Where are the FOREX Gain and Loss accounts configured in the system?
These are defined in the FOREX Revaluation report Settings.Users can map specific GL accounts for Realized Gain, Realized Loss, Unrealized Gain, and Unrealized Loss to ensure automated entries hit the correct P&L lines.
How is a Realized Gain/Loss recorded during a vendor payment?
Once a payment is allocated to an invoice, any difference between the invoice exchange rate and the payment exchange rate is automatically calculated. The resulting Realized Gain or Loss is posted instantly to the designated "Realized FOREX" ledger as part of the payment transaction.
Can ROCKEYE automate recurring payments?
Yes. The system allows users to define recurring payment schedules. Once configured, ROCKEYE automatically generates these transactions at specified intervals, reducing manual effort and ensuring timely processing.
How are partially allocated invoices tracked in the aging reports?
The system maintains a real-time "Balance Due" for every transaction. Aging reports dynamically reflect only the Unallocated Remaining Amount, ensuring that your Receivables and Payables totals are always net of partial payments.
Does ROCKEYE support structured payment plans for large capital purchases or sales?
Yes. You can define Installment-based Payment Plans within the system. This allows an invoice total to be broken down into multiple due dates with specific percentages or fixed amounts.
Can a single payment be allocated across multiple invoices?
Yes. The system supports Split Allocation, allowing a single bulk payment to be distributed across multiple invoices, ensuring precise ledger balancing.
How does the system handle the allocation of payments to specific invoices?
ROCKEYE’s Payment Allocation Engine allows unassigned incoming or outgoing payments to be matched with outstanding invoices. Users can either manually allocate payments to specific invoices or use auto-allocation, which applies a FIFO (First-In, First-Out) logic to streamline the process.
How can I verify the accounting impact of an operational transaction (e.g., a Sale or Purchase) after it hits the Ledger?
ROCKEYE supports the "Impact of GL" view allowing users to see the exact double-entry breakdown by identifying which accounts are debited and credited upon posting.
Providing total transparency and allowing for instant verification of automated journal entries.
Is the ROCKEYE Finance module accessible on mobile devices for remote approvals?
Yes. ROCKEYE offers a web-based, responsive platform and a dedicated mobile application, enabling authorized users to securely log in, review dashboards, access reports, and approve urgent Ttransactions anytime, anywhere.
How are GL account hierarchies managed and updated?
Administrators can create, restructure, or deactivate GL accounts centrally. All changes are tracked with audit logs, ensuring consistency and traceability across financial operations.
How are overdue invoices tracked and notified?
The system tracks invoices based on their configured payment terms and due dates. Overdue invoices are automatically flagged, and displayed on the relevant Overdue Dashboard KPIs enabling timely follow-up and faster collections.
Can I track Tax Exempt transactions separately?
Yes. The system enables you to designate specific customers, vendors, or items as tax-exempt. At the transaction level, a Tax Exempt group can be assigned, ensuring these transactions are excluded from tax calculations while still being fully visible and accurately reported in audit trails and compliance reports.
Does the system support Drill-Down analytics from high-level dashboards?
Yes. Users can click on any data point in a dashboard or summary report to drill down into the underlying General Ledger transactions for instant verification.
Can vendor and customer masters be linked to transactional data?
Yes. Each vendor or customer master includes detailed transactional history, payment terms, credit limits, and associated documents, enabling efficient transaction processing.
Does ROCKEYE notify users of pending approvals?
Yes.The system sends automated alerts via dashboards, email, or system notifications when transactions require review, ensuring timely approvals and adherence to workflow policies.
How does ROCKEYE help users quickly access frequently used functions?
The system supports shortcuts, bookmarks, contextual menus and text search, allowing users to perform routine financial tasks quickly without navigating through multiple modules.
How does the system simplify transaction entry for end users?
Finance entry forms are structured with intelligent field validations, auto-fill suggestions streamlining data entry and minimizing errors.
How does the system support cash flow monitoring?
The system tracks inflows and outflows through recorded receipts and payments. Finance teams can generate cash flow reports that provide visibility into operational, investing, and financing activities.
Does ROCKEYE support automated Fixed Asset depreciation?
Yes. The system automates depreciation calculations (Straight Line, Reducing Balance, etc.) based on defined asset life and posts entries to the GL automatically.
Can the system manage fixed asset registration and tracking?
Yes, Fixed assets can be registered with details such as acquisition cost, asset category, location, and useful life. This allows organizations to maintain a centralized asset register and track asset-related financial information.
How does the system support tracking of outstanding customer balances?
