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Financials - Key Features

Accounts Receivable (A/R) in Financials (Classic) provides a complete, integrated system for managing customer billing, payments, and credit activity. It streamlines invoicing, tracks outstanding balances, automates payment workflows, and supports accurate financial reporting across your entire equipment business.

Key Features:

  • Invoicing & Billing: Create and post customer Invoices for rentals, sales, and services with automatic General Ledger updates and full tax support.

  • Credit Invoicing: Issue credit Invoices to reverse or adjust charges while maintaining proper audit and posting controls.

  • Payment Processing: Record and apply customer payments, manage discounts, and track unapplied balances until fully resolved.

  • Customer Account Management: Maintain customer and site details, monitor credit limits and ratings, and view complete billing and payment histories.

  • Collections & Credit Control: Track overdue accounts, log collection activity, generate call lists, and manage bad-debt write-offs.

  • Statements & Finance Charges: Produce statements, calculate finance charges, and send statement letters to keep customers informed.

  • Reporting & Inquiries: Access aging summaries, Invoice and payment inquiries, credit card logs, and A/R reports for clear financial insight.

Accounts Payable (A/P) in Financials (Classic) manages everything related to vendor billing and payments, from entering Invoices and recurring expenses to generating checks and complying with reporting requirements, while keeping your sub-ledger and General Ledger in sync.

Key Features:

  • Vendor Management: Maintain detailed vendor records, contacts, tax settings, payment terms, direct credit information, and 1099 flags in a single master file.

     

  • A/P Invoices: Enter and edit Invoices for expenses and inventory, with options to calculate taxes automatically, distribute costs across G/L accounts and divisions, and link to Purchase Orders.

     

  • Recurring Invoices: Configure recurring or distribution-style Invoices, generate them by batch, review, and post them on a regular schedule.

     

  • Payment Processing: Select Invoices for payment, produce computer or manual checks, support direct credit formats, and manage reversals of posted/unposted checks.

     

  • Cash Requirements & Aging: Use Cash Requirements and vendor inquiries to see what’s due, plan payments, and manage cash flow.

     

  • Period-End Control & Compliance: Follow guided daily/weekly, month-end, and year-end procedures, and generate U.S. 1099-MISC forms and A/P reports for audit and tax compliance.

The General Ledger module is the central hub for all financial activity in SRF, gathering postings from every module and providing the tools needed to manage periods, post journals, reconcile bank accounts, and produce accurate financial statements.

  • G/L Account Inquiry – View detailed or summary activity for any account, filter by date or division, and drill into the source of each transaction.

  • Manual Checks – Record non-A/P checks and distribute amounts to the correct G/L accounts, with optional job cost, tax, and division coding.

  • Bank Reconciliation – Match G/L bank activity to bank statements, track outstanding items, and finalize statements.

  • Journals & Posting – Enter standard or miscellaneous journals and control posting periods to maintain accurate, disciplined financial records.

  • Financial Statements & Reports – Generate trial balances, income statements, balance sheets, and comparative reports to support month-end and year-end processes.

The Backoffice module in Financials (Classic) controls how Invoices move through their lifecycle in Service, Rental, and Financials—from recurring and Contract-based billing, to cash balancing and final posting into A/R and the G/L—while also handling specialized billing like operator time charges.

  • Cycle Billing & Single-Contract Billing: Automate recurring rental Invoices across Contracts or bill a single Contract on demand, with support for monthly/28-day cycles, flat rates, meter billing, seasonal pricing, and deposit application rules.

  • Daily Close (1, 2 & 3): Move Invoices from Current → Batch → History, balance the day’s cash and bank deposits, generate posting records, and finalize updates to Accounts Receivable, General Ledger, and inventory.

  • Cash & Bank Reconciliation Support: Use Daily Close reports and cash reconciliation tools to verify cash drawers, method-of-payment totals, and bank deposits by day or by division.

  • Operator Time Charges: Capture operator hours against Contracts (per product), apply special time-charge rates, and generate separate operator Invoices through the Operator Time Charges workflow.

  • Hold/Release & Approval Controls: Place Invoices or customers on posting hold, require Invoice approval before posting, and manage corrections through edit lists and reversal tools.

  • Back Office Reports & Utilities: Access comparison, discrepancy, and overdue-Contract reports, plus XML exports and integration utilities to keep billing, accounting, and external systems in sync.

Cycle Billing lets you bill long-running rental Contracts on a regular schedule without closing them, so you get predictable cash flow and customers get clear, consistent Invoices. It supports both automated batch runs for many Contracts and interactive billing for a single Contract, all while respecting your billing rules, rates, and security controls.

  • Automated recurring billing: Run Cycle Billing – Generate Invoices to bill all eligible “On Account” Contracts for a selected Billing Day Code.

  • Single-Contract flexibility: Use Bill a Single Contract when you want to bill one Contract at a time, adjust billable items, and review charges before creating an Invoice. Useful for high-value or special-case customers.

  • Supports real-world billing patterns: Handles monthly and 28-day cycles, staggered billing (different start dates on one Contract), flat-rate and seasonal pricing, and optional meter-based charges.

  • Better cash flow and cleaner invoicing: Optionally bill consumable sales items early, apply Contract deposits to interim Invoices, merge cycle-billed Invoices with existing On Account Invoices, or hold Invoices until a job or period is complete.

  • Controlled and auditable: Field-level security governs who can override dates, discounts, and rates. Corrections are done by reversing and re-billing, with activity tracked in logs for audit and control.

The daily close process is a critical step in ensuring accurate financial records and smooth operations. It involves multiple stages, from initial Invoice entry to final posting. Invoices are categorized into three states: Current, Batch, and History. Current Invoices are those that have not yet been processed, while Batch Invoices are those that have been accepted but not yet posted.

History Invoices are those that have been successfully posted to the General Ledger and sub-ledgers.

The daily close process typically involves three main steps that can easily be performed in Financials (Classic). 

  1. Invoice Edit: Run to balance Invoices and cash. This step generates an Invoice edit list and a bank deposit worksheet.

  2. Generate Postings: Run to perform error checking and generate posting records for accounts receivable and the general ledger.

  3. Post Invoices: Run to print sales journals and rental journal transactions, and to post these transactions to the general ledger.

 

Cash reconciliation is the process of ensuring that all cash transactions recorded in the system match the actual cash collected or deposited. It is a critical step to ensure financial accuracy and identify any discrepancies. The main stages of cash reconciliation are:

  • Preparation
  • Review transactions
  • Reconcile balances
  • Identify discrepancies
  • Document and report
  • Finalize reconciliation
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