IFS Applications Finance & Accounting
IFS Applications confirms 38 of the 87 finance & accounting capabilities we track, with a further 18 partially covered. Its deepest coverage is in Core Accounting; it is thinnest on Industry-Specific Finance.
Finance & Accounting is a core strength for IFS Applications — a primary capability included in standard deployments. The product is best suited to asset-intensive industries needing erp, eam, and field service in one platform.
- 38of 87
- Capabilities confirmed
- 310
- Documented features
- Core Accounting
- Strongest area
- Industry-Specific Finance
- Thinnest area
How IFS Applications scores against the 87 finance & accounting capabilities we track across every ERP in our catalogue.
- Core Accounting7 of 12
- Accounts Receivable5 of 8
- Asset & Tax7 of 12
- Financial Planning5 of 11
- Closing & Audit5 of 10
- Treasury & Cash Management3 of 8
- Accounts Payable3 of 8
- Compliance & Regulatory2 of 8
- Industry-Specific Finance1 of 10
“Not documented” means our research has not confirmed the capability either way — it is not a finding that IFS Applications lacks it. Coverage is scored against one shared capability list, so it is comparable between products.
The finance & accounting scope IFS Applications ships, grouped as the product itself organises it.
Budget Management8
Lets finance teams build and maintain budget versions, allocation rules, and period distributions, then compare planned figures against actual results in reporting and analysis.
- Create Budget VersionSets up a new budget version with defined values for tracking and comparison against actuals.
- Create Period DistributionDefines how an annual budget amount is spread across individual accounting periods.
- Export Budget FileExports budget data to a file for use outside the system.
- Handle Annual BudgetManages entry and maintenance of a full-year budget across accounting periods.
- Handle Period BudgetManages entry and maintenance of budget figures for a single accounting period.
- Create Budget VersionSets up a new budget version with defined values for tracking and comparison against actuals.
- Create Period DistributionDefines how an annual budget amount is spread across individual accounting periods.
- Export Budget FileExports budget data to a file for use outside the system.
- Handle Annual BudgetManages entry and maintenance of a full-year budget across accounting periods.
- Handle Period BudgetManages entry and maintenance of budget figures for a single accounting period.
- Recalculate Period BudgetRecalculates period budget values after allocation rules or distributions change.
- Remove Budget VersionDeletes an existing budget version that is no longer needed.
Will IFS Applications meet your budget management needs? Build your requirements and perform a full analysis.
Build my requirements →Business Planning7
Gives organizations a flexible toolkit for building multi-level business plans, reusing figures from operational sources such as sales and operations plans, depreciation, and revenue forecasts.
- Create Business PlanCreates a new business plan to hold planning data across multiple organizational levels.
- Create Planning TransactionsRecords individual planning transactions that feed into a business plan.
- Create Planning UnitDefines a planning unit used to organize figures within a business plan.
- Create and Use Planning Unit StructureBuilds a hierarchy of planning units and applies it across business plans.
- Define Personnel PlanningSets up personnel-related figures, such as headcount or payroll cost, within a plan.
- Create Business PlanCreates a new business plan to hold planning data across multiple organizational levels.
- Create Planning TransactionsRecords individual planning transactions that feed into a business plan.
- Create Planning UnitDefines a planning unit used to organize figures within a business plan.
- Create and Use Planning Unit StructureBuilds a hierarchy of planning units and applies it across business plans.
- Define Personnel PlanningSets up personnel-related figures, such as headcount or payroll cost, within a plan.
- Define Planning RulesConfigures rules that drive automated calculations within a business plan.
Will IFS Applications meet your business planning needs? Build your requirements and perform a full analysis.
Build my requirements →Cash Book17
Handles entry and processing of cash receipts and disbursements, bank statements, and mixed payments, and lets finance teams match transactions against outstanding invoices.
- Approve and Modify Cash Box PaymentReviews and updates a cash box payment before it is finalized.
- Cancel Cash Box PaymentCancels a previously entered cash box payment.
- Cancel Customer Check in Mixed PaymentCancels a customer check that was entered as part of a mixed payment.
- Cancel Mixed PaymentCancels a mixed payment transaction that combines multiple payment types.
- Cleanup Payment File Trace InformationClears stored trace data left behind by processed payment files.
- Approve and Modify Cash Box PaymentReviews and updates a cash box payment before it is finalized.
- Cancel Cash Box PaymentCancels a previously entered cash box payment.
- Cancel Customer Check in Mixed PaymentCancels a customer check that was entered as part of a mixed payment.
- Cancel Mixed PaymentCancels a mixed payment transaction that combines multiple payment types.
- Cleanup Payment File Trace InformationClears stored trace data left behind by processed payment files.
- Customer Payment ReceiptRecords a payment received directly from a customer.
- Enter Cash Box PaymentRecords a cash payment made or received through a cash box.
- Enter Mixed PaymentRecords a payment transaction drawn from a bank statement or combined payment source.
- Follow-Up Payment File TraceabilityTracks the status and history of payment files sent to a bank.
- Follow-up ReconciliationMonitors and reviews the reconciliation status of cash account transactions.
- Handle NotesAttaches notes to cash transactions for reference and audit purposes.
- Import Payment TransactionsImports payment transactions from an external file into the cash book.
- Match TransactionsMatches incoming cash transactions against open invoices or payment records.
- Modify and Approve Mixed PaymentEdits and approves a mixed payment before it posts to accounting.
- Print Cash Box ReportGenerates a printed report summarizing cash box activity.
- Remove Bank StatementDeletes an imported bank statement from the system.
