Magaya Software Accounting Manual

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ACCOUNTING CONFIGURATION COST CONFIGURATION You can add prefixes and suffixes to the numbers: Click the “Set” button. In the dialog box that opens, enter the information you want to display for the specific accounting document. Save your settings. Note: To set document numbers for operations and sales documents such as Warehouse Receipts, Sales Orders and Bookings, please see the Configuration setting for Document Numbers. Cost Configuration This tab contains settings for inventory costing methods and landed costs. This setting affects the invoicing, the accounts for Inventory Assets, for Cost of Goods Sold, and the balance sheet. This is an advanced accounting function. We recommend that you ensure you understand how this will change your accounting system before making any changes here. Default Costing Method: 145
ACCOUNTING CONFIGURATION COST CONFIGURATION Select the default inventory costing method your company uses: by specific identification or by average cost for new items added to your system. This setting is global for your whole Magaya system. Individual costing methods can be set on each inventory item definition if you want to set only at the item level, not apply one method system-wide. • Specific Identification: When items are sold according to the Specific Identification cost method, creating an Invoice for the items will cause the system to remove the exact amount that was assigned to the Asset account. • Average Cost: When items are sold according to the Average Cost method, creating an Invoice for the items will cause the system to remove an average amount from the Assets account and transfer it to the Cost of Goods Sold Account. This averages out the costs of the items bought at different prices perhaps at different times or from different suppliers. For details on costing methods, please see the section “Average Cost” in the Magaya Software Accounting Manual. Landed Cost: The Landed Cost setting generates asset adjustments for the additional charges found in Purchase Orders (PO) when the PO’s are billed. When you check this option, also decide how to prorate the charges, by cost or by pieces. Save. Next, go to the “Items & Services” list. - Select the service charge such as Inland Freight Cost, and double-click to open it. - On the tab “Landed Cost,” check the box to include this non-inventory charge in Landed Cost. (Note: This tab only appears when configured to activate it.) What will happen: When a PO is created with this Inland Freight charge, the charge will be distributed across the items in the list. See the PO dialog box to view how the costs are prorated. Tip: Right-click in the Commodities screen of the PO to choose the columns if needed to view them. When a PO with charges for landed costs is billed, the Bill for the other charges will also contain an asset adjustment. 146
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MagayaSoftware AccountingManual Gui
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7. Accounts Payable . . . . . . . .
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1. HOW TO USE THIS MANUAL INTRODUCT
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2. Magaya Accounting System Overvie
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ACCOUNTING FOLDER OVERVIEW - Add Bi
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3. ACCOUNTING WIZARD ACCOUNTING WIZ
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ENTER INFORMATION IN THE ACCOUNTING
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ENTERING OPENING BALANCES ENTER INF
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ENTERING OPENING BALANCES ENTER INF
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4. CHART OF ACCOUNTS INTRODUCTION 4
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ADD TO THE CHART OF ACCOUNTS • Ex
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CONFIGURE DEFAULT ACCOUNTS is usefu
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5. ITEMS AND SERVICES INTRODUCTION
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ADD ITEMS AND SERVICES • Other Fr
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ACTIONS PERFORMED WITH ITEMS AND SE
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6. ACCOUNTS RECEIVABLE INTRODUCTION
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CREATE INVOICES will be visible to
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CREATE INVOICES • Add Charges: Cl
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CREATE INVOICES 3) Click OK when yo
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ACTIONS FOR INVOICES The following
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ACTIONS FOR INVOICES • Approve/Di
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IMPORT INVOICES • Date of the tra
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PRINT INVOICES TO A FISCAL PRINTER
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CREDIT MEMOS Credit Memos Credit Me
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ENTER PAYMENTS Enter Payments A Pay
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ENTER PAYMENTS • The A/R Account
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ENTER PAYMENTS time per invoice. Th
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ACTIONS FOR PAYMENTS Actions for Pa
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CUSTOMER PAYMENT TERMS Note: Only u
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CUSTOMER PAYMENT TERMS 2) Click the
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DEPOSITING PAYMENTS Click on the Ad
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ACTIONS FOR DEPOSITS The payment is
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REFUND CHECK for this check. This s
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7. ACCOUNTS PAYABLE INTRODUCTION TO
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CREATE BILLS account available in t
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ACTIONS FOR BILLS When you access t
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BILL CREDITS When you purchase a fi
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BILL PAYMENTS Bill Payments To pay
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PAY MULTIPLE VENDORS Pay Multiple V
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PAY MULTIPLE VENDORS In the next sc
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VENDOR REFUNDS A dialog box opens.
