Financials

With Average Debtors Day calculation per customer Opera 3 helps you manage aged debt for a realistic revenue forecast.

Financials are the core to any business, whatever its size. With Opera 3 you can continually track your revenue and when it is due. Equally important, it reminds you who you owe money to and when it has to be paid. You’ll find visibility of your cash flow invaluable to your profit generation. What’s more, reports from the Financials can be output directly to MS Excel.

Sales Ledger

The Sales Ledger has built-in credit control facilities so that customer account information is all at your fingertips. And it makes revenue forecasting easy with the automatic calculation of average debtor days for both individual customers and your entire company.

You can e-mail statements, copy invoices and debtors letters. You can view your sales information in a way that is meaningful to you, as Opera 3 offers Views that you can customise. And of course, it caters for multi-currency and handles all your customer profiles and trading terms, as well as invoices, credit notes, receipts, refunds and adjustments.

Financials information within the Sales Ledger - screenshot

The Retrospective Debtors report in the Sales Ledger produces a list of outstanding customer debts as at a date specified, aged according to the length of time the debt has been outstanding. For example, to rerun your Debtors report at 31 December 2010, you simply enter that date and the report calculates the debtors position at that time. The report can be printed and output to Excel.

Credit Management Centre

Reduce customer debts and improve your cash flow

Knowing who owes what and when they will pay is key to managing your customer debts. The Opera 3 Credit Management Centre is designed to streamline your credit control processes; which helps to improve cash flow, reduce bad debts and improve the overall financial position of your business.

Integrated with the Opera 3 Sales Ledger, the Credit Management Centre provides a series of key, easy to use dashboard views that provides ‘one stop shop’ for all your credit control needs.

Instantly view the overall financial position of your Company all from one central Location. Identify where your money is and drill down to the detail behind: your company Turnover, Aged Invoice and Total Invoice Debt. Visually monitor your Customer Debts and pin point who’s got your cash, ordered by who owes you the most. Clear financial Ratios are all at your fingertips, such as average debtor and creditor days, invoice summary and promised payments. All of which allows you to be proactive, and keep an eye on how your credit control team is performing.

View the latest enhancements to the credit management Centre included creating up to 10 Levels of Debtors Letters either by Email or Print.

Purchase Ledger

With Opera 3, all your supplier transactions are thoroughly and securely managed from start to finish. Your cash flow is automated and improved with comprehensive cheque and BACS payment routines, e-mail remittances (individual or batched), and the calculation of creditor days.

It gives you dynamic access to purchase information across multiple periods and you can view the information you need in the manner you choose.

The integrated Purchase Invoice Register allows invoices and credit notes to be posted and remain in the register until they are authorised, giving you greater control over every document received. Payment workflow is enhanced though BACS and cheque payment routines combined with e-mail remittance. What’s more, with back-to-back processing to the Fixed Assets application, you can create an Asset record when posting an invoice to save re-keying information.

The Retrospective Creditors report in the Purchase Ledger produces a list of outstanding supplier debts as at a date specified, aged according to the length of time the debt has been outstanding. The report can be printed and output to Excel.

Financials - Purchase Ledger - Suggested Payments Report

Nominal Ledger

Nominal Ledger includes analysis of Account, Type, Sub-type, Cost Centre plus two further user-definable levels as standard, giving you access and in-depth analysis at transaction level for the past 9 years.

Get management information and reports from Financials, Supply Chain and Payroll & HR. You can apply budgets at all four analysis levels, for current or future periods and years, with full percentage variance analysis and reporting. You can even easily change your year start date and maintain your data integrity.

The Nominal Ledger offers the Open Period Accounting functionality. Transactions can easily be posted from other applications such as Sales, Purchase, Cashbook, and Payroll into any open period of the last, current or next 3 financial years. Other applications post to the Nominal Ledger by either batch update or real-time transfer. Even mis-posted nominal journal entries can be reversed and rectified quickly and accurately.

Financials - Nominal Ledger - Rectify Journal - screenshot

Cashbook

With Cashbook you can post transactions directly from Financials, while the reconciliation function allows you to post unexpected entries, interrogate transactions and save incomplete reconciliations so you can finish them later.

Cashbook for us has been a real game changer; it saves us an enormous amount of money and also means that we as a business can manage our risk ” Guy Atkins, Managing Director, Jo Bird

Financials - Cashbook Processing - screenshot

Costing

With Opera 3 Costing you can track job costs and revenues against budgets, and you can break down costs against a variety of categories including Labour, Contractor, Direct Expense, Stock and Interim Billing. Group jobs under contract headings or post against option phase, and stay easily in control. Any Timesheets raised for work on jobs can easily be transferred into Payroll to update employee records.

