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Reengineer your shipping GL coding processes
General Ledger Coding makes financial reporting more precise. However, many businesses struggle with the administrative strain and complexity that comes with it. Especially in the case of FedEx, UPS and DHL invoices.
Shipments tendered incorrectly, with the incorrect reference fields and on the wrong account, represent 2 to 20% of all shipments. When this happens, related invoice charges must be reconciled manually, which wastes valuable time and leaves room for human error. There’s a better way.
The Share a Refund General Ledger Coding service (GLC) automates the process of general ledger coding even on the messiest freight invoices. GLC handles the most complex GL coding logic like a pro.
A new standard for GL Coding of freight invoices
How it works
GL Coding Rules created within the GLC section of your Share a Refund account govern how shipping charges are routed into cost centers and work together to handle exceptions seamlessly. Once the GL coding rules are set, GLC matches invoice data with internal codes, validating each cost component.
Take for example GL coding logic that targets the reference field on a shipping invoice, and a one-off shipment with a missing reference field. This creates a problem. The shipment is not easily coded. The shipment must be reconciled manually or it’s routed to the incorrect cost center. With GLC, a secondary rule targeting a different attribute of the shipment routes the shipment into the correct cost center.
How secondary rules work
Think of linked rules like lower priority rules that target other attributes of a shipment to help handle the exceptions. In the case of the GL code example above, where the reference field is missing, a secondary rule targeting the ship-from-location correctly routes the charges into the appropriate cost center.
Attributes available for coding logic
GL account code logic for attributes
“Share a Refund GLC has lowered my stress levels! I’ve spent less time on data maintenance and more time on turning the data into actionable insights for my business.”
Per freight invoice cost component
$ 0.02 per cost component
Works at any volume
Handles exceptions automatically
No start up costs
Supports complex GL coding logic
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