The Log Inventory and Management System (LIMS) Settlement Manager deals with paying your suppliers and collecting checks from your customers. Naturally, LIMS has full General Ledger and Accounts Payable and Accounts Receivable interfacing capabilities. All information can be tracked and audited to your own requirements. Whether you are looking for a forestry management system, a wood procurement system, a log accounting system or a contractor payables system, LIMS will more than meet your needs.
Learn more about how LIMS helps you manage settlement with your suppliers, contractors and customers:
Settlement handling
Calculates contract payments by matching loads with contract rates
When a load is confirmed by the Delivery Manager and brought into inventory, the contractor information for that load is passed on to the Settlement Manager. Payment according to contract terms can be made by weight, volume, or timber grade to each contractor associated with the harvest and delivery of that load. For the simplification of contract payments, the Settlement Manager can group payment processing by harvest area, vendor ID, or a number of other methods. Payment calculations are performed on demand and are assigned to an accounting period based on the batch submission date.
Assigns the range of valid General Ledger accounts and cost centers in each division’s financial systems
LIMS can be integrated with a number of financial systems through the Configuration Manager. Vendor information and General Ledger accounts can be transferred into LIMS directly.
Performs audit trails and security
All transactions in LIMS are maintained within the database to provide a safe “paper trail” of all company activities. The database system also maintains an accurate, dated record of any changes made to any entry. User security clearance is provided so that only selected individuals are allowed access to company transaction records for viewing or making changes.
Handles contract advances and holdbacks and the reconciliation process
LIMS uses a bush scale estimation of log volume that is entered in the camp computers to advance payments to contractors for work-to-date in the case payment prior to the log delivery. Performance holdbacks are also calculated along with this type of contract to ensure that there will be some tolerance for error in volume estimation. Once all log volumes have been delivered, the contract payment can be reconciled based on actual scaled volume.
Uses flexible rate rules
The Settlement Manager can apply different payments rules to handle harvesting/hauling payments. Payments can be calculated using weight, volume, piece, load, grade, day, hour, etc.
- The Settlement Manager maximizes the value of your contract by applying different pay rates
- Protects your companies valuable information by maintaining all the transactions within the database
- Facilitates the payments for logging contracts where payment is required to delivery
Product Screens
Screen shot of Settlement Manager / click to enlarge
Screen shot of Conversion Rule / click to enlarge
Vendor statement production
- Produce and distribute vendor statements automatically
- Automated distribution by fax, hardcopy or email
- Statements formatted to your own design with you company’s logo
- Save time and effort over manual statement preparation and distribution
- Cut down on phone inquiries by sending your vendor all the detail they need
Product Screens
Screen shot of Vendor Statement production / click to enlarge
Sales check handling
- Record details of checks as they are received from customers
- Select the loads paid for by each check
- Assign the amounts paid for each load
- Validate payment data entered against each load, and pass verified data to your A/R system interface
- Generate appropriate account entries for your G/L interface
- Reconcile loads delivered to customers with payments received
- Track customer payments load by load
- Payment data stored in LIMS is available to Report Wizard for real-time inclusion in reports
- Identify in LIMS loads where payment is still outstanding
- Use load-by-load details in follow-up conversations with customer
Product Screens
Screen shot of Sales Check / click to enlarge
Screen shot of Sales Check Reconciliation / click to enlarge
Web Access
- Displays selected report detail over the internet
- SSL encryption for secure data transmission
- LIMS security for control of access to information and functionality
- Your choice as to which vendor staff have access and what data they get to see
- Can be customized to allow vendors to key their bids, questionnaire answers, freight data, etc.
- Reduce time spent handling phone and email queries from vendors
- Cut down on paper distribution of information
- Reduce keying time by having vendors enter some of their own data
Product Screens
Screen shot of Web Access portal / click to enlarge