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BlueSky Financials

A web-based software system designed by First Option Inc..
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First Option provides a fully integrated financial application suite supported by an on-line help desk with over 200 knowledge base items, manuals, and video based training. The help desk and training is supported by IT professionals with over 20 years’ experience. Our software development team can create or assist in providing conversion and interface programs to facilitate data flow from other business critical applications. Our products are offered on a subscription basis in the Cloud or can be installed on a customer’s IBM iSeries.

First Option has significant resources and expertise in application development. Many of our customers are software developers themselves who value the depth of knowledge that First Option can deliver. First Option provides services ranging from high level consultative engagements through full project ownership. Many of our customers use these services to augment their existing development staff to enhance and/or integrate other application software as well modernize their legacy applications.

Our applications run on an IBM i, a successful and enduring business computing platform with a reputation for reliability and proven ability to deliver rich business applications. All of our systems are housed in data centers that provides a secure environment and 24/7 infrastructure. Our help desk is staffed with highly trained individuals who perform a number of roles and responsibilities outlined in our service level agreements. Many of our customers consolidate all of their IBM i applications on our systems as part of the financial application implementation.

Accounts Payable

Proper management of Accounts Payable can increase your company’s profitability, prevent costly errors and save time. The high speed, user friendly data entry programs perform on-line verification of all input, thereby reducing the possibility of errors, preventing duplicate payments and insuring accurate General Ledger data. Cash requirements can be analyzed in minutes, allowing you to take advantage of available discounts.

Extensive inquiries provide immediate access to vital vendor information, including a detailed invoice and payment history. Integration with the FIRST OPTION BLUESKY (formerly Daprex) Purchasing, Fixed Assets and General Ledger applications supplies the necessary links to ensure accurate data flowing across the database.

Management Tools:

  • Multi-corporate, divisional, departmental and job structure.
  • Concurrent period processing.
  • Instantaneous General Ledger update.
  • Powerful check writing capabilities.
  • Electronic disbursements.
  • Check reconciliation.
  • Instantaneous retrieval of vendor data via inquiries.
  • Aged accounts payable by vendor.
  • Detailed invoice and payment ledger.
  • Drill down to PO receipts as applicable.
  • 12 month purchase and discount history.
  • Check History.
  • Vendor 1099 reporting.
  • Automated intercompany accounting and distribution of expenses.
  • Supervisory management of entry/edit/update functions.
  • Purchase Order# reporting sub-system.
  • Security module limits access by user/menu option.
  • User/Entity security at the Corp/Div/Dept/Job/Acct# levels.

Functions:

  • Graphical User Interface.
  • Desktop Integration.
  • Simplified data entry provides single entry update to related files.
  • On-Line batch control totals and verification of all vendor data.
  • Predefined vendor defaults -division, department, job, payment terms, discount percentage.
  • Duplicate invoice and manual check detection.
  • Simultaneous entry for multiple accounting periods.
  • Unlimited expense distributions per invoice.
  • Invoice temporary hold, hold or pay immediate status.
  • Intercompany assignment of payables.
  • Automatic allocation of expenses according to predetermined percentages.
  • Multi-currency entry.
  • Recurring accounts payable entry -variable frequencies.
  • Invoice line comment entry.
  • Manual Check entry.
  • Void check procedure.
  • One-time vendor name entry for manual checks.
  • Temporary vendors for computer checks.
  • Quick Check processing.
  • Check & Electronic Payment Processing.
  • Optional selection by cutoff due date.
  • Partial and on-account payments.
  • Multiple checks per vendor as requested.
  • Visual selection and approval mode.
  • Check reprint capability.
  • Electronic payment remittance advices.
  • Check Reconciliation sub-system.
  • Comprehensive vendor inquiries.
  • Accessible by vendor#, name, invoice# and check#.
  • Vendor open invoices.
  • Aged accounts payable.
  • 12 month vendor purchases and discounts history.
  • Detailed check history.
  • Purchase and Disbursement Journal Inquiries.
  • Flexible month end closing.

Reporting:

  • Open Accounts Payable reports.
  • Detail and summary listings available.
  • Current open invoices or due date selection.
  • Cash requirements.
  • Month end A/P schedule.
  • Monthly Purchase and Disbursements Journals -detail & summary.
  • Monthly check registers.
  • Detailed vendor ledger history.
  • 12 month vendor activity.
  • Check reconciliation listings.
  • Cash in Bank Reconciliation.
  • Vendor 1099 forms and reporting.
  • Purchase Order# reporting.

Accounts Receivable

Proper management of Accounts Receivable has a positive impact on cash flow and reduces bad debt. An accurate and up-to-date aged receivables listing can identify delinquent accounts and assist your credit department in maintaining control of those situations. Customer balances are re-aged daily and statements can be printed on demand. Finance charges can be applied to selected accounts.

