In any business, Commitment is nothing but a feeling of a responsibility that a person has toward the goals, mission, and vision of the organization he/she is associated with. And Pre-commitment is a commitment made in advance or a strategy to ensure we reach the goals we set out for ourselves removing a future choice. For example, you are asked to sign a lease prior to moving into a new apartment to hold you accountable to that decision.
Sage X3 provides a special function called Commitments for below two purposes:
- create and enter commitments or pre-commitments
- view those generated by the purchasing module
Commitments and pre-commitments can be viewed in analytical balance inquiry mode. With the help of this functionality the expense commitments associated with the purchase requests also with the purchase orders for budget control can be considered.
Commitments screen is divided into two sections Header and Detail. When the title of the commitment mentions “automatic commitment”, the latter has been generated by a purchase request or an order. Reversal is also generated automatically upon order (for pre-commitments) or upon validation of the purchase invoice (for commitments).
Navigate to: Financials > Journals > Commitments
Header fields:
- Commitment: The entry record is similar for the commitments and pre-commitments and mandatory to define the Object of the entry.
- Type: It is the same for the nature, revenue or expense, of the operation. Only expense (pre)-commitments can be generated automatically (by the purchase module). It is possible to create in entry mode revenue commitments or pre-commitments.
- Rate type: The exchange rate type is used for the conversion if the entry currency is different from that of the currency in which the ledger is kept and loaded by the commitment.
- Currency: The currency in which the (pre-)commitment is managed (called transaction currency) is defined in this field.
It is possible to visualize, via right-click / Entry of the Currency rate, all the rates that are applied when the commitments ledgers of journal’s company are held in a currency different than the transaction currency.
- Transaction currency: This field is used to enter the commitment’s exchange rate.
- Site: This field is used to enter the site linked to the transaction.
- BP: It is possible to enter the code of a BP linked to the operation. This BP must have been recorded in the database.
Refer below screenshot for the example.
Details fields:
- Site: The site must be a financial site. It can be different from the site previously selected, but it must belong to the same company.
- Date: Operation creation date.
- Amount: Amount expressed in the selected transaction currency.
- Unit: On analytical inquiry, this field determines the non-financial unit linked to the displayed account. The non-financial unit is determined when setting up an account associated with a given value. This unit is called upon entry.
- Quantity: When setting up an account (refer to the Accounts documentation), it is specified whether it is tracked in quantity. If need be, a non-financial unit is associated with the account. The quantity is automatically calculated by dividing the amount of the line (converted into the folder’s currency that has been defined via the CURSHRFLD parameter) by the work unit value.
Total: This field displays the total of the amounts entered in the currency selected to enter the commitment and pre-commitment.
Account Description: This field displays the account code and its description used for the entry (depending on the entry line on which the user is located).
Refer below screenshot for the example.
Thus, using this function in Sage X3 you can visualize the commitments/pre-commitments associated with purchase modules and which may help to control the budget in a business.
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