Lantek Expert III

Financial management module

Figure 52: Charts of accounts (Details)

To create the chart of accounts, do the following:

1. On the File menu, point to New, and then click Create new element or

click Create new element (

) button on the standard tool bar.

2. Enter the required details and on the File menu, click Save or click Save

(

) button on the standard tool bar.

You can create the different account categories in the Account categories table, in

which your enterprise’s accounting is organized (Main menu -> Financial

management -> Accounting -> Charts of accounts -> Navigate to components ->

Account categories).

Figure 53: Account categories (Details)

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To create the account categories, do the following:

1. On the File menu, point to New, and then click Create new element or

click Create new element (

) button on the standard tool bar.

2. Enter the required details and on the File menu, click Save or click Save

(

) button on the standard tool bar.

You can create and manage the accounts of your enterprise to compose the chart of

accounts, in the Accounts table (Main menu -> Financial management -> Accounting

-> Charts of accounts -> Navigate to components -> Accounts).

Figure 54: Accounts (Details)

To create the accounts, do the following:

1. On the File menu, point to New, and then click Create new element or

click Create new element (

) button on the standard tool bar.

2. Enter the required details and on the File menu, click Save or click Save

(

) button on the standard tool bar.

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Financial management module

10.4 How to create and manage the journals

and journal entries?

You can create and manage the journals in the Journals table which displays the

debit and credit balances (Main menu -> Financial management -> Accounting ->

Journals).

Figure 55: Journals (Details)

To create the journal, do the following:

1. On the File menu, point to New, and then click Create new element or

click Create new element (

) button on the standard tool bar.

2. Enter the required details and on the File menu, click Save or click Save

(

) button on the standard tool bar.

The Journal entries table below the Journals (Details) window allows you to record

all the accounting entries of the journal. The information displayed includes date of

creation of entry, entry concept, debit balance, and credit balance.

#

You can also view and record detailed information of the journal

entries in the Journal entry lines table (Main menu -> Financial
management -> Accounting -> Journals -> Navigate to components ->
Journal entries -> Navigate to components ->Journal entry lines).

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#

When you create, update, or delete a journal entry line; the related

accounts category, accounts, and general ledger entries are updated
accordingly.

10.4.1 Automatically recorded journal entries

You can define the standard accounting entries in the Invoicings auxiliary

data table, to generate journal entries for commercial transactions such as

sales/purchase invoices (Main menu -> CRM -> Companies -> Navigate to

components -> Invoicings auxiliary data).

Figure 56: Invoicings auxiliary data (Details)

The journal entries are automatically created when you execute the

Account invoice action from the Invoices/Purchases invoices table. The

automatically generated entries are the information defined in the

Invoicings auxiliary data table.

#

You can also edit the elements of the automatically generated

journal entries in the Distributions table ((Main menu -> Sales
management/Purchases management -> Invoices/Purchases
invoices -> Navigate to components -> Distributions)

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Financial management module

10.5 How to create and manage the General

ledgers and ledger entries?

You can create a general ledger for an accounting period and also view all the

general ledgers of your company in the General ledgers table (Main menu ->

Financial management -> Setup -> Accounting periods -> Navigate to components -

> General ledgers).

Figure 57: General ledgers (Details)

To create the general ledger, do the following:

1. On the File menu, point to New, and then click Create new element or

click Create new element (

) button on the standard tool bar.

2. Enter the required details and on the File menu, click Save or click Save

(

) button on the standard tool bar.

The General ledger entries table below the General ledgers (Details) window

displays all the entries within a general ledger and these entries are a snapshot of

the journal entry lines.

10.6 How to create an accounting period?

You can create an accounting period in the Accounting periods table (Main menu ->

Financial management -> Setup -> Accounting periods) as follows:

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1. In the Accounting period table, click Actions list and then click Create a

new accounting period. The system displays the Create a new

accounting period dialog box.

Figure 58: Create a new accounting period

2. The Create a new accounting period dialog box consists of the following

sections:

x Accounting period settings:

1.

Enter the name for the ‘Accounting period’, ‘Enterprise’, and the

‘Currency’. You can navigate to the respective tables to select

the required element.

2.

Delimit the accounting period by selecting the ‘Start date’ and

‘End date’.

#

'Mark like closed the accounting period' is activated only for

the Close accounting period action.

x Chart of accounts settings: You can navigate to the Chart of accounts

table to select the required master document and then enter the name for

the chart of accounts.