Will IFS Applications meet your cash book needs? Build your requirements and perform a full analysis.
Build my requirements →Inventory Financial Control13
Covers the financial side of inventory: costing, valuation, overhead adjustments, and country-specific reporting requirements for Italy and Portugal.
- Analyze Inventory ValuesAnalyzes inventory valuation across parts, sites, and cost levels.
- Calculate Part CostsCalculates standard or actual costs for inventory parts.
- Calculate Periodic Weighted Average CostCalculates a periodic weighted average cost for inventory valuation.
- Create Inventory Transaction ReportsGenerates reports summarizing inventory transactions over a chosen period.
- Create Overhead AdjustmentsCreates adjustments to allocate overhead costs into inventory valuation.
- Analyze Inventory ValuesAnalyzes inventory valuation across parts, sites, and cost levels.
- Calculate Part CostsCalculates standard or actual costs for inventory parts.
- Calculate Periodic Weighted Average CostCalculates a periodic weighted average cost for inventory valuation.
- Create Inventory Transaction ReportsGenerates reports summarizing inventory transactions over a chosen period.
- Create Overhead AdjustmentsCreates adjustments to allocate overhead costs into inventory valuation.
- Create Warehouse Journal Data - ItalyGenerates the warehouse journal data Italian companies must maintain for inventory movements.
- Modify Cost Details per Cost LevelEdits cost details recorded at a specific inventory cost level.
- Report Intracompany Taxes in Part MovementsReports taxes applicable to part movements between related companies.
- Report IntrastatReports inventory movement data required for Intrastat compliance.
- Transfer Inventory TransactionsTransfers inventory transaction data through to financial accounting.
- View Inventory Transactions and HistoryDisplays historical inventory transactions for review.
- Year End Stock Level Report - PortugalGenerates the year-end stock level report required for companies in Portugal.
Will IFS Applications meet your inventory financial control needs? Build your requirements and perform a full analysis.
Build my requirements →Cash Planning7
Supports forecasting and consolidating future cash flows for a project, company, or group, drawing on finance, supply chain, and other automated sources to build multiple plans in parallel.
- Cash Plan Snapshot AnalysisAnalyzes a captured cash plan snapshot to review projected cash positions.
- Create Cash PlanCreates a new cash plan for tracking projected inflows and outflows.
- Enter Cash Plan AdjustmentsAdds manual adjustments to a cash plan to reflect known changes.
- Order Cash Plan SnapshotRequests a fresh snapshot of connected cash flow sources for a plan.
- Prepare Cash Plan SourcesConfigures the data sources that feed into cash plan snapshots.
- Cash Plan Snapshot AnalysisAnalyzes a captured cash plan snapshot to review projected cash positions.
- Create Cash PlanCreates a new cash plan for tracking projected inflows and outflows.
- Enter Cash Plan AdjustmentsAdds manual adjustments to a cash plan to reflect known changes.
- Order Cash Plan SnapshotRequests a fresh snapshot of connected cash flow sources for a plan.
- Prepare Cash Plan SourcesConfigures the data sources that feed into cash plan snapshots.
- Update Cash Plan SnapshotRefreshes an existing cash plan snapshot with current data.
Will IFS Applications meet your cash planning needs? Build your requirements and perform a full analysis.
Build my requirements →Customer Credit Management13
Monitors customer buying activity and payment timeliness, and provides tools for issuing reminders, interest invoices, and write-off notices on overdue balances.
- Bad Debt ManagementIdentifies and manages customer balances at risk of becoming uncollectible.
- Cancel ReminderCancels a payment reminder that was previously issued to a customer.
- Check Collection LevelChecks a customer's assigned collection level to determine the next follow-up action.
- Cleanup Reminder HistoryClears out historical reminder records that are no longer needed.
- Collection Level AnalysisReviews customer accounts grouped by their assigned collection level.
- Bad Debt ManagementIdentifies and manages customer balances at risk of becoming uncollectible.
- Cancel ReminderCancels a payment reminder that was previously issued to a customer.
- Check Collection LevelChecks a customer's assigned collection level to determine the next follow-up action.
- Cleanup Reminder HistoryClears out historical reminder records that are no longer needed.
- Collection Level AnalysisReviews customer accounts grouped by their assigned collection level.
- Create and Print Difference NoticeGenerates and prints a notice flagging a payment discrepancy on a customer account.
- Create and Print ReminderGenerates and prints a reminder for outstanding customer balances.
- Create and Print Write-off NoticeGenerates and prints a notice for invoice amounts written off as uncollectible.
- Enter Credit Management NotesAdds notes to a customer account to support credit follow-up.
- Update Customer Credit InformationUpdates a customer's credit details, such as assigned analyst or credit limit.
- View Difference Notice ItemDisplays details of a payment discrepancy recorded against a customer.
- View Write - Off Notice ItemDisplays details of an invoice amount that was written off.
Will IFS Applications meet your customer credit management needs? Build your requirements and perform a full analysis.
Build my requirements →Customer Invoices without Customer Order15
Covers customer invoicing that is not tied to a customer order, including instant invoices, manually entered invoices, and invoices brought in from external systems.
- Cancel Consolidated InvoiceCancels an invoice that consolidates multiple charges into one document.
- Cancel InvoiceCancels a previously created customer invoice.
- Cancel South Korea Tax InvoiceCancels a tax invoice issued under South Korean tax rules.
- Correction InvoiceCreates an invoice that corrects errors on a previously issued invoice.
- Credit Instant InvoiceIssues a credit against an instant invoice that has no linked order.
