Magaya Software Accounting Manual

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AVERAGE COST SPECIFIC IDENTIFICATION The Inventory Item Definitions List and the Balance Sheet reflect the new totals. To see the Balance Sheet, click “Reports” from the menu at the top of your Magaya Explorer screen. The amounts are shown in the Balance Sheet’s Inventory Assets section, including the bill for each vendor and the invoice for the customer: Specific Identification An alternative costing method is “Specific Identification,” which is used to keep track of the exact cost of each item of inventory that is purchased and sold for each specific item. The exact cost is subtracted from your inventory assets account for the item sold. This will be displayed on the Adjustments tab of the invoice. Your Magaya system can be configured to the costing method of “Specific Identification” in the Configuration > Accounting menu to apply the setting system-wide. To apply the costing method per item, go to the Inventory Item Definition dialog box, and select the method on the Accounting tab (or in the wizard for a resale item). 155
LANDED COST MANAGEMENT CHANGING COSTING METHODS If your system is set to FIFO, the system will fill an order by taking the first item and record the price for that specific item. Changing Costing Methods Changing the costing method 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 changing from Average Cost to Specific Identification and visa versa. If an “Average Cost” item is invoiced, there may be a balance left in the asset account when changing that item to “Specific Identification.” To correct the balance, create a Journal Entry to transfer the balance left in the asset account to the item’s cost of goods sold account. For details on creating journal entries, see the section “Journal Entries” in Chapter 10 “Advanced Accounting Features” in the Magaya Software Accounting Manual. Landed Cost Management Landed Costs are all the costs of items such as transportation costs, duties and taxes, in addition to the cost of the item itself. 156
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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
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MAKING DEPOSITS • Click on a line
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BANK RECONCILIATION If you click th
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BANK RECONCILIATION To view transac
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BANK RECONCILIATION menu. Right-cli
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9. ACCOUNTING REPORTS INTRODUCTION
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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 146 and 147: ACCOUNTING CONFIGURATION COST CONFI
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 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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