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Financial management module

#

'Transfer banking' and 'Maintain associated elements' is

activated only for the Close accounting period action.

x Books settings : Enter the name for the ‘Journal’ and ‘General ledger’.

#

'Creating closing/opening entry' is activated only for the Close

accounting period action.

x Balance structures settings: You can create the structure of the balance

sheets, profit and loss account, or cash flow. At the top right side of this

section, you have two buttons which allow you to create or delete new

lines in this section.

1.

Select the type of structure you want to create from the drop

down list:

x Balance sheet

x Profit and loss

x Cash flow

2.

You can navigate to the Balance sheet structures table to select

the appropriate master structure and then enter the name for

the balance sheet structure.

3. Click OK. The system automatically creates a new accounting period with

the given specifications.

#

You can use the Close accounting period action to close an accounting

period and create a new one by generating the closing entry for the
current period and the corresponding opening entry for the next following
period.

10.7 How to create a balance sheet structure?

You can create the structure of company's balance sheet and profit and loss account

in the Balance sheet structures table (Main menu -> Financial management -> Setup

-> Balance sheet structures).

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Lantek Expert III

Figure 59: Balance sheet structures (List)

You can create the balance sheet structure directly or by copying the structure of the

previous years.

To create the balance sheet structure directly, do the following:

1. On the File menu, point to New, and then click Create new element or

click Create new element (

) button on the standard tool bar.

2. Enter the required details and on the File menu, click Save or click Save

(

) button on the standard tool bar.

You can click Actions list and then click Copy balance structure to create the

balance sheet structure by copying the structure of previous years.

10.7.1 Creating balance sheet elements

You can create elements for the structure of balance sheet or profit and

loss account in the Balance sheet elements table (Main menu -> Financial

management -> Setup -> Balance sheet structures -> Navigate to

components -> Balance sheet elements).

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Financial management module

Figure 60: Balance sheet elements (Details)

To create the balance sheet element, do the following:

1.

On the File menu, point to New, and then click Create new

element or click Create new element (

) button on the

standard tool bar.

2.

Enter the required details and on the File menu, click Save or

click Save (

) button on the standard tool bar.

The Account categories table below the Balance sheet elements (Details)

window allows you to define the account categories for the balance sheet.

The Account table below the Balance sheet elements (Details) window

allows you to define the accounts for the balance sheet.

The Balance sheet formula elements * table below the Balance sheet

elements (Details) window allows you to define the formula to calculate the

subtotal in the balance sheet.

*

In order to access this table, the 'Is subtotal element' field in the
Balance sheet elements (details) window

(refer Figure 60:

Balance sheet elements (Details) in page 78)

should be selected.

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10.8 How to manage the budget of profit and

loss accounts?

You can view the budgeted amount for the profit and loss account of the defined

accounting periods in the Budget periods * table (Main menu -> Financial

management -> Accounting -> Charts of accounts (Details) -> Accounts (Details) ->

Budget tab).

Figure 61: Budget periods

*

In order to access this table, in the Accounts (Details) window

(refer

Figure 54: Accounts (Details) in page 71)

the value in the ‘Type' field

should be ‘Profit and loss’.

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Lantek Expert III

Conclusion

Conclusion

This short tutorial has covered all the basic and important features, concepts, and
modules of Lantek Expert III, which is required to manage your organization processes
easily. You have now got an idea of what is Expert III Software and how to use it
proficiently.

If you desire to know more techniques and additional information about other modules
of Expert III, they are available through the following documents:

x Lantek Expert III User manual
x Lantek WOS manual
x Other manuals covering specific Expert III application modules.
x Online helps

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Glossary

Glossary

A

Actual cost

The sum of the actual labor, material, and associated overhead

costs that are charged against a job as it moves through the

production process.

Auxiliary data

The additional details or information recorded.

B

Backlog

All unshipped customer orders.

Balance sheet

structures

This is the organizational arrangement of balance sheet

components.

Budgeted amount

This is a planned amount for the anticipated revenues and

projected expenses.

C

CAD/CAM

A software which enables CAD (Computer Aided Design)

generated instructions to be directly loaded to the production

equipment once the design has been approved, integrating with

the appropriate CAM (Computer Aided Manufacturing) software

application.

CRM

Customer Relationship Management. Usually used when

referring to programs which manage relationships with current or

potential clients/customers.

Credit balance

This is the balance that remains in the financial account in favor

of the account holder. This amount represents an income in the

profit and loss account and liability in the balance sheet.

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D

Debit balance

Debit balance is the amount that is owed or borrowed. This

amount represents an expense in profit and loss account and

asset in the balance sheet.