Extensive inquiries provide immediate access to vital customer information, including aged A/R detail and a complete invoice and payment history. Integration with the FIRST OPTION BLUESKY FINANCIAL (formerly Daprex) Internal Note System provides a powerful tool for maintaining a tickler file for credit tracking.

Management Tools:

  • Open item system enables accurate receivables aging.
  • Daily aging of invoices immediately identifies overdue accounts.
  • Ability to set and monitor customer credit limits.
  • On-demand summary and detail aging reports.
  • Interactive screen inquiries provide access to detailed customer information.
  • Powerful cash receipts processing.
  • Finance charge billing.
  • Monthly detailed Sales Journal inquiry.

Functions:

  • Graphical User Interface.
  • Desktop Integration.
  • Six user-defined aging categories.
  • Customer verification with each entry.
  • Automatic due date and discount calculation.
  • Flexible cash receipts processing.
    • Multiple deposit accounts.
    • Access by customer account#, name, invoice#, or invoice amount.
    • Full, partial and on-account payments.
    • Manual or automatic discount computation.
    • Multiple write-offs and adjustments per invoice.
    • Charge back processing.
  • Selective statement cycles.
  • Instantaneous retrieval of customer data via screen inquiries.
    • Access by customer#, name and/or zip code.
    • Aged account detail by aging category.
    • Unlimited customer invoice and cash receipts history.
    • Delinquent account status.
  • Note tickler file entry, inquiry and reporting.
  • Sales tax reporting.
  • Integration with the FIRST OPTION BLUESKY FINANCIAL (formerly Daprex) General Ledger.

Reporting:

  • Daily and monthly invoice registers.
  • Daily and monthly cash receipts journals.
  • Monthly cash adjustment analysis.
  • Monthly Sales Journal G/L detail.
  • Accounts Receivable Listing.
    • Summary and detail reports available on demand.
    • Aging by salesman.
    • Selected customers and aging categories.
  • Credit limit reporting.
  • Statement processing. * Selected aging categories. * Weekly, monthly, and on-demand.
  • Customer ledger history.
  • Customer labels.

Cash Management

Proper management of non-A/R cash receipts can have a positive impact on your cash flow position as well as provide a wealth of data for internal analysis.

Extensive on-line inquiries provide immediate access to miscellaneous cash receipts history by date or accounting period. Complete integration with the FIRST OPTION BLUESKY FINANCIAL (formerly Daprex) General Ledger/400 application provides the necessary links to make information flow more smoothly, while insuring the integrity of your financial data base.

Management Tools:

  • Multi-corporate, divisional, departmental and job structure.
  • Instantaneous retrieval of deposit history via inquiries.
    • By revenue or bank account.
    • Selected accounting period or deposit date.
  • On demand historical reporting.
  • Simplified data entry provides single entry update to related accounts.
  • Automated intercorporate transaction processing.
  • Multiple account distributions.
  • Optional Donor Tracking module.
  • Integration with FIRST OPTION BLUESKY FINANCIAL (formerly Daprex) General Ledger.

Functions:

  • Graphical User Interface.
  • Desktop Integration.

Reporting:

  • On demand Miscellaneous Cash Receipts history.
    • By date.
    • Selected accounting period.
  • General Ledger Cash Receipts Journal.

Fixed Assets

The FIRST OPTION BLUESKY FINANCIAL (formerly Daprex) Fixed Asset system provides comprehensive fixed asset management. Assets can be tracked by entity with an enormous amount of detailed information at your fingertips.

Asset product numbers, categories, classes, and types allow you to create a structure to correspond with your inventory if necessary and to meet all of your fixed asset needs. Fixed assets can be assigned serial, contract, and model numbers to fine tune asset management. Ownership and status codes define each asset’s useful life as well as its disposal. Salvage and residual value are maintained for fully depreciated assets.

Full blown depreciation and amortization schedules are included, including forbearance and capitalization. Maximum capitalization amounts per asset as well as forbearance or under construction months are available. Complete integration with the FIRST OPTION BLUESKY Accounts Payable and General Ledger applications insures timely and accurate recording of all monthly fixed asset depreciation transactions.

Management Tools:

  • Multi-entity, multi-location capability.
  • An accurate picture of current fixed asset status including:
    • Depreciated
    • Disposed
    • Under construction
    • Dropped
  • Fifteen position alpha-numeric product number.
  • UPC code or alternate item number (Hot Key).
  • Five tiered asset structure: asset#/product#/category/class/type.
  • Depreciation terms.
  • Capitalization limits, interest amounts, and dates.
  • Forbearance months used.
  • Fully integrated with FIRST OPTION BLUESKY General Ledger system.

