How to Track Discounts and Rebates in Acumatica
In the world of accounting and financial management, it’s crucial to accurately track discounts and rebates to ensure proper financial reporting and analysis. Acumatica, a popular cloud-based ERP system, provides robust tools for managing these elements efficiently. This blog post will guide you through the process of tracking discounts and rebates in Acumatica, helping you streamline your financial operations and gain better insights into your business’s financial performance.
Set up the General Ledger Accounts
To start tracking discounts, rebates, and fees in Acumatica, you need to set up the appropriate General Ledger (GL) accounts. These accounts will be used to record and categorize the financial transactions associated with discounts, rebates, and fees. Consult with your accounting team to determine the appropriate GL accounts for each item.
Configure Inventory and Sales Modules
In Acumatica, discounts, rebates, and fees are often linked to inventory and sales transactions. To ensure accurate tracking, configure the Inventory and Sales modules accordingly. Define specific pricing and discount structures, rebate programs, and fee schedules within the system. This step may involve customization based on your business requirements.
Create Price Lists and Discounts
Acumatica allows you to create price lists and discounts that can be associated with specific customers, items, or groups. Utilize the pricing and discount features to set up the relevant discounts, rebates, and fees for your products or services. This will enable the system to automatically calculate and apply them to transactions.
Enable Promotions and Rebates
Acumatica offers the capability to manage promotions and rebates. Configure the system to handle various promotion types, such as volume-based discounts, seasonal offers, or customer-specific promotions. Set up rebate programs based on sales targets or other qualifying criteria. The system will then calculate and apply these promotions and rebates automatically during relevant transactions.
Track Transactions and Analyze Reports
Once you have configured the necessary settings and structures in Acumatica, it’s time to start tracking your discounts and rebates in real-time. Monitor your sales, purchases, and financial transactions to ensure that discounts and fees are being applied correctly. Regularly reconcile the associated GL accounts to maintain accuracy.
What if My Discounts and Rebates are a Little…Complicated?
Acumatica has a robust set of tools, but perhaps you’ve found yourself in a discount or rebate pricing pickle (say that four times fast). Rockton Software’s got your back. Rockton Pricing Management (RPM) is a pricing engine that works in conjunction with an ERP, such as Acumatica. Here are just a few of the ways it can help your business:
- Controllers can authorize multiple discounts and adjustments to track those adjustments back to the GL
- The sales team can always get the right pricing, for the right customer, at the right time
- You can automate even the most complex and obscure pricing scenarios and calculations
- Create, organize, filter, and search all your prices lists in a way that makes sense
- Track all your price adjustments: rebates, discounts, promotions, commissions, and more
- Enable date-driven pricing with all historical pricing tracked and archived
Setting Yourself up for Success
Tracking discounts and rebates in Acumatica is vital for accurate financial reporting and effective financial management. Combining the power of Rockton Pricing Management with Acumatica’s comprehensive tools, you can effectively manage your discounts and rebates, contributing to improved profitability and decision-making in your organization.
