The Financial module lets you meet all fiscal duties of an ordinary accounting management, from the posting of accounting transactions using the double entry method, to the printout of tax journals and of General Ledger journals, from balance statements to the analysis of economic and financial data, and also using free reclassifications of accounting balances.
The core of the accounting management is the general ledger, where you can post all transactions with proper templates, and update linked data in real time (accounting balances, receivables and payables, vat data etc.).
The structure of accounting data allows you to always get a perfect balance between accounts and payment schedules.
Chart of Accounts on 8 levels
The Chart of accounts structure lets you manage up to 8 levels, with a coding of up to 16 digits.
Chart of account graphical display
You can manage transactable accounts at each level and the last level accounts can have a variable length that is very useful for companies that have to increase their chart of accounts.
Chart of accounts
All balance reports fit any chart of accounts structure, and allow you to carry out data processing at any intermediate level.
Customized accounting templates
Accounting templates are the main help in accounting entries posting. They are schemes of documents that may be filled in with entries in detail.
As you can enter customized templates, you can set the content of a journal entry beforehand, not only for accounts to be used, but also customers/suppliers and even the amounts.
All this simplifies and expedites the posting of all documents, in particular those repetitive documents during the tax year such as monthly fees.
Moreover, the possibility of presetting the Debit or Credit sign eliminates the risk of mistakes in posting entries.
Customers and Suppliers management
Receivables and payables, collections and payments, bills and payment orders: every step of the business relationship with the customer/supplier is fully managed, using tools that can also post discounts received or given in payment.
Dunning letters can be sent to insolvent customers, and they can also be sent by e-mail, with the Mail Connector.
Documents in foreign currency can be posted in their original currency (Pounds, Dollars, Yen etc.) with the calculation of the equivalent amount in base currency using a fixing rate editable by the user.
Receivables and payables are managed in foreign currency, and thanks to the fixing rate saved on each installment the program is able to calculate exchange rate amounts during collections and payments, even if these are only partial.
Accounting entry in foreign currency
Accounts can be managed in foreign currency too: if you set an alternative currency in an account, its balance is saved both in the base currency and in the foreign currency.
At the end of the financial year, a currency revaluation procedure calculates exchange rate amounts on open payment schedules and on currency accounts, in order to get the right evaluation of final balances.
Mago.net offers a simple solution to various issues of the current VAT system: reverse charge, Intra-UE documents, non-deductible vat amounts are but a few examples.
All this together with base functionalities, such as VAT settlement based on numerous tax journals, or management of iscorporated amounts.
As each Country has its own tax system, the VAT management in Mago.net is localized for each country supported.
Fiscal printouts (GL Journal, Tax journals, Tax settlements) can be customized by the user.
They can be repeated more times and with the definitive printout a block on the accounting posting is set, in order to prevent any posting in a closed month.
Balance analysis and reclassifications
In Mago.net the company balance can be displayed with several layouts: trial balance, cascade view balance, facing sections balance.
All balance reports can be required for the whole year or for a range period between two dates. They show balances on any chart of accounts level and they can include detailed balances of customers and suppliers.
It's also possible to compare balances of two periods, even belonging to the same financial year.
Thanks to proper "reclassification schemas" printing the balance according to European rules is as simple as running a report.
Reclassification schemas can also be used for free analysis of accounting data, as they can set customized value configurations according to various company needs, like business administration, company management, banking etc.
Balance reports are completed by several analysis reports that display financial and economic data on a monthly base, showing the variance value or rate, and that allow you to get an economic analysis based on the most common balance indexes.
Payment schedules and cash flow
Management of receivables and payables uses many reports to analyze payment schedules, to send account statements, as well as preparing dunning letters.
Account statements display the whole accounting position of a customer and of a supplier, as they can include payment schedules opened by linked suppliers (and by linked customers). Customer account statements can be completed by customized text to be sent as dunning letters.
Other reports analyze cash flows, overdue amounts and amounts due in the future by customers, salesperson, sales area, according to customized date periods.
Automatic payments and collections
Management of payables and receivables includes the use of automatic procedures to generate slips of payment orders and bills of exchange to be sent to the bank.
These procedures for payables and receivables have been made considering the available balance of bank accounts to be used.
All procedures for payables and receivables (sending out, accepting