Functions:

  • Graphical User Interface.
  • Desktop Integration.
  • Track purchase price and date.
  • Useful life and depreciation months.
  • Residual and salvage values.
  • Asset identification by:
    • Location
    • Contract
    • Serial number
    • Model number
  • Individual ownership association by asset.
  • User defined depreciation begin date if not equal to acquisition date.
  • First month depreciation can include prior periods.
  • Automatic General Ledger transactions.
  • Real time asset status codes.

Reporting:

  • Assets by General Ledger account including:
    • Purchase price and date
    • Asset number
    • Product number
    • Current value
    • Monthly depreciation value
    • Totals by entity and General Ledger account.

General Ledger

General Ledger is the heart of the FIRST OPTION BLUESKY FINANCIAL (formerly Daprex) applications, serving both corporate and not-for-profit institutions. It validates and collects data from all the integrated systems, resulting in a comprehensive database for all financial analysis. The ability to run monthly financial statements enables management to keep a finger on the pulse of the ever changing financial status. Detailed current, historical, budget and forecast data is maintained for comparative reporting.

The General Ledger’s flexible framework lets you mirror your own structure, providing the means by which to present the data according to internal reporting requirements. A comprehensive set of on-demand reports and inquiries combined with a powerful, yet easy to use system, furnishes crucial financial information on an as needed basis. Complete integration with the other FIRST OPTION BLUESKY FINANCIAL (formerly Daprex) applications assures accurate and timely recording of financial data.

Management Tools:

  • Multi corporate, divisional, departmental and job structure.
  • Standard chart of accounts shared by all entities.
  • Automated inter-company accounting.
  • Multifaceted reporting:

    • 999 user-defined financial statement formats.
    • Report cloning capability.
    • Multi-level detail and summary listings.
    • Variable consolidations.
    • Fiscal year crossover reporting.
    • Comparative reporting - current versus prior year.
    • Predefined report selections and descriptions.
    • Report Writer.
  • Immediate access to inquiries.

    • P&L and Balance Sheet - multi-level.
    • Account detail.
    • Subsidiary journal detail.
    • Drill down to journal entry detail.
  • Comprehensive budget sub-system.

    • Multi-year budgets/forecasts with allocation options.
    • Detailed monthly budgeting by account.
    • Forecast revision entry and history.
    • Multiple forecast versions.
    • Budget/forecast cloning with % increase/decrease.
    • Ongoing update of actual to forecast.
    • Reporting includes actual vs. budget, actual vs. forecast and budget vs. forecast.
    • Predefined report selections and descriptions.
  • Automatic or manual allocation of expenses across cost center boundaries.
  • User-controlled fiscal closing and reopening cycle with automatic regeneration of opening balances.
  • Security module limits access by user/menu option and Corporation/Division/Department/Job/Account.

Functions:

  • Graphical User Interface.
  • Desktop Integration.
  • On-line verification of all input.
  • Multi-period processing.
  • Standard, recurring and automatic reversing entries.
  • High speed data entry via contra account processing.
  • Automatic or manual allocation of G/L entries across corporate/divisional/departmental/job entities.
  • Detailed account audit trails.
  • Interim financial statements.

Reporting:

  • Chart of Accounts
    • Actual, budget and forecast listings.
  • Detailed General Ledger
    • Available for any contiguous period.
    • Select accounts, journals and/or JE descriptions.
    • Prior month balance forward option.
  • Trial Balance
    • 12 month spread analysis for all or selected accounts.
    • Corporate, divisional, departmental, and job listings.
  • Financial Statements:

    • Balance Sheet.
    • Profit & Loss statement.
    • Two year comparative data.
    • Selective or full consolidation.
    • Divisional, departmental and job level P&Ls.
    • Complete supporting data.
    • One step selection of all reports for processing.
    • User defined report descriptions.
  • Budgeting:
    • Monthly budget variance.
    • Actual/budget performance analysis with quarterly projections.
    • Actual vs. budget, actual vs. forecast and budget vs. forecast comparative reporting.
    • Budget worksheet.
    • Budget change history.

Inventory

The FIRST OPTION BLUESKY FINANCIAL (formerly Daprex) Inventory System provides real-time on-line access to vital inventory information. Both single and multiple warehouse operations can benefit from the systems’ extensive inquiries, supplying product availability, costing, and sales data at each location. For the multi-warehouse installation, data entry for products is kept to a minimum using a warehouse build utility that allows for automatic duplication of product data and cloning of warehouse information. A system profile enables unique tailoring for special environments. Specialized versions deal with products requiring lot or variable weight tracking.