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8. BANKING INTRODUCTION TO BANKING
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WRITING CHECKS • The date is fill
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WRITING CHECKS Pay Sales Tax: Use t
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ACTIONS FOR CHECKS check fields suc
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ACTIONS FOR CHECKS • Void a check
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MAKING DEPOSITS • History: View r
Page 96 and 97: MAKING DEPOSITS • Click on a line
Page 98 and 99: BANK RECONCILIATION If you click th
Page 100 and 101: BANK RECONCILIATION To view transac
Page 102 and 103: BANK RECONCILIATION menu. Right-cli
Page 104 and 105: 9. ACCOUNTING REPORTS INTRODUCTION
Page 106 and 107: OVERVIEW OF ACCOUNTING REPORTS A di
Page 108 and 109: CUSTOMIZE REPORTS Customize Reports
Page 110 and 111: CUSTOMIZE REPORTS You can change th
Page 112 and 113: PROFIT & LOSS REPORT This is an exa
Page 114 and 115: COMPARATIVE PROFIT & LOSS REPORTS T
Page 116 and 117: COMPARATIVE PROFIT & LOSS REPORTS 4
Page 118 and 119: SHIPMENT P&L REPORT • The detaile
Page 120 and 121: BALANCE SHEET The following is an e
Page 122 and 123: BALANCE SHEET A detailed Balance Sh
Page 124 and 125: SALES REPORTS • The Investing sec
Page 126 and 127: SALES REPORTS Compare Sales: The sa
Page 128 and 129: PURCHASE REPORTS Purchase Reports P
Page 130 and 131: PURCHASE REPORTS Reports by Carrier
Page 132 and 133: PROFIT REPORTS OVERVIEW Profit Repo
Page 134 and 135: CUSTOMER PROFIT REPORTS Customer Pr
Page 136 and 137: AGENT PROFIT REPORT Agent Profit Re
Page 138 and 139: MULTICURRENCY REPORTS Daily Journal
Page 140 and 141: 10. ADVANCED ACCOUNTING FEATURES 10
Page 142 and 143: ACCOUNTING CONFIGURATION MAIN ACCOU
Page 144 and 145: ACCOUNTING CONFIGURATION MAIN ACCOU
Page 148 and 149: ACCOUNTING CONFIGURATION ACCOUNTING
Page 150 and 151: ACCOUNTING CONFIGURATION MISCELLANE
Page 152 and 153: AVERAGE COST CONFIGURE AVERAGE COST
Page 154 and 155: AVERAGE COST ADDITIONAL CONFIGURATI
Page 156 and 157: AVERAGE COST SPECIFIC IDENTIFICATIO
Page 158 and 159: LANDED COST MANAGEMENT CONFIGURE YO
Page 160 and 161: SALES TAXES INTRODUCTION TO SALES T
Page 162 and 163: SALES TAXES STEPS: ADD A SALES TAX
Page 164 and 165: APPROVE/DISPUTE INVOICES APPROVE/DI
Page 166 and 167: JOURNAL ENTRIES STEPS: CREATE A JOU
Page 168 and 169: ADJUSTMENTS • Reverse a journal e
Page 170 and 171: MULTIPLE CURRENCIES HOW TO SET UP M
Page 176 and 177: MULTIPLE CURRENCIES MULTICURRENCY R
Page 178 and 179: RELATIONSHIP BETWEEN ACCOUNTING & O
Page 180 and 181: ACCOUNTS RECEIVABLE SPECIAL PROCEDU
Page 188 and 189: Index A Accounting and Operations r
Page 190: open invoices 125 sales tax liabili
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Magaya Software Accounting Manual

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