- Cancel Consolidated InvoiceCancels an invoice that consolidates multiple charges into one document.
- Cancel InvoiceCancels a previously created customer invoice.
- Cancel South Korea Tax InvoiceCancels a tax invoice issued under South Korean tax rules.
- Correction InvoiceCreates an invoice that corrects errors on a previously issued invoice.
- Credit Instant InvoiceIssues a credit against an instant invoice that has no linked order.
- E-invoice LifecycleTracks an electronic invoice through its stages, from creation to delivery.
- E-invoice ProcessGenerates and transmits customer invoices in electronic format.
- External Customer InvoicesBrings customer invoices created in another system into the ledger.
- Instant InvoiceCreates an invoice with no stock link, billed directly from a sales object.
- Jinsui InvoicingHandles invoicing formatted for the Jinsui electronic tax reporting requirement.
- Manual Customer InvoiceEnters a customer invoice that originated outside the system.
- Print Consolidated InvoicePrints an invoice that groups multiple charges under one customer.
- South Korea Tax InvoiceIssues a tax invoice that meets South Korean tax reporting requirements.
- View South Korea Tax InvoicesDisplays a list of tax invoices issued under South Korean tax rules.
Will IFS Applications meet your customer invoices without customer order needs? Build your requirements and perform a full analysis.
Build my requirements →Expense Administration13
Covers employee expense reporting and reimbursement, including logging expenses on expense sheets, tracking travel requests and plans, and importing personal or company credit card transactions.
- Analyze Employee Expense InformationAnalyzes recorded employee expense data across periods or cost centers.
- Approve Employee Travel RequestRoutes an employee's travel request through manager approval.
- Authorize Employee ExpenseAuthorizes submitted employee expenses before reimbursement.
- Copy Expense SheetDuplicates an existing expense sheet to speed up entry of similar expenses.
- Define Travel Request ConfigurationConfigures the approval settings applied to employee travel requests.
- Analyze Employee Expense InformationAnalyzes recorded employee expense data across periods or cost centers.
- Approve Employee Travel RequestRoutes an employee's travel request through manager approval.
- Authorize Employee ExpenseAuthorizes submitted employee expenses before reimbursement.
- Copy Expense SheetDuplicates an existing expense sheet to speed up entry of similar expenses.
- Define Travel Request ConfigurationConfigures the approval settings applied to employee travel requests.
- Employee PaymentProcesses reimbursement payments owed to employees for approved expenses.
- Enter Employee ExpensesLets employees record work-related expenses on an expense sheet.
- Import Employee Credit Card TransactionsImports employee credit card transactions for matching against expense entries.
- Payment In FullSettles an employee's expense claim with a single full payment.
- Register Employee Travel PlansRecords planned employee travel ahead of a trip.
- Register Employee Travel RequestSubmits a formal request for approval of planned employee travel.
- Select Travel Option for Expense and Time RegistrationLets employees choose the travel option used when registering expenses and time.
Will IFS Applications meet your expense administration needs? Build your requirements and perform a full analysis.
Build my requirements →Customer Order Invoicing11
Generates invoices once goods on a customer order have been delivered, either automatically or manually, and supports advance, credit, rebate, and staged billing invoice types.
- Create Customer Correction InvoiceCreates an invoice that corrects an error on a prior customer order invoice.
- Create Customer Credit InvoiceIssues a credit invoice against a customer order.
- Create Customer Order Advance InvoiceBills a customer in advance of delivery on a customer order.
- Create Customer Order InvoicesGenerates invoices for customer orders that have been delivered.
- Create Prepayment Based InvoiceCreates an invoice based on a prepayment already received from a customer.
- Create Customer Correction InvoiceCreates an invoice that corrects an error on a prior customer order invoice.
- Create Customer Credit InvoiceIssues a credit invoice against a customer order.
- Create Customer Order Advance InvoiceBills a customer in advance of delivery on a customer order.
- Create Customer Order InvoicesGenerates invoices for customer orders that have been delivered.
- Create Prepayment Based InvoiceCreates an invoice based on a prepayment already received from a customer.
- Create Rebate Credit InvoiceIssues a credit invoice covering a rebate owed to a customer.
- Create Shipment Invoice for Customer OrdersGenerates an invoice tied to a specific shipment on a customer order.
- Create Staged Billing InvoiceBills a customer order in defined stages rather than all at once.
- Handle, Print and Post Customer Order InvoiceManages the printing and posting of a completed customer order invoice.
- Self-BillingSupports an arrangement where the customer generates invoices on behalf of the selling company.
Will IFS Applications meet your customer order invoicing needs? Build your requirements and perform a full analysis.
Build my requirements →Customer Payments25
Records customer payments received through banks, checks, bills of exchange, and direct debiting, and supports offsetting invoices against payments across single or multiple companies.
- Acknowledge Direct Debiting and Create PaymentConfirms a direct debiting collection and records the resulting payment.
- Cancel Customer Bill of ExchangeCancels a bill of exchange received from a customer.
- Cancel Customer CheckCancels a check received from a customer.
- Cancel Customer Payment OrderCancels a direct debiting order created for a customer.
- Cash Customer CheckRecords a customer check as cashed.
- Acknowledge Direct Debiting and Create PaymentConfirms a direct debiting collection and records the resulting payment.
- Cancel Customer Bill of ExchangeCancels a bill of exchange received from a customer.
- Cancel Customer CheckCancels a check received from a customer.
- Cancel Customer Payment OrderCancels a direct debiting order created for a customer.
- Cash Customer CheckRecords a customer check as cashed.