A comprehensive Physical Inventory sub-system permits complete or selective physical counts to be performed without disrupting daily operations, while still providing accurate period ending figures. Complete integration with the other FIRST OPTION BLUESKY FINANCIAL applications insures timely and accurate recording of inventory transactions.

Management Tools:

  • Multi-corp, multi-warehouse capability.
  • An accurate picture of current inventory status includes on-hand, available to sell, and on-order quantities at each warehouse.
  • Fifteen position alpha-numeric product number.
  • UPC code or alternate item number (Hot Key#).
  • Up to seven levels of warehouse location for stock management including optional assignment of default picking, stocking, and receiving locations.
  • Un-released status for items awaiting inspection or approval.
  • 12 month movement history to spot selling trends and project inventory needs.

Functions: * Graphical User Interface. * Desktop Integration. * Multiple unit of measure capability for pricing, purchasing, sales and inventory reporting. * Physical inventory sub-system. * Ability to perform selective physical inventories. * Standard unit of measure count entry, (i.e. cases), as well as eaches. * Provides reconciliation between physical count and perpetual quantities. * Updates perpetual quantity and value. * Optional update of average cost. * Automated inventory receipts and adjustments. * Inter-warehouse transfers which may be initiated and closed from either the sending or receiving warehouse with tracking of exception inventory. * Instantaneous recalculation of average cost. * Inventory transaction history for all receipts, sales and adjustments. * Optional multi-step receiving of merchandise into unassigned locations for later allocation. * Intra-warehouse transfers of merchandise from one location to another. * Access to current inventory data via on-line stock status inquiry. * Stock inquiry showing on-hand, available, customer order, and on purchase order quantities. * Average cost and inventory value. * 12 month usage history. * Multi-warehouse capability.

Reporting:

  • Stock status.
  • Stock availability.
  • Inventory valuation.
  • Receipts, adjustments and transfer summary.
  • Physical inventory count sheets and/or tickets.
    • Available by corporation, warehouse, product category, product number, vendor, or warehouse location.
  • Inventory variance.
  • 12 month sales.
  • Inventory projection report.

Purchasing

The FIRST OPTION BLUESKY FINANCIAL (formerly Daprex) Purchasing System provides real-time on-line access to rapidly changing purchasing information. The system has been designed to offer the purchasing agent tremendous flexibility in the types and methods of information retrieval inherent to the purchasing function. The purchasing agent has instant access to all order and receipt data and the ability to access this information by P.O number, Vendor, Product, Agent, Date, etc.

A comprehensive Requisition sub-system permits the purchasing function to be decentralized by allowing users to enter and inquire on their own orders. This gives the users the power to control their own ordering environment, and allows the purchasing agent to focus less on routine questions and more on competitive pricing and ordering techniques.

The Purchasing system is fully integrated with the other FIRST OPTION BLUESKY FINANCIAL (formerly Daprex) Systems.

Management Tools: * Multi-corp, multi-warehouse capability. * Automatic retrieval of last cost and purchasing unit of measure data. * Purchasing and receiving history maintained by vendor and by product. * Critical stocking reporting. * Departmental requisition sub-system. * User-defined supervisory level controls. * Fully integrated with the FIRST OPTION BLUESKY FINANCIAL Inventory Control, Accounts Payable and General Ledger systems.

Functions:

  • Graphical User Interface.
  • Desktop Integration.
  • System-assigned P.O. numbers - a set for all or individual corporations.
  • Optional use of vendor’s product# on purchase order.
  • Ability to order non-inventory items.
  • Standard P.O. text and variable comments.
  • Standard P.O. charges.
  • Ability to link customer orders to P.O.S to expedite receipt processing.
  • Variable purchasing and pricing units of measure.
  • Exception basis receipts processing reduces keying time.
  • Multiple receipts against one P.O.
  • Back order and cancel processing for unshipped items
  • Adjustable costing at receipt time.
  • Direct update to on-hand quantities and average cost.
  • Optional Accounts Payable interface.
  • Purchasing history inquiry on open, closed, and in progress P.O.S.
  • P.O. historical analysis inquiries - 24 months.
  • On-line costing history by product and vendor.
  • Requisition sub-system:
    • Tracks inventory and purchase requisitions.
    • Departmentalized requisition entry.
    • Departmental profile of products most commonly ordered.
    • High speed entry based on departmental product profile.
    • Requisition status inquiry.
    • G/L interface for inventory requisitions.

Reporting:

  • Purchase Orders.
  • Open purchases - by product or vendor.
  • Purchase Order History Report.
  • Overdue Purchase Orders.
  • Critical stocking level reporting.
  • Departmental requisition status.
  • Overdue Purchase Orders.
  • P.O. historical analysis reporting by product, vendor, warehouse, product category and agent.

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