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Spectrum Construction Accounting Software - Core Features


General Ledger

Construction Accounting Core - General Ledger Detail Analysis InquirySpectrum® General Ledger provides a fully customizable general ledger capable of maintaining all of the information necessary to make important financial decisions and track profitability. Its unique design supports multiple company consolidation, support for departments, and the ability to store an unlimited number of fiscal years with no requirement for “period closings”—the system can keep any period open.

Flexible Report Design

Spectrum’s internal report generation features make General Ledger Detail Analysis Inquiry access to General Ledger information a powerful financial management tool. Comparisons are easily made between current and prior years, and budgets versus actual figures. The Design Financial Reports feature allows you to customize financial reports to fit your needs. Monthly, quarterly, and annual reports can be generated for revenue, expense, and other analyses, allowing you to generate any report you need.

Sample reports created with the Design Financial Reports feature are included to get you started quickly. Balance Sheet reports provide comparisons of actuals versus budgets and easily handle consolidations for two or more companies, and Income Statement reports handle departmentalized statements with little additional setup. All reports can be customized to show percentages, variances, and comparisons with actuals or budgets.

The General Ledger Trial Balance report provides a monthly report with the beginning balance, detail activity for the month, and the ending balance for each General Ledger account. This report can be printed for any prior range of periods, including any of the prior years that are stored on the system. Two formats are available: Summary and Detail.

The Transaction Journal lets you print a journal of General Ledger transactions in date sequence. Several options are available to create the specific report you need, including various direct cost types and sources such as Accounts Payable and Accounts Receivable invoices; and Equipment, Payroll and Job Cost transactions. Large figures can be displayed on this report, which is helpful when reviewing the total lines for reports printed across multiple periods.

General Ledger offers a full range of customizable reports including: Budget File Report, Chart of Accounts Listing, Department File Listing, Fiscal Calendar Reset, G/L Balance Audit Report, G/L Code Change Listing, G/L Code Change Listing, G/L Detail Activity Report, G/L Error Correction Change Log, G/L User-Defined Fields Listing, Journal Entry Activity Report, Journal Entry History Report, Journal Entry Log Report, Monthly Activity Balance File Report, Print Financials Reports, Print Report Parameters, Recurring Journal Activity Listing, and Unposted Transactions Report.

General Ledger is completely integrated with Spectrum to eliminate double entry, reducing input time and ensure the accuracy of your company financials.

Features

  • Online storage of General Ledger detail transactions is limited only by disk capacity.
  • No hard close.
  • The fiscal calendar controls posting to appropriate fiscal periods.
  • Year-end balances can be recalculated at any time if data changes.
  • Recurring journal entries can be set up by month, quarter or year.
  • User-defined G/L codes can be up to 12 digits long.
  • Consolidated financial statements for multiple companies are supported.
  • Full budgeting capabilities are available with variances calculated against actuals.
  • Budgets prepared on spreadsheet packages can be imported to the General Ledger.
  • Chart of accounts can be copied across all companies using Spectrum.
  • Journal Entry Activity Report/Update allows users to select to print journal entries for a specific date range.
  • General Ledger account codes can easily be added in companies using a departmental chart of accounts.
  • Journal remarks can be stored and used in conjunction with transactions.

Benefits

  • Audit trail reports can be printed by journal number or General Ledger account sequence.
  • A G/L Detail Account Inquiry screen displays activity totals and itemized detail for any account specified.
  • Journal entry is fast and easy, with updates made to the Job Cost module where appropriate.
  • Direct costing is flagged by the General Ledger account for job, equipment or work order validation.
  • Prior year postings are allowed while working in the current year.

Accounts Payable

Construction Accounting Core - The invoice approval screenSpectrum® Accounts Payable with subcontract control is uniquely prepared to handle construction accounting. Fully integrated with Dexter + Chaney’s Spectrum Construction Software, it reduces double entry and ensures committed costs and billings are accurate throughout the system.