Customer balances are maintained in real time through the customer ledger. Finance teams can review outstanding invoices, payment history, and aging details for each customer.
Can the system generate financial dashboards for management visibility?
Yes. The system provides smart dashboards that present key financial indicators such as revenue trends, expense distribution, receivable status, and budget utilization for quick management insights.
How are financial approvals managed for large-value transactions?
Approval workflows can be configured based on transaction type and value thresholds. Higher-value transactions can automatically trigger additional approval levels to ensure financial governance.
How are financial reports generated within the system?
Financial reports are generated dynamically based on ledger transactions stored within the system. Users can filter reports by period, cost center, project, or business unit for detailed analysis.
How are financial discrepancies identified during bank reconciliation?
During reconciliation processes, the system compares ledger transactions with external records such as bank statements and highlights mismatches based on amount, reference number, or transaction date for further review.
Can financial data be exported to spreadsheet formats?
Yes. Financial reports and transactional data can be exported into formats such as Excel or CSV for further analysis or external reporting.
Does the system support financial adjustments through journal entries?
Yes. Authorized users can create adjustment journal entries to record corrections, accruals, or financial reallocations while maintaining full audit traceability.
How does the system ensure that financial transactions follow approval workflows?
The system enforces configurable maker-checker-approver workflows. Transactions created by users can require review and approval from designated authorities before they are posted to the ledger.
Can accounting periods be configured according to financial year requirements?
Yes. The system allows configuration of financial years and accounting periods according to the organization’s fiscal calendar. Periods can be opened or closed as required.
How does the system manage prepaid expenses and amortization?
Prepaid expenses can be recorded against designated GL accounts, and the system allows finance teams to allocate the expense over the relevant accounting periods through relevant financial entries.
How are accruals and provisions recorded in the system?
Accruals and provisions can be recorded through journal entries linked to specific GL accounts. These entries ensure that expenses or liabilities are recognized in the correct accounting period even if the actual transaction occurs later.
How does the system handle month-end financial closing activities?
The system supports structured month-end closing procedures by allowing finance teams to review pending transactions, post adjustment entries, reconcile bank accounts, and lock accounting periods once validation is complete. This ensures financial accuracy before finalizing reports.
Does the system maintain a full audit history of financial changes?
Yes. Every financial transaction maintains a detailed audit trail capturing the user who created, modified, or approved the entry along with timestamps and change history.
Does the system support document attachment for financial records?
Yes. Users can attach supporting documents such as supplier invoices, receipts, contracts, or approvals directly to financial transactions for easy reference and audit readiness.
Can the system track customer advance payments?
Yes. Customer advance receipts can be recorded and linked to the customer ledger. When invoices are generated later, the system allows the advance to be adjusted automatically or manually against the invoice amount.
Can the system track advance payments made to vendors?
Yes. Vendor advance payments can be recorded during payment entry and are maintained as advance balances against the vendor account. These advances can later be adjusted against purchase invoices during settlement.
Can financial transactions be linked to specific business units?
Yes. Transactions can be tagged with business units, branches, or operational divisions. This enables finance teams to analyze financial performance across different parts of the organization.
Does the system support centralized chart of accounts management?
Yes. The Chart of Accounts is centrally managed within the finance module, allowing administrators to create, structure, and maintain account hierarchies. This ensures consistency across financial transactions and reporting.
Can the system automatically generate budget utilization reports?
Yes. The system continuously compares actual spending against configured budget allocations and generates utilization reports that highlight available balance, consumed budget, and variance.
Does the system support financial budgeting for departments or projects?
Yes. Budgets can be configured for departments, cost centers, or projects. Finance teams can define planned expenditure limits and track actual transactions against the approved budgets in real time.
Can ROCKEYE manage multiple legal entities within the same ERP environment?
Yes. ROCKEYE supports multi-entity financial management within a single ERP environment. Each legal entity can maintain its own chart of accounts, tax configuration, and financial reports while still allowing centralized visibility and consolidated reporting across the organization.
Is it possible to set up country-specific tax rules in the system?
Yes. ROCKEYE's centralized finance module supports configuration of localized tax structures. It handles taxes related to items, services, logistics, and production, ensuring compliance with country-specific tax regulations and reporting standards.
What accounting standards does ROCKEYE follow?
The system supports IFRS, GAAP, and OpenGAP, with flexibility to adapt to local accounting variations.
Can terms and conditions be included in purchase invoices?
Yes. Terms & Conditions can be appended from a pre-defined master in procurement-generated invoices. For finance-initiated invoices, they can be included in the remarks section.
Are journal vouchers created manually or auto-generated? Can all users access this feature?