Depreciation

This is a non cash expense that reduces the value of an asset

due to wear and tear, age, or obsolescence.

Dunning

A demand for the repayment of pending amount.

E

ERP

Enterprise Resource Planning. A packaged business software

system that allows a company to automate and integrate most of

its business processes, to share common data and practices

across the entire enterprise, and to produce and access

information in a real-time environment.

F

FIFO

First in First Out. This is a method that assumes the first units

purchased are the first to be sold. In other words, the last units

purchased are always the ones remaining in inventory.

Fixed cost

Costs that do not change in the short-term because of changes

in production volumes, distribution volumes, or labor.

Fixed price

Costs that do not vary because of production volume for

example, rent, insurance, taxes, and so on.

I

Inventory

Raw, intermediate or finished items that are physically stocked

by an organization. The sole purpose of inventory is to fill a

future internal or external demand.

Item

Any unique material or product stored or handled.

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Glossary

L

Labor tickets

The resources used to manufacture a specific quantity of an

item, both in terms of employees and work centers.

LIFO

Last in First Out. This is a method that assumes the last units

purchased are the first to be sold. Therefore, the first units

purchased always remain in inventory.

M

Margin

The cost added to an existing product or project status by

processing the next operation or performing an additional

activity.

Market value

This is the value at which an asset would be traded in the

market. It often takes into account the future growth potential.

Markup

An amount added to a cost price in calculating a selling price,

especially an amount that takes into account overhead and

profit. The markup may be expressed as a percentage or as an

absolute monetary amount.

Module

The independent pieces of a large application. The following are

some modules in Lantek Expert III: CRM, Sales management,

Manufacturing, and so on.

N

Nesting

Sheet parts distributed on a sheet or remnant.

O

Operation

A production step or activity that may be composed of individual

tasks, with a defined start and stop time.

Outsourcing

The transfer of certain business functions to outside contractors.

It is a process in which a company contracts with another

company to manage certain services.

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85

Q

Quote

A specific determination of the cost, timing, description, and

terms associated with a projected goods or services to be

provided by a supplier to a customer.

R

Raw material

Purchased items that are used in components or finished goods.

V

Validate

An action to notify to the software that a nesting or operation has

been finished.

W

Warehouse movement To move items between various locations in the warehouse.

Work centers

Machine registered in Lantek that manages several elements:

operations and nestings.

WOS

Work Operating System. This is a system developed to manage

the nesting and machining of metal sheets.

Lantek Expert III

Index

Index

A

accounting period ............................................. 74
application modules ............................................ 5
assets ................................................................. 67

B

balance sheet structure ...................................... 76

balance sheet elements ................................. 77

bank accounts ................................................... 66
Budget periods .................................................. 79

C

chart of accounts ............................................... 69

Account categories ....................................... 70
Accounts ....................................................... 71

CRM ................................................................ 24

Companies .................................................... 24
contacts ......................................................... 25
Dunning ........................................................ 25

D

depreciation ...................................................... 68

G

general ledger ................................................... 74

I

important tools .................................................... 9
Items and backlogs

backlogs of items .......................................... 22
classes of item .............................................. 17
cost and sale prices ....................................... 19
items structure .............................................. 18
update the prices ........................................... 21

J

journals ............................................................. 72

M

Manufacturing ................................................ 44

manufacturing costs ...................................... 50
Manufacturing operations ............................. 47

manufacturing orders ................................... 45
Work centers ................................................ 44

Manufacturing operations

nest and machine ......................................... 48
validate all the nestings ................................ 49

O

Outsourcing .................................................... 52

Outsourcing entry delivery notes ................. 55
Outsourcing exit delivery notes ................... 54
Outsourcing invoices ................................... 56
Outsourcing orders ...................................... 52

P

Purchases management ................................. 38

purchase orders ............................................ 38
purchases delivery notes .............................. 39
Purchases Invoices ....................................... 41

S

Sales management .......................................... 28

delivery notes ............................................... 33
Delivery notes lines ..................................... 34
invoices ........................................................ 34
Quotation tool .............................................. 29
quotes ........................................................... 28
Quotes lines ................................................. 29
sale orders .................................................... 32
Sale orders lines ........................................... 33
track the sales .............................................. 36

W

warehouse movements

assigning tracking numbers ......................... 60
categories ..................................................... 59
Inventory adjust ........................................... 62
Transfer between warehouses ...................... 63

Warehouses management ............................. 58

stock quantities ............................................ 64
warehouse movements ................................. 59
Warehouses .................................................. 58

86