Spectrum Accounts Payable includes electronic invoice approval routing to streamline your workflow. Job cost reflects the most current information because unapproved invoices can be included in your reports. You can easily issue subcontracts, sub change orders, and lien releases The invoice approval screen. and manage relevant subcontractor certificates and supporting documentation to ensure they are complete before payments are issued. With our innovative electronic payment solutions you can schedule payments and enjoy reduced costs, increased efficiency, and improved purchasing control.

Features

  • Ensure all necessary job information is complete including supporting documents*
  • Verify individual vendor’s insurance certificates are up-to-date
  • Streamline invoice processing by customizing approval workflow
  • Track and verify payment of sales & use taxes
  • Fully integrated with other Spectrum features including: Cash Management, Document Imaging, Equipment Control, General Ledger, Inventory Control, Job Cost, Materials Management, Payroll, Purchase Order, Project Management, Time + Materials Billing, Work Order, Spectrum Data Exchange

Benefits

  • Document Tracking
  • Invoice Approval workflow
  • Sales & Use Taxes reporting
  • Automated Retention
  • ePayment Integration
  • Place invoices or vendors on indefinite payment hold
  • Wide variety of reports including: Subcontract Analysis, Aged Payables, A/P Cash Requirements, Document Tracking, and more than 30 others

*Using Spectrum’s Document Imaging feature, you can scan and attach documents to jobs, employee records, accounting transactions—any record in your Spectrum system.

Accounts Receivable

Construction Accounting Core - Draw request billing entrySpectrum Accounts Receivable (A/R) addresses the challenges commonly associated with construction A/R, such as producing industry-standard customer invoices, calculating retentions and sales tax, and creating and managing change orders and change requests.

Spectrum Accounts Receivable’s single-entry system is fully integrated with Spectrum’s Accounting and Project Management applications, including Job Cost. This flexible tracking system lets you monitor and control change orders occurring from initial proposal to final billing.

Construction-Specific Billing Tools

Spectrum Accounts Receivable automatically produces AIA G702 and G703 form equivalent billing formats that support both general contractors and subcontractors. Accounts Receivable can easily process fixed and unit price billings.

Sales tax calculations are incorporated into the billing forms. It’s easy to view all invoices by their respective sales tax codes in the Sales Tax Report. Simply enter a date range to see all sales tax by tax code. The invoice amount, taxable amount, sales tax, and sales tax percentage are printed.

AIA G702 and G703 form equivalent billing formats generate automaticallyBecause Accounts Receivable is tailored to the construction industry, it also calculates retention accrued during each billing cycle and tracks it for contracts and customers.

Tracking Change Orders and Change Requests

Create change requests to document additional work performed and ensure nothing goes unbilled. Spectrum Accounts Receivable gives you the ability to manage all of the change orders that occur during the life of the project. Change Order Inquiry lets AIA G702 and G703 form equivalent billing formats generate automatically. you view proposed and approved change orders. Change order status can be easily managed. Additionally, change orders update contracts, job cost estimates, and billing so your draw request is accurate and up-to-date.

Accounts Receivable Conclusion

Spectrum Accounts Receivable is an integrated receivables management solution that reduces input time, ensures accuracy, and gives you total control over your receivables.

Features

  • Retention is automatically separated from the open invoice amounts when aging reports are produced
  • Use Contract Inquiry to display change orders, open items, and payments
  • Customer Inquiry screen shows open items and complete payment history
  • No requirement for period closing gives users the flexibility of a “soft close”
  • Data can be viewed by date range; not limited to only months that are already closed
  • Easily search through multiple fields to find related customer data.
  • Quick access to a history of payments received using the “Search Transactions” function
  • Users are provided with “pay when paid” notifications from the Cash Receipts Journal when a customer payment is accepted. Spectrum Accounts Receivable prints a list of subcontractors to be paid based on the receivable
  • Sales Tax Report makes it easy to provide sales tax billings to government entities.
  • Accounts Receivable is integrated with all other Spectrum applications including, Accounts Payable, General Ledger, Job Cost, Cash Management, and Document Imaging

