Aptify integrates with Financial Management Systems (FMS) to create summary-level journal entries. This requires having your Chart of Accounts (specifically AR, Cash, Sales, Deferred Revenue, Inventory, COGS, and select Expense Accounts) in Aptify as GL Account records. When switching from one FMS to another, your Chart of Accounts is likely to change which requires updating financial data in Aptify.
Here are the typical changes needed:
- Creation of new GL Account Records for the new chart of accounts (this can be done using Aptify’s Generic Import Wizard)
- Updating existing records to link to the new GL Account Records created
- Aptify records that link to GL Accounts include: Payment Types, Products, Product Categories, Organizations, Campaigns, Sales Tax, Shipping, and unbatched Scheduled Transactions
- SQL scripts can be used to update records to link to the new GLs
- Regenerating GLs on unbatched Payments & Orders
- The GLs on any unbatched Payments and Orders can be regenerated during the batching process
- Deactivating old GLs (this can be done using an Entity Bulk Operation)
In addition to the data changes above, the integration between Aptify and the new FMS is needed. Aptify can integrate with an FMS using the following approaches:
- File Exchange
- Aptify can generate a Summary GL file in a format that the FMS requires
- Staff can export the file from Aptify and import into the FMS to create Journal Entries in bulk
- API Call
- If the FMS has an API Endpoint for creating Journal Entries, Aptify can generate Journal Entries in the FMS in real-time, when a batch is executed in Aptify
- Typically these entries are created in Draft status, allowing staff to approve or edit entries in the FMS as needed
- Benefits of this approach include seeing the data in the FMS in real-time, less manual effort for staff, and preventing duplicate batches sent to the FMS
- Aptify offers an API Integration with Sage Intacct which is available in the Aptify Marketplace
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