Financials - Costing View - screenshot

Multi Currency

Opera 3 handles unlimited currencies, exchange rates per transaction type and the calculation and recording of exchange rate fluctuations.

As Ibonhart trades internationally, multi currency within Opera 3 is quite an important function for us as it allows us to reconcile on a daily basis with the up-do-date exchange rates” Sheila Austin, Accounts and Payroll Manager

SEPA (Single Euro Payments Area)

SEPA (Single Euro Payments Area) is an EU initiative that will change the way euro denominated electronic payments are processed across Europe. SEPA comes into full effect on 1 February 2014 and will mean that users of payment services can make and receive payments across all participating countries using common technical standards and common payment instruments.  Payments between the 28 member states of the EU together with Iceland, Liechtenstein, Monaco, Norway and Switzerland will be impacted by SEPA. All national direct debits and credit transfers (made in euro currency) must be SEPA compliant.

National Sort Codes and Bank Account Numbers will be replaced by Bank Identifier Codes (BIC) and International Bank Account Numbers (IBAN) for all euro denominated electronic payments. Non-euro EU member states (countries like the United Kingdom that are members of the EU but do not have euro as their home currency but make cross-border euro electronic payments), do not have to be SEPA compliant until 31 October 2016 .  However, many UK banks have signed up to participate in the SEPA scheme prior to the 2016 deadline.  Therefore, some UK banks will accept SEPA compliant payment files for making euro payments, whilst others will still offer SEPA capability but only by way of manually keying-in euro payment details online.

Opera 3 (1.82) and Opera II (7.22) will allow you to make SEPA compliant euro electronic payments. You will also be able to record BIC and IBAN against supplier, customer and bank account records.

EC VAT

If you trade within the European Union there are complex VAT rules you have to comply with regarding the importing and exporting of goods. These rules can be hard to follow and failure to comply can result in financial penalties. To help you, these complex rules are automatically built into Opera 3 EC VAT to make it easier for you to trade in Europe.

Financials - EC-VAT Processing - screenshot

You can define and maintain the information to produce the EC Sales List (ESL) and Supplementary Declarations (SD), including country codes, modes of transport, terms of delivery, commodity codes and nature of transaction codes for Intrastat purposes. The EC Sales List can also generate an XML upload file for submission via the HMRC website.

If you are using foreign currency accounts, appropriate VAT rate codes for EC sales and purchases can also be set up. This application will then collect the information needed to produce the returns for trading with EU member countries.

VAT100 Filing

HM Revenue & Customs (HMRC) phased out paper VAT Returns from 1 April 2010. From that date, if your VAT exclusive turnover is £100,000 or more – or if you are newly VAT-registered – your return must be submitted online.

The Opera 3 Online Filing Manager is approved by HMRC for the submission of the VAT Return online. Using Opera 3 is a quick and easy way of submitting your VAT Return online, you can submit your return almost instantly because the information is sent directly from Opera 3. So there’s less chance of making mistakes like typing in a figure incorrectly or putting the wrong figure in the wrong box. Once you’ve checked your return on screen, all it takes is the click of a button to send it to HMRC.

To submit your VAT return online, you need to register and enrol with HMRC.

Make your work life easier with VAT processing, direct from Opera 3.

What our customers say about VAT 100

Previously we would have extracted the data manually from Opera 3 and input the data onto the HMRC website. VAT 100 now allows us to carry out the procedure online and cuts out any potential errors that may arise in the transferring of data ” Mark Hatchley, Finance Manager, Seawhite of Brighton

Financials - VAT 100 Processing - screenshot

Fixed Assets

Keep track of your assets from the minute they become part of your company right until you dispose of them. Opera 3 Fixed Assets will track their depreciation rates and maintain the correct net book value for them throughout their life cycle. It caters for all types of assets, including Finance or Operating Lease and Hire Purchase or Lease Purchase assets. What’s more, the import routine makes it simple to import existing asset lists from a spreadsheet in bulk.

It caters for all types of assets, including:

  • Finance or Operating Lease
  • HP/Lease Purchase
  • Company Owned
  • Inter Group
  • Capitalised

Take the pain out of depreciation calculations

Fixed Assets calculates and records depreciation for the life of the asset, and can be linked to the Opera 3 Nominal Ledger for automatic depreciation journal postings. Opening balances and depreciation to date can be recorded for assets acquired in previous periods or years. It is easy to create asset records, using Category Groups and Asset Categories, and, when linked to the Opera 3 Purchase Ledger or PIR/POP modules, supplier invoice lines can also create Assets.

Financials - Fixed Assets processing - screenshot

Download Attachments