Benefits

  • A/R Account Inquiry displays activity totals and itemized detail for any account by customer or job.
  • Maintain a log of events and collection notes by invoice
  • Contract Detail Report puts contract data and information at your fingertips, offering a complete listing of open invoices or payments made against the contract
  • View existing un-posted invoices and credit memos from the Invoice Entry screen
  • Contract File Maintenance screen allows entry for a virtually unlimited number of user-defined fields
  • Fiscal Calendar controls posting to appropriate fiscal periods
  • Online storage of A/R detail transactions is limited only by hard drive capacity
  • Year-end balances can be re-calculated at any time as data changes
  • Change order inquiry includes proposed and approved change orders; change order status can be easily changed from “proposed” to “executed”
  • Change orders update contract, job cost estimates, and billing
  • Search for open items is available during cash receipts entry
  • Miscellaneous and non-A/R cash can be entered and tracked
  • Statements can be printed by contract or by customer
  • Finance charges can be calculated for a specific customer and set up at the job level
  • Set recurring invoices to be billed automatically

Cash Management

Construction Accounting Core - Reconciliation screen provides automated reconciliation ofbank statements and credit card statementsSpectrum® Cash Management provides an efficient method of tracking and maintaining cash assets. You can even set up credit card accounts. Cash Management is fully integrated with Accounts Payable, Accounts Receivable, Payroll, Job Cost, and General Ledger—and it automatically accumulates all cash-related transactions during routine daily processing.

Streamlined Workflow

Because of its integration with other bank statements and credit card statements. Spectrum applications, Cash Management streamlines related accounting functions to single entry procedures. And Cash Management allows you to easily import bank and credit card statements and quickly reconcile transactions with just a few clicks—providing a fast, efficient check-off process to reconcile bank or credit card statements to the General Ledger cash account balances.

Keep Your Cash Working For You Longer

If you use interest earning accounts to fund payroll or payables accounts, information provided by Cash Management’s Check History Float Inquiry can be invaluable. You can determine the date you actually need to fund accounts based on historical data of when checks were written and the dates they actually cleared the account. That allows you to keep money in the interest earning accounts until it is actually needed.

Features

  • Handles multiple bank accounts and credit card accounts.
  • Keeps track of check sequences for multiple checking accounts.
  • Flexibility to handle a wide variety of different banks.
  • Fully integrated with Spectrum; from entry of bank charges automatically posting to the General Ledger to automatically recording deposits entered in accounts receivable.
  • Wire transfers between accounts or to third parties automatically update to the General Ledger
  • Voiding or reversing direct checks is
  • fast and easy
  • Creates a database of account information, including account numbers, representatives, and telephone numbers.

Job Cost

Construction Accounting Core - Job Analysis Inquiry screenIn construction, job cost management is vital to the success of your projects and therefore the success of your company. With Spectrum’s Job Cost application, whether you are working with Accounts Payable, Project Management, or any other application, up to date information on the status of your jobs is always just one click away. Complete visibility into job costs helps keep your projects on track. However, more than simple job tracking, Spectrum Job Cost provides a way to measure and anticipate job performance so you can manage your projects for optimum profitability.

Job Cost lets you anticipate job performance so your projects stay profitable. With Job Cost, you can calculate Work in Progress (WIP), view projected costs against actual costs, and analyze earned value.

Complete System Integration

Spectrum’s integrated design is built around Job Cost, making it easy to get to the information you want to see. When data is input into one application, Job Cost automatically updates. For example, entering time cards in Payroll updates Job Cost, providing an accurate account of labor costs.

Projections

The Projected Cost screen in Job Cost gives you unmatched visibility into and control over projected cost at completion. Use this screen to analyze projected costs and make cost-to-complete calculations as new costs are added. Keep your job on track by adjusting quantities, hours, or dollars in percent complete, to complete, and at completion to see the effect of those modifications on projected cost at completion.

