The Canadian $100 bill smells like maple syrup!! Seriously. Even though the Bank of Canada denies it.
So in Canada, maybe we are different than our southern counterparts. Can you think of 7 potential differences when running INFOR Visual ERP?
- Canadians charge taxes on almost everything. And the rate differs by province. So you have to be on your toes when setting up customers & customer orders in Visual ERP. Then on Accounts Payable, it is recorded but it is almost all refundable.
- Most if not all, companies use at least 2 currencies (Cdn. & US dollars). With US companies, 1 currency is most common. In Canada, I have even seen companies with 5 currencies. Imagine trying to keep track of all the different exchange rates and amounts.
- Multiple currencies mean multiple bank accounts. The cash requirement report within Visual ERP and cheques (oops checks for our US friends) would be run by currency.
- Many times, Accounts Receivable and Accounts Payable are separated in the General Ledger by currency. Think of it like you have a stack of $100 bills. Some US & some smell like maple syrup. You want to keep separate piles to make counting (and analysis) easier. Gee, I wonder if US dollars smell like anything?
- Canadians even do General Journal by different currency ID’s.
- All these currencies mean Canadians can use the power of the Revaluation Entry. This is a very slick tool that can revalue accounts in seconds. I have seen people take hours to do it manually. Imagine the time you would free up using this process.
- Another distinguishing factor is the duty on importing goods and high freight costs. Oh how do we handle? Some companies use purchase burdens to add costs to the parts while others use the landed cost functionality within Visual ERP. But how do these differ? The 1st option adds the cost as a burden while the 2nd option adds the cost to material. The 1st requires monitoring the account balance. The 2nd means splitting the costs of freight and duty bills so they can be attached to the purchase order receipts.
Our Canadian uniqueness is not just how we use Visual but our $100 bills. Pretty cool, eh?