Reading Time: 9 minutesWhat is Finance Reporting and Analysis? Finance reporting and analysis is the process of documenting every financial transaction of the organization on a quarterly or annual basis to get insights into the company’s financial health & performance, and evaluate its overall profitability & competitiveness. Financial statements and analysis are the bedrock of a modern company. These reports offer deep insights into a company’s financial KPIs, facilitating evaluation of its performance at different levels. Companies use these reports for strategic decision-making ..read more

Reading Time: 6 minutesWhat is Financial Accounting? Financial Accounting is a form of accounting that involves analyzing, summarizing, and documenting day-to-day business transactions, and compiling books of accounts to evaluate the company’s financial health & performance during a financial period, and presenting a true & fair picture of the company’s operations to external stakeholders such as investors, creditors, and regulatory authorities. When it comes to financial accounting, there is a set of guidelines to be followed, known as Generally Accepted Accounting Principles (GAAP ..read more

Reading Time: 4 minutes Subcontracting is a type of job contract that seeks to outsource certain kinds of work to other companies. It allows work on more than one phase of the project to be done at once, often leading to quicker completion. For example, manufacturers who make several products from complex components outsource certain processes from a third-party Supplier. Please find below steps for Subcontract order with work order in Sage X3 : 1: CREATE THE CORRECT MASTER DATA 1.1.-LOCATIONS Create one subcontracting location type – Create the locations for this subcontracting type. (I reco ..read more

Reading Time: 8 minutesWhat is Sales Management? Sales Management is a continuous & coordinated activity that includes various sub-processes such as drafting a cohesive sales strategy, planning, implementing, training, motivating, identifying niche markets, cold calling, and adopting innovation & modern technology to optimize organizational sales, and drive revenue & growth. Sales Management is a broader process that requires a deeper understanding of the organization’s products & services, business operations, and sales techniques. In today’s highly competitive and ever-changi ..read more

Reading Time: 8 minutesWhat Is Material Handling? Material handling, comprised of two words material and handling, is a process of transporting raw materials from their original location to the production units, moving them through the production line, and subsequently transferring the finished product from factories and distributing them to users or sales outlets. An efficient material and handling process is a part of the company’s supply chain management, impacting the supply of material at different stages of production, manufacturing, and logistics. Further, it improves customer satisfact ..read more

Reading Time: 4 minutes We are transferring assets from one location to another. In Sage, we have 2 scenarios where we have to transfer the Physical element and the main asset while changing the location. Now at first, we will change the location of the Physical asset. The process to which is as follows Set-up Mass Transfer of Asset in Sage X3 We are taking the below example for transferring the assets from one site to another site. Main Asset Description 1112112FAPCCLR0002 Personal Computers In this main asset, there are 50 physical elements linked. Of these 50 physical elements, we w ..read more

Reading Time: 3 minutes In Sage300 v2023, you might encounter an issue that states “No Supported Databases Are Set Up” on the terminal server. In the previous blog, we have seen that to resolve this issue we were required to grant permissions to the user folder. You can find the blog on the following link: https://www.sagesoftware.co.in/blogs/no-supported-databases-are-set-error/ If the issue still doesn’t get resolved, then the following procedure may be helpful to you : How to Resolve ‘No Supported Databases Are Set Up’ prompt in Sage 300 v2023 Even though all the ODBCs are configured on the ..read more

Reading Time: 3 minutes A “write-off” in accounting refers to the process of removing a particular asset or liability from the financial records of a business. This is often done when an asset can no longer be recovered or when a liability is no longer outstanding. The term can apply to various financial elements, including bad debts, obsolete inventory, or depreciation of assets. Step to Step Guide for creating the Write-Off Batch in Sage 300 Here are a few common scenarios where write-offs might occur : 1)Bad Debt Write-Off: If a customer fails to pay their outstanding invoice, the business ..read more

Reading Time: 4 minutes A ban on the two top Indian spice brands imposed by the Hong Kong and Singapore governments has once again sparked the debate over quality standards followed by Indian food brands.  Spice Brands Failed Quality Testing  Two top Indian spice brands have found themselves in hot water with Singapore and Hong Kong’s food safety authorities. The two countries’ governments have asked shopkeepers to stop selling particular Indian spice mixes after they failed quality testing. According to a report on the Center for Food Safety, Hong Kong’s website, popular spice blend ..read more

Reading Time: 7 minutesWhat is Variable Cost? Variable Cost is an expenditure that changes in direct proportion to the volume of goods and services produced and influences the key product pricing and policy decisions, and availability of the products and services in the market. When the volume of production goes up, the variable cost is expected to increase. Similarly, it is expected to reduce when the production volume goes down. The Variable Cost is also known as the Direct Cost incurred throughout the production activity. What are the Different Example for Variable Cost? Now that we’ve disc ..read more