Have it Your Way

Construction Accounting Core - Projected Cost Entry ScreenYou do not need to replicate or export job cost data in order to present it the way you need. Your information can be presented as a Work in Progress (WIP) schedule, a Cost to Complete report, or an earned revenue analysis. Spectrum’s interactive user interface lets you view roll-up amounts for major cost categories such as materials or labor, then dive further in the details of subcategories. Easily group and view your cost information based on any relevant criteria such as job phase, cost type, or vendor. Spectrum delivers the built-in ability to see your job cost information in different ways for the different needs of your company. And for times when using an external spreadsheet makes sense, Spectrum fully supports data export to Microsoft® Excel.

View the Impact of “Hidden” Costs

Pre-time cards and un-posted invoices are accounted for in Job Cost so you can view the impact of those items, including committed costs, on your budgets without delay. This makes it easy to accurately monitor costs with minimal effort at every stage of the project.

Job Cost Conclusion

Spectrum Job Cost provides project managers, controllers, and owners with the information necessary to keep jobs on track and identify any potential cost overruns. Users can analyze information the moment it is entered in Spectrum to see how a job is performing on a day-to-day basis.

Features

  • Different types of cost breakdowns are allowed for each job. Cost projections at completion are calculated using any combination of four models: direct entry of projections, cost to complete, percent complete and quantities installed to date
  • Owner billing item and cost code can be assigned to multiple phases, allowing cost and revenue analysis throughout the job
  • Job-based operator security controls user access; project managers access the jobs to which they are assigned
  • Job Cost is integrated with all other Spectrum applications including Project Management, Document Imaging, General Ledger, Payroll, Accounts Receivable, Accounts Payable, Purchase Order, and Cash Management
  • Productivity reports measure actual work performance against estimate
  • Projected cost at completion can be reviewed by job, phase, or cost type. Original contract amount and change orders are tracked
  • Reports and inquiry screens can be displayed with projected cost, estimated cost and actual cost
  • Flexible job phase setup allows for phase codes up to 20 characters in length
  • Quick job set up provides a user-defined template to set up similar jobs and number automatically
  • User-defined major groups on the Cost Activity screen allow for flexible analysis of phases and cost types

Benefits

  • Analyze costs and income at any point during the project
  • Un-posted payables, pre-time cards, and committed costs are accounted for so users see a complete picture of job costs
  • Spectrum’s single-point-of-entry system means data flows into Job Cost in real-time so there’s no delay in analyzing your job costs
  • Spreadsheet-type entry of projected costs allows for fast input and calculation
  • Costs of proposed, approved and executed change orders can be identified separately, rather than intermingling new costs with an existing phase. This makes it easy to look at costs associated with a specific change order

Payroll

Spectrum’s Payroll application simplifies the complexities of construction payrollWith challenges such as multiple pay rates in multiple states and diverse union fringe benefits needing to be processed in one pay period, payroll management in the construction industry can be complex. The Payroll application in Spectrum Construction Software enables contractors to enter and process employee time, allocate labor and equipment costs to jobs, and manage benefits and deductions. Once you enter data, Spectrum Payroll automatically tracks direct costs in real time; calculates taxes, union benefits and fringes; and allocates additional overhead, such as indirect job expenses and hours of equipment usage.

Manages Multi-state and Multi-company Payrolls

When entering a job in Spectrum Payroll, you select the default local, state and federal income taxes. As you enter data, the application automatically allocates the appropriate taxes, thus protecting your business from overpayments. You enter the time, and the software calculates and withholds payroll taxes based on the location where work was performed.

Spectrum Payroll is versatile and can provide employees working for more than one company during the same pay period with a single paycheck. The application can also support companies with multiple tax identification numbers.

Manages Union Payrolls with Ease

Spectrum Payroll manages the multiple variables associated with unions, including cash and non-cash fringe benefits, deductions and add-ons. When union contracts change, the software updates pay rates, even when the change occurs in the middle of a payroll cycle. You schedule the new pay rates for the effective date, and paychecks issued after that date will reflect the changes. If the payroll cycle includes rates before the contract change, the previous and new rates will be reflected on a single paycheck.

