains.
The accounting package has predefined reports for balance sheets, P & L, and other fiscal output. Additionally a very flexible report generator is provided. This is based on account balances and business figures which can be downloaded into an EXCEL spread sheet. We have chosen EXCEL because it is the best known reporting format and most widely used. Through statistical accounting entries other business figures like tonnages, or staff count can be linked. Budgets can also be included in this reporting. Recurring accounting entries can be imported and posted automatically. An auto-reverse functionality is provided.
Through parameters the software controls country specific VAT laws. At the moment the accounting package is used in 22 different countries and accordingly a large number of country laws are met. Through a consolidation company you can run consolidated balance sheets, P&L, profit center reports, receivables and payables, aging reports, and cash flow forecasting.
Customers and Suppliers
In the recycling industry it is quite frequent that you buy from and sell to the same customer. Accordingly you have receivables and payables with the same account. It is vital information to have both balances side by side in one place and that you are able to net off receivables from your payables for payments.
RECY® Accounting is based on this 'one account concept' and provides simplicity and transparency. You can choose if you want to open new customer and supplier accounts through RECY or through Accounting. In either case the records are kept only once, in one and the same database table, accessible from all our applications. Access to accounting related data like G/L control accounts, tax numbers, credit limits, etc. can be restricted to authorized users.
A customer and supplier account can be kept in any number of currencies. Foreign currency deals are part of the contract administration. Per prompt date you can create automatically entries between your bank accounts in regard to foreign currency transfers. Currency control and balance sheets in different currencies are standard reports. The currency position can be stated at any day.
Payment terms can be set on a contract or invoice level. Industry-specific terms like 20th of the month following the shipment can be defined very easily. The cash forecast does not rely on the payment terms used on an invoice, though. The program analyses the payment practice of each customer, as many years back as you wish, and uses the effective days of payment duration for the reporting. This results in reliable cash forecasts.
The application of a customer payment uses an intelligent algorithm which results in most cases in automatic allocation. The age of the open invoices is just one of the criteria.
Depending on the payment information your bank can provide, you can download your bank statements electronically and apply the entries to the correct accounts with increasing accuracy through a learning system.
Account statements and confirmations are another function of the program. The text lines used for these letters can be set up by you. Due payment fees and interest can be charged by simply defining them in your text lines.
Automated payments are an integrated standard function of RECY® Accounting and have not be ordered as an additional module as with so many other accounting packages. With a simple work process you can list all invoices which are due for payment. These you can put automatically into a payment table. There you can make necessary modifications like removing invoices which you do not want to pay even as they are due, make partial payments, or add invoices which are not due but you want to pay. You can also use different bank accounts for those payments based on available cash and your credit limits. The payment can be done either by check or by electronic bank transfer. For electronic transfers you can also print a remittance advise which can be faxed or mailed to your supplier.
Receivables and payables can be reported with any given cut-off date. We keep all records in a separate history table which allows long term analysis and flexible aging reports.
RECY® automatically generates accruals for purchases, sales, freight, etc. based on not invoiced shipments and a calculated cost when you close the period. The accruals are automatically voided in the following fiscal period. The automatic accruals allow prompt closing of a fiscal period, a precise cut-off and accurate results. No doubt that this is something you have always wanted to achieve.
- Fixed Assets
- Profit Centre Reporting