- Cash or Settle Customer Bill of ExchangeCashes or settles a bill of exchange received from a customer.
- Copy Customer CheckDuplicates an existing customer check entry for reuse.
- Create Bill of Exchange Transfer FileGenerates a file for transferring bills of exchange to a bank.
- Create Check Cashing ReportProduces a report listing checks that have been cashed.
- Create Customer Repayment OrderCreates an order to repay a customer an overpaid or credit balance.
- Create Customer Repayment ProposalGenerates a proposal listing customer balances due for repayment.
- Create Direct Debiting Payment OrderCreates a payment order to collect funds via direct debiting.
- Create Direct Debiting ProposalGenerates a proposal listing customer invoices to collect by direct debit.
- Create Payment Document ProposalGenerates a proposal for payment documents to be issued to customers.
- Customer Ledger Item RepostingReposts a customer ledger item to correct its accounting entry.
- Customer Offset ProposalGenerates a proposal for offsetting customer debit and credit invoices.
- Endorse Customer Bill of ExchangeEndorses a customer bill of exchange for transfer to a third party.
- Enter and Match Customer Bill of ExchangeRecords a customer bill of exchange and matches it to open invoices.
- Enter and Match Customer CheckRecords a customer check and matches it to open invoices.
- Manage Boletos - Bank Collection Bill - BrazilManages boleto bank collection bills used for customer payments in Brazil.
- Repeat Media OutputReprints payment media output that was previously generated.
- Reverse Cashing of Customer BoEReverses the cashing of a customer bill of exchange.
- Rollback Customer Bill of ExchangeRolls back a processed customer bill of exchange to an earlier state.
- Rollback Customer PaymentsReverses a customer payment that was already recorded.
Will IFS Applications meet your customer payments needs? Build your requirements and perform a full analysis.
Build my requirements →Depot Repair Invoicing4
Covers the invoicing steps for depot repair work, from creating the related customer order through reviewing costs and previewing the final invoice.
- Create Customer OrderCreates a customer order to bill for depot repair work.
- Create Invoice PreviewGenerates a draft view of a depot repair invoice before it is finalized.
- Review Cost and SalesReviews cost and sales figures for a repair job before invoicing.
Will IFS Applications meet your depot repair invoicing needs? Build your requirements and perform a full analysis.
Build my requirements →Financial Connector9
Integrates financial data between the system and an external financial platform, exchanging accounts, currency rates, customer and supplier records, invoices, and vouchers via APIs.
- Receive AccountImports chart of accounts data from an external financial system.
- Receive Code PartImports accounting code part values from an external financial system.
- Receive Currency RateImports currency exchange rates from an external financial system.
- Receive Customer InfoImports customer master data from an external financial system.
- Receive Supplier InfoImports supplier master data from an external financial system.
- Receive AccountImports chart of accounts data from an external financial system.
- Receive Code PartImports accounting code part values from an external financial system.
- Receive Currency RateImports currency exchange rates from an external financial system.
- Receive Customer InfoImports customer master data from an external financial system.
- Receive Supplier InfoImports supplier master data from an external financial system.
- Send Customer InvoiceSends customer invoice data to an external financial system.
- Send Supplier InvoiceSends supplier invoice data to an external financial system.
- Send VoucherSends voucher data to an external financial system.
Will IFS Applications meet your financial connector needs? Build your requirements and perform a full analysis.
Build my requirements →Financial Invoice e-Reporting9
Covers country-specific electronic invoice and tax reporting requirements, including formats and declarations used in Italy, Spain, and Brazil.
- E-invoice in FatturaPA format- ItalyGenerates electronic invoices in the FatturaPA format required in Italy.
- Incoming Nota Fiscal - BrazilProcesses incoming Nota Fiscal electronic invoices received in Brazil.
- LROE Report for spainProduces the LROE ledger report required by tax authorities in Spain.
- Outgoing Nota Fiscal - BrazilGenerates outgoing Nota Fiscal electronic invoices issued in Brazil.
- Report Modelo 347- SpainProduces the Modelo 347 annual transactions report required in Spain.
- E-invoice in FatturaPA format- ItalyGenerates electronic invoices in the FatturaPA format required in Italy.
- Incoming Nota Fiscal - BrazilProcesses incoming Nota Fiscal electronic invoices received in Brazil.
- LROE Report for spainProduces the LROE ledger report required by tax authorities in Spain.
- Outgoing Nota Fiscal - BrazilGenerates outgoing Nota Fiscal electronic invoices issued in Brazil.
- Report Modelo 347- SpainProduces the Modelo 347 annual transactions report required in Spain.
- Report Quarterly Tax Liquidation- ItalyProduces the quarterly tax liquidation report required in Italy.
- Report SII- SpainProduces the SII immediate supply of information report required in Spain.
- Spesometro Declaration Proposal- ItalyGenerates a Spesometro declaration proposal required for tax reporting in Italy.
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Build my requirements →Fixed Assets Accounting19
Manages the full lifecycle of company fixed assets, from acquisition and activation through depreciation, lease accounting, value adjustments, and eventual disposal, across multiple accounting books.
- Acquisition Value Adjustment per BookAdjusts an asset's acquisition value within a specific accounting book.
- Activate Fixed Asset ObjectChanges a fixed asset object's status to active.
- Activate Lease ContractActivates a lease contract so its accounting entries begin generating.
- Activate ObjectActivates an asset object to bring it into service for accounting.
- Calculate and Post DepreciationCalculates depreciation for fixed assets and posts the resulting entries.
