Recording transactions in ERP Systems

The traditional way of recording transactions changes totally in an ERP Environment as follows -

1. In the same system, accounts are now being maintained for all business units – cost centers, departments, companies, countries, regions and any other segment where accounting is required.
2. Consolidation is an automated process, and system has a capability to automatically calculate the consolidated balances at any consolidation level.
3. Revaluation, Conversion and Translation are automated
4. Intercompany and Interdepartmental transactions for both the units can be recorded in single transaction
5. Review of Journal and required Approvals can be obtained in the systems itself eliminating the need to have physical files
6. Segmentation Results can be obtained automatically.
7. The accounting flow is considered as a process and one transaction connects with the other transaction unless the process flow is completed.