One Integrated Solution

Spectrum Payroll integrates with other Spectrum applications, including Job Cost, Equipment Control, and Work Order, to provide a comprehensive, real-time overview of your company’s payroll status without re-entering data. With the ability to view un-posted payroll time cards in Spectrum Job Cost, you can proactively manage costs by seeing the impact of employee hours on the budget without processing payroll.

When you set up a job in Spectrum, you have the option to also include burden, or the additional costs incurred when you employ someone, such as vacation and sick time, benefits, and Labor and Industry costs. You may enter these costs on an hourly basis or by flat rate, and they are automatically allocated to Job Cost. When you process payroll, the estimated burden is charged to the job. Information from Spectrum Payroll also flows to Spectrum Accounts Payable, generating invoices for payables such as garnishments and deductions in one easy step. For example, you can set up an automatic deduction from a worker’s pay check for child support payments and have Accounts Payable prepare a check for the recipient.

Payroll Conclusion

Spectrum Payroll is designed to help you more efficiently manage payroll for your company. It is fully integrated across all Spectrum applications, for streamlined data entry and easy report generation. It enables you to track complex and multi-company payrolls and allocate payroll and equipment hours to job costs in real time.

Features

Spectrum Payroll simplifies payroll for the construction industry by providing a comprehensive range of features. The application:

  • Tracks any changes to employees’ data
  • With user-defined deduction and add-on codes, automatically calculates amounts for employee paychecks based on a percentage or a fixed amount
  • Allows unlimited job and phase distributions with multiple pay rates per employee and per union via timecard entry
  • Shows multi-state work at the line item level on time cards and pay stubs. Supports multiple state, county and local taxes
  • Calculates employer taxes and burdens, and supports multiple variables for unions, including fringe benefits, multiple pay rates, and multiple states and locations
  • Prints certified payroll reports for any period
  • Supports automatic deposit
  • Calculates and prepares manual layoff paychecks
  • Enables you to reissue a lost payroll, manual or auto-deposit check without having to manually void and re-enter a new check
  • Automatically reverses voided payroll checks in Spectrum General Ledger and Job Cost and removes them from actual employer taxes
  • Imports time card entry from a text file or spreadsheet
  • Maintains dates of hire, re-hire, termination and pay rate
  • Supports I-9 reporting
  • Prints payroll tax reports for any period or quarter
  • Distributes labor totals to multiple general ledger accounts
  • Charges employees’ time to specific jobs, pieces of equipment or work orders, and automatically updates information in Job Cost, Preventive Maintenance and Work Order
  • Streamlines payroll entry by preventing entry overlap; enables uploading time cards in batches for salaried workers or those with consistent hours
  • Shows un-posted payroll information in Equipment Control, Time + Material, Job Cost and Work Order
  • Sets up incentive and retro pay rates for employees, and can apply the retro pay back to the original job and phase distribution
  • Allows you to electronically file payroll taxes
  • Works with other Spectrum applications including Cash Management, Equipment Control, Job Cost, Accounts Receivable, Human Resources, Preventive Maintenance, Time + Material, Work Order and Service Contracts to provide a comprehensive overview of job status

Benefits

  • Allocates labor and equipment hours by job and phase code, so you can view accurate cost breakdowns at each part of the project.
  • Supports certified payroll for government jobs, union payroll tracking and reporting, and multi-state payrolls
  • Allocates employee hours not affiliated with job labor to multiple jobs as overhead
  • Sets up union and wage codes by job; these amounts appear as defaults so no manual manipulation is required
  • Automatically calculates prevailing employee pay rates based on the type of work performed
  • ncludes labor entered into un-posted payroll when you review job cost reports, for an accurate picture of costs throughout each job phase
  • Further automates payroll processes with additional add-on products, such as MICR checks and Spectrum’s Multi-State Payroll Tax Tables subscription

The above Spectrum Accounting Core application brief is also available for download by clicking here.



If you would like further information about the Spectrum Construction Accounting Software,
please request a demonstration from one of our software specialists.