- Acquisition Value Adjustment per BookAdjusts an asset's acquisition value within a specific accounting book.
- Activate Fixed Asset ObjectChanges a fixed asset object's status to active.
- Activate Lease ContractActivates a lease contract so its accounting entries begin generating.
- Activate ObjectActivates an asset object to bring it into service for accounting.
- Calculate and Post DepreciationCalculates depreciation for fixed assets and posts the resulting entries.
- Change Object ValueChanges the recorded value of a fixed asset object.
- Create Amortization ScheduleBuilds a schedule for amortizing an asset's value over time.
- Create Depreciation PlanSets up a plan defining how an asset's value declines over time.
- Create Recognition PostingCreates an accounting entry recognizing a capitalized asset value.
- Create and Post Lease Payable AccountingCalculates and posts the payable side of lease accounting entries.
- Create and Post Lease Periodical AccountingCalculates and posts periodic lease accounting entries such as interest and amortization.
- Deactivate ObjectChanges a fixed asset object's status to inactive.
- Dispose ObjectRemoves a fixed asset object from the books upon disposal.
- Fixed Assets Physical CountingRecords a physical count of fixed assets against system records.
- Import Lease Accounting Opening BalancesImports opening balances for leases carried over from another system.
- Modify Lease ContractUpdates the terms of an existing lease contract.
- Split, Move or Replace Fixed Asset ObjectSplits, relocates, or replaces a fixed asset object in the register.
- Terminate Lease ContractEnds an active lease contract and stops further lease accounting.
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Build my requirements →Costing8
Applies activity-based costing to calculate real product costs by connecting activities, resources, and cost centers, alongside part cost data, purchase costing, manufacturing cost allocation, and continuous kaizen costing.
- Analyze Cost CalculationAnalyzes the results of a part cost calculation to understand where costs come from.
- Cost CalculationCalculates the standard cost of a part based on its resources and activities.
- Define Part Cost DataDefines the cost data used as inputs to part cost calculations.
- Kaizen CostingTracks ongoing cost-reduction targets and progress for a part using kaizen costing.
- Maintain Costing DataMaintains the underlying costing data used across cost calculations.
- Analyze Cost CalculationAnalyzes the results of a part cost calculation to understand where costs come from.
- Cost CalculationCalculates the standard cost of a part based on its resources and activities.
- Define Part Cost DataDefines the cost data used as inputs to part cost calculations.
- Kaizen CostingTracks ongoing cost-reduction targets and progress for a part using kaizen costing.
- Maintain Costing DataMaintains the underlying costing data used across cost calculations.
- Manufacturing Cost AllocationAllocates manufacturing costs to the parts and activities that consumed them.
- Purchase CostingCalculates the landed cost of a purchased part.
Will IFS Applications meet your costing needs? Build your requirements and perform a full analysis.
Build my requirements →Group Consolidation5
Consolidates balance sheet and income statement figures across a group of companies, supporting multiple operational and legal reporting structures in parallel.
- ConsolidationRuns the consolidation process to combine financial results across group companies.
- Consolidation Balances AnalysisAnalyzes consolidated balances resulting from the group consolidation process.
- Reported Balance AnalysisReviews balances as reported by individual companies before consolidation.
- Transfer BalancesTransfers balances between companies as part of the consolidation process.
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Build my requirements →Sales Application for Payment9
Manages the process of applying for payment from customers for completed work, covering preparation, certification, invoicing, and matching of payments received.
- Allocate Payment on ApplicationAllocates a received payment against a specific application for payment.
- Cancel Payments on ApplicationCancels a payment previously recorded against an application for payment.
- Certify ApplicationCertifies the values submitted on an application for payment.
- Create Project InvoiceCreates a project invoice based on a certified application for payment.
- Match Payment with InvoiceMatches a received payment to its corresponding invoice.
- Allocate Payment on ApplicationAllocates a received payment against a specific application for payment.
- Cancel Payments on ApplicationCancels a payment previously recorded against an application for payment.
- Certify ApplicationCertifies the values submitted on an application for payment.
- Create Project InvoiceCreates a project invoice based on a certified application for payment.
- Match Payment with InvoiceMatches a received payment to its corresponding invoice.
- Prepare ApplicationPrepares an application for payment ahead of submission.
- Receive Payment on ApplicationRecords a payment received against an application for payment.
- Submit ApplicationSubmits a prepared application for payment for approval.
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Build my requirements →Invoicing and Closure5
Covers preparing, previewing, and finalizing sales invoices before they close out and post.
- Create Invoice PreviewGenerates a draft view of a sales invoice before it is finalized.
- Define or Generate Sales InformationDefines or generates the underlying sales data used to build an invoice.
- Handling Invoice PreviewReviews and processes a draft invoice preview prior to closure.
- Modify Invoice Preview InformationEdits details on a draft invoice preview before it is finalized.
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Build my requirements →Journal Entry5
Covers entering manual vouchers for the general and internal ledgers, importing external voucher transactions, and updating ledger and currency balances.
- Create Manual VoucherEnters a manual voucher directly into the general or internal ledger.
- Handle File External Voucher TransactionsImports voucher transactions from an external file into the ledger.
- Update Currency BalanceRecalculates ledger currency balances after new transactions post.
- Update General LedgerPosts approved vouchers to update the general ledger.
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Build my requirements →Maintenance Contractor Invoicing3
Covers billing arrangements for maintenance contractor work, from raising the related purchase order to generating payment lines.
- Create Payment LinesGenerates payment lines for work performed by a maintenance contractor.