Journal vouchers can be created manually or auto-generated from integrated modules (e.g., Sales, Purchase). Access is controlled by user permissions — only authorized users can create or approve vouchers.
How are income and expense transactions recorded and reconciled with bank statements?
Transactions such as receipts or payments are recorded against appropriate ledgers. With bank integration, these entries are auto-matched with the bank feed using set rules or manually if unmatched.
How does the system handle expense categorization and cost center tracking during voucher entry?
Expenses are recorded against GL accounts during voucher creation. Cost centers can also be tagged to enable departmental or project-wise expense tracking.
How are vendors managed in the system, and what kind of financial and transactional details are captured for each vendor?
Vendors can be created directly in Finance or auto-synced from Procurement. Each vendor profile stores transaction history, payment terms, credit/debit balances, and banking details.
How are account opening balances handled, and can they be updated automatically through bank integration?
Opening balances must be entered manually during setup. However, if bank API integration is enabled, current balances can sync in real time for reporting.
How does the system prevent duplicate journal entries?
The system flags potential duplicates using unique reference numbers and audit checks during entry and reconciliation, minimizing duplication.
How are foreign currency transactions and exchange rate fluctuations handled?
Exchange rates can be set manually or fetched via APIs. Currency adjustments are reflected in real time during reconciliation and reporting, ensuring accurate multi-currency accounting.
How is financial data secured using role-based access controls?
ROCKEYE uses granular, role-based access control with maker-checker-approver workflows. Permissions can be assigned at detailed levels — e.g., allowing a user to view but not edit reconciliation records.
Will the system automatically reconcile bank transactions if the bank statement and ledger amounts match?
Yes. If transaction details (amount, date, party name) match between the ledger and bank statement, the system auto-reconciles the entry. Discrepancies are flagged for manual intervention.
How does the system handle bank reconciliation when integrated with a bank account?
When integrated, the system attempts to auto-match transactions using parameters such as amount, date, and customer/vendor name. Unmatched entries are flagged for manual review, ensuring a seamless reconciliation process in near real-time.
How is data migration handled when moving from a legacy system?
Data migration is flexible and user-friendly. Existing records can be imported using structured Excel templates. If the legacy system provides APIs, automated data migration can be configured for a smooth and efficient transition.
Technical
How is my financial data protected against loss or system failure?
ROCKEYE employs automated, redundant backup protocols. Financial data is backed up in real-time or at scheduled intervals to secure, encrypted cloud servers, ensuring that your books can be restored instantly in the event of an emergency.
How does the system support scalable financial operations as the organization grows?
The system architecture supports increased transaction volumes and users without affecting system performance, ensuring scalability for growing businesses.
How does the system ensure data integrity during financial processing?
The system applies transaction validation checks and database controls to ensure that each financial entry is processed accurately and stored securely within the ledger.
How does the system handle integration with external accounting tools or platforms?
The platform supports API-based integrations that allow financial data exchange with external tools such as banking platforms, analytics tools, or other enterprise applications.
How does the system manage financial transaction validations?
Before transactions are posted, the system validates required parameters such as ledger selection, transaction values, tax configurations, and user permissions to prevent incorrect postings.
Can administrators configure financial module settings centrally?
Yes. Finance administrators can be granted authorizations to configure system-wide settings such as accounting structures, approval workflows, and automatic reconciliation rules.
Does the system support secure remote access for finance users?
Yes. Authorized users can securely access the finance module through web-based login with appropriate authentication controls and security procedures
How does the system maintain consistency between operational modules and finance records?
The system uses integrated transaction processing where activities in modules such as procurement, inventory, or sales automatically trigger corresponding accounting entries, ensuring that operational and financial records remain synchronized.
How is data migration handled when moving from a legacy system?
Data migration is flexible and user-friendly. Existing records can be imported using structured Excel templates. If the legacy system provides APIs, automated data migration can be configured for a smooth and efficient transition.
Is it possible to bulk import master data such as the Chart of Accounts?
Yes. The system allows bulk import of financial masters (e.g., Chart of Accounts) using predefined Excel templates, easing setup and migration.
How does ERP and bank integration work? Do banks provide APIs for this?
Yes. Most banks today offer APIs that enable direct integration with ERP systems. With authorized API access, features like real-time transaction sync and automatic bank reconciliation can be enabled. In cases where APIs are not available, users can upload bank statements manually for reconciliation.
Is it possible to record backdated entries, such as weekend expenses?
By default, the system logs entries with the current date. Backdated entries are allowed if this feature is enabled in the configuration settings.