- Create Purchase OrderCreates a purchase order to cover maintenance contractor work.
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Build my requirements →Parallel Accounting6
Maintains a secondary internal ledger alongside the general ledger, supporting manual postings, account matching, year-end settlements, and archiving.
- Archive Transaction Data - ILArchives historical internal ledger transaction data to free up active records.
- Create Manual Internal Ledger PostingEnters a manual posting directly into the internal ledger.
- Handle IL Year-End SettlementsProcesses year-end settlement entries for the internal ledger.
- Internal Ledger Account MatchingMatches internal ledger transactions against related accounts.
- Update Internal LedgerPosts approved transactions to update the internal ledger.
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Build my requirements →Period Reconciliation17
Covers period and year-end close activities, including consolidation preparation, cost allocation, currency revaluation, audit files, and closing balances between accounting years.
- Activate ProcedureActivates a defined reconciliation procedure so its steps can run.
- Archive Transaction Data - GLArchives historical general ledger transaction data to free up active records.
- Cleanup of Audit InformationRemoves outdated audit trail information that is no longer required.
- Close ProcedureCloses a reconciliation procedure once all its steps are complete.
- Create Accounting JournalGenerates an accounting journal summarizing period transactions.
- Activate ProcedureActivates a defined reconciliation procedure so its steps can run.
- Archive Transaction Data - GLArchives historical general ledger transaction data to free up active records.
- Cleanup of Audit InformationRemoves outdated audit trail information that is no longer required.
- Close ProcedureCloses a reconciliation procedure once all its steps are complete.
- Create Accounting JournalGenerates an accounting journal summarizing period transactions.
- Create Audit FileProduces a file of audit data for review or submission to authorities.
- Create Currency Difference ProposalGenerates a proposal for posting currency exchange differences.
- Create Period Profit or Loss VouchersCreates vouchers transferring period profit or loss to designated accounts.
- Create Voucher or InvoiceGenerates a voucher or invoice as part of a reconciliation procedure.
- Execute Currency RevaluationRuns currency revaluation to update account balances for exchange rate changes.
- Execute StepsRuns the individual steps defined within a reconciliation procedure.
- Handle Year End SettlementsTransfers closing balances from one accounting year into the opening balance of the next.
- Match General Ledger TransactionsMatches related general ledger transactions against each other for reconciliation.
- Query Currency RevaluationReviews the results of a completed currency revaluation run.
- Specify or Copy AllocationDefines or duplicates a cost allocation rule for periodic use.
- Specify or Copy StepsDefines or duplicates the steps within a reconciliation procedure.
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Build my requirements →Periodic Invoicing in Service Contractor Agreement4
Covers recurring billing under service contractor agreements, from defining the invoicing schedule to generating payment lines and transferring related transactions.
- Define Periodic InvoicingSets up a recurring invoicing schedule for a service contractor agreement.
- Generate Contractor Agreement Payment LinesGenerates payment lines owed under a service contractor agreement.
- Transfer Service TransactionsTransfers recorded service transactions into the invoicing process.
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Build my requirements →Project Accounting6
Tracks financial activity on projects originating from project or customer order modules, supporting revenue recognition forecasting, periodic capitalization, and project completion.
- Complete Financial ProjectMarks a project as financially complete once all transactions are closed.
- Create Revenue Recognition ForecastBuilds a forecast of revenue to be recognized on a project over time.
- Handle Periodical Capitalization and Revenue RecognitionProcesses periodic capitalization and revenue recognition entries for a project.
- Handle Project Completion DetailsRecords the financial details needed to close out a completed project.
- Query Revenue RecognitionReviews recognized and forecasted revenue amounts for a project.
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Build my requirements →Supplier Invoicing23
Handles entry, matching, authorization, and posting of supplier invoices against purchase orders, projects, or subcontracts, and updates the supplier ledger from external systems.
- Arrival Entry Supplier InvoiceRecords a supplier invoice at the point goods or services arrive.
- Authorization MonitoringTracks the authorization status of supplier invoices awaiting approval.
- Authorize Posting ProposalApproves a posting proposal so its supplier invoice entries can post.
- Authorize Supplier Invoices for PaymentApproves supplier invoices to release them for payment.
- Automatically Match Invoice with Project TransactionsAutomatically links a supplier invoice to related project transactions.
- Arrival Entry Supplier InvoiceRecords a supplier invoice at the point goods or services arrive.
- Authorization MonitoringTracks the authorization status of supplier invoices awaiting approval.
- Authorize Posting ProposalApproves a posting proposal so its supplier invoice entries can post.
- Authorize Supplier Invoices for PaymentApproves supplier invoices to release them for payment.
- Automatically Match Invoice with Project TransactionsAutomatically links a supplier invoice to related project transactions.
- Automatically Match Supplier Invoice with PO at ArrivalAutomatically matches a supplier invoice against a purchase order upon arrival.
- CIS Verification ProposalsGenerates verification proposals under the Construction Industry Scheme.
- Cancel Supplier InvoiceCancels a previously entered supplier invoice.
- Create Supplier Debit or Credit NotesCreates a debit or credit note against a supplier invoice.
- Data Capture for Supplier InvoicesCaptures invoice data from incoming supplier documents for entry into the system.
- Enter Invoice Automatic Posting RuleDefines a rule that automatically posts supplier invoices meeting set conditions.
- External Supplier InvoicesBrings supplier invoices created in another system into the ledger.
- Final Posting of Posting ProposalCompletes the final posting of an approved supplier invoice proposal.
- Manage Posting ProposalReviews and adjusts a supplier invoice posting proposal before approval.
- Match New PO ReceiptsMatches newly received purchase order goods against pending supplier invoices.
- Match Supplier Invoice with Project TransactionsMatches a supplier invoice against related project cost transactions.
- Match Supplier Invoice with Purchase OrderMatches a supplier invoice against its originating purchase order.
- Match Supplier Invoice with Sub Contract Payment CertificatesMatches a supplier invoice against subcontract payment certificates.
- Outgoing Supplier InvoiceSends a supplier invoice record to a connected external system.
- Post Supplier InvoicePosts an approved supplier invoice to the ledger.
- Supplier E-invoice ProcessReceives and processes supplier invoices submitted electronically.
- Supplier Invoicing NotificationsSends notifications on the status of supplier invoices as they move through processing.
Will IFS Applications meet your supplier invoicing needs? Build your requirements and perform a full analysis.
Build my requirements →Supplier Payments28
Manages payments to suppliers through checks, bills of exchange, and electronic transfer, and supports netting and offsetting between supplier and customer balances.
- Acknowledge Payment ProposalConfirms a supplier payment proposal so payments can be created.
- Acknowledge and Create PaymentConfirms a payment proposal and generates the resulting supplier payment.
- Calculate Supplier Interest ProvisionCalculates a provision for interest owed on overdue supplier balances.
- Cancel NettingCancels a netting arrangement between customer and supplier balances.
- Cancel Payment OrderCancels a supplier payment order before it is processed.
- Acknowledge Payment ProposalConfirms a supplier payment proposal so payments can be created.
- Acknowledge and Create PaymentConfirms a payment proposal and generates the resulting supplier payment.
- Calculate Supplier Interest ProvisionCalculates a provision for interest owed on overdue supplier balances.
- Cancel NettingCancels a netting arrangement between customer and supplier balances.
- Cancel Payment OrderCancels a supplier payment order before it is processed.
- Cancel Supplier Bill of ExchangeCancels a bill of exchange issued to a supplier.
- Cash CheckRecords a check issued to a supplier as cashed.
- Cash or Settle Supplier Bill of ExchangeCashes or settles a bill of exchange issued to a supplier.
- Create Check PaymentCreates a check payment to a supplier.
- Create Electronic Payment OrderCreates an electronic payment order to transfer funds to a supplier.
- Create Payment Method PlanDefines a plan specifying which payment method to use for supplier payments.
- Create Payment ProposalGenerates a proposal listing supplier invoices due for payment.
- Create Supplier Bill of Exchange PaymentCreates a bill of exchange payment to a supplier.
- Enter Correction ChecksRecords a correction check issued to a supplier.
- Enter Planned Non-Supplier PaymentRecords a planned payment to a payee outside the standard supplier ledger.
- Enter Recurring Supplier PaymentSets up a recurring payment to be issued to a supplier on a schedule.
- Enter and Match Supplier Bill of ExchangeRecords a supplier bill of exchange and matches it to open invoices.
- Enter and Match Supplier CheckRecords a supplier check and matches it to open invoices.
- Net AP and ARNets amounts owed to and by a party across accounts payable and receivable.
- Print Supplier Bill of ExchangePrints a bill of exchange document issued to a supplier.
- Print Supplier CheckPrints a check document issued to a supplier.
- Reverse Cancelled CheckReverses the accounting entries for a check that was cancelled.
- Reverse Cashed CheckReverses the accounting entries for a check that was already cashed.
- Rollback Supplier Bill of ExchangeRolls back a processed supplier bill of exchange to an earlier state.
- Rollback Supplier PaymentReverses a supplier payment that was already recorded.
- Supplier Ledger Item RepostingReposts a supplier ledger item to correct its accounting entry.
- Supplier Offset ProposalGenerates a proposal for offsetting supplier debit and credit invoices.
Will IFS Applications meet your supplier payments needs? Build your requirements and perform a full analysis.
Build my requirements →Tax Reporting6
Prepares and submits legal tax reports to tax authorities based on transactions posted to the tax ledger, covering proposal creation, reconciliation, and output generation.
- Clear Tax Account BalancesClears balances on tax accounts once reporting is complete.
- Create Tax ReconciliationReconciles tax ledger transactions against reported tax amounts.
- Handle Tax ReportingGenerates and manages the output of a legal tax report.
- Input Service DistributionDistributes input tax service costs across relevant cost centers or units.
- Prepare Tax ReportingBuilds a tax report proposal from transactions posted to the tax ledger.
Will IFS Applications meet your tax reporting needs? Build your requirements and perform a full analysis.
Build my requirements →Work Order Invoicing3
Covers invoicing for costs and revenue recorded against work orders.
- Define or Generate Revenue InformationDefines or generates the revenue data used to bill a work order.
- Handle InvoicingManages the invoicing process for completed work order activity.
Will IFS Applications meet your work order invoicing needs? Build your requirements and perform a full analysis.
Build my requirements →Other capabilities12
- E-reportingReports electronic invoice data to tax or regulatory authorities as required.
- Voucher Queries Hold TableQueries vouchers waiting in the hold table before they post to the ledger.
- Generate Metering InvoicesGenerates customer invoices calculated from recorded meter usage.
- Invoice ContractsProduces an invoice for a contract based on its agreed billing schedule.
- Invoice Service ProjectGenerates an invoice for costs and work recorded against a service project.
- E-reportingReports electronic invoice data to tax or regulatory authorities as required.
- Voucher Queries Hold TableQueries vouchers waiting in the hold table before they post to the ledger.
- Generate Metering InvoicesGenerates customer invoices calculated from recorded meter usage.
- Invoice ContractsProduces an invoice for a contract based on its agreed billing schedule.
- Invoice Service ProjectGenerates an invoice for costs and work recorded against a service project.
- Close Contractor OrderCloses a contractor order once its work and billing are complete.
Will IFS Applications meet your other capabilities needs? Build your requirements and perform a full analysis.
Build my requirements →The IFS Applications Evaluation Kit
An independent assessment of IFS Applications — strengths, gaps and real pricing — plus a requirements template you can score its finance & accounting against alongside every other system on your shortlist.
IFS Applications Evaluation Kit
2026 Edition · PDF guide + XLSX template
ERP Research
- Buyer's guide (PDF): IFS Applications independently assessed — where it is strong, where it is not, and what it actually costs
- Requirements template (XLSX): weight your requirements and score vendors side by side
- Built to work with the 87 finance & accounting capabilities scored on this page
- The questions to put to the vendor and to implementation partners
IFS Applications Evaluation Kit
IFS Applications add-ons & integrations
Extend IFS Applications with best-of-breed software that integrates with it:
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Finance & Accounting coverage across the systems most often shortlisted alongside it, scored against the same capability list.
| Area |  |  |  |  |  |  |  | |
|---|---|---|---|---|---|---|---|---|
| Core Accounting | 7+3/12 | 9+2/12 | 8+2/12 | 11+1/12 | 10+1/12 | 12/12 | 11+1/12 | 9+2/12 |
| Accounts Receivable | 5+1/8 | 4+1/8 | 2+3/8 | 5+2/8 | 5+3/8 | 6+1/8 | 6+1/8 | 7+1/8 |
| Asset & Tax | 7+2/12 | 5+1/12 | 6+2/12 | 7/12 | 5+2/12 | 7+3/12 | 8+2/12 | 8+3/12 |
| Financial Planning | 5+4/11 | — | 2+5/11 | 2+5/11 | 7+2/11 | 5+3/11 | 5+3/11 | 6+4/11 |
| Closing & Audit | 5+2/10 | 3+4/10 | 5+2/10 | 2+3/10 | 6+1/10 | 6+2/10 | 3+4/10 | 6/10 |
| Treasury & Cash Management | 3+2/8 | 3+1/8 | — | 4+1/8 | 6+2/8 | 4+2/8 | 4+1/8 | 6+1/8 |
| Accounts Payable | 3+1/8 | 4+2/8 | 4+2/8 | 5+2/8 | 5+1/8 | 5+2/8 | 5/8 | 3/8 |
| Compliance & Regulatory | 2+2/8 | 2+1/8 | 3+2/8 | 3+1/8 | 4/8 | 3+1/8 | 2+1/8 | 2+2/8 |
| Industry-Specific Finance | 1+1/10 | — | — | — | 6+1/10 | — | — | — |
Each cell reads confirmed+partial/scored. Grey reflects capabilities our research has not confirmed either way — it is not a finding that a product lacks them.
Finance & Accounting — strength by vendor
| Vendor | Strength | Best for | Starting price | Implementation | Actions |
|---|---|---|---|---|---|
| ★★★ strong | Mid-market and standardised enterprises wanting fast time-to-value | $180/user/mo | 3–6 months | |
| ★★★ strong | Large, complex enterprises needing deep customisation and controlled upgrades | Custom | 6–18 months | |
| ★★★ strong | Small to midsize businesses wanting SAP reliability | $95/user/mo | 3–6 months | |
| ★★★ strong | Midsize companies or subsidiaries needing cloud-first SAP | $120/user/mo | 4–8 months | |
 | ★★★ strong | Fast-growing mid-market companies wanting unified cloud ERP | $99/user/mo | 4–9 months | |
 | ★★★ strong | Large enterprises moving from on-premise Oracle to cloud | Custom | 9–18 months | |
| ★★★ strong | Mid-to-large companies in the Microsoft ecosystem | $50/user/mo | 6–14 months | |
| ★★★ strong | Midsize companies wanting unlimited users and flexible cloud ERP | Custom | 4–8 months |
Evaluating finance & accounting on IFS Applications
What to put in front of the vendor before you commit.
- 1Multi-entity and multi-currency support
- 2Real-time financial consolidation
- 3Automated revenue recognition (ASC 606)
- 4Built-in audit trails and compliance controls
- 5Integration with banking and payment systems
IFS Applications starts at $100/user/mo with a typical total cost of $200K–$1M+ and a 6–14 months implementation.
Full IFS Applications pricing breakdown →Need help evaluating IFS Applications finance & accounting?
Tell us what you need it to do and we'll help you work out whether IFS Applications is the right fit — and which partners have done it before.
IFS Applications Finance & Accounting FAQ
Is IFS an accounting system?
Not primarily — IFS Applications is a full ERP with a strong built-in financial management module (general ledger, AP/AR, multi-entity consolidation), but its core differentiator is deep integration between finance and enterprise asset management (EAM), field service, and project-based manufacturing. Companies choose IFS mainly for that combined ERP+EAM+FSM footprint rather than for accounting alone.
What is IFS accounting software used for?
IFS's finance module handles general ledger, accounts payable/receivable, and financial reporting as part of the broader IFS Applications ERP, rated strong overall. It's most valuable when finance needs to tie directly to asset costs, project accounting, and field service work orders — common in asset-intensive industries like aerospace & defense, oil & gas, and construction, which is where IFS specializes.
Other IFS Applications modules
Explore IFS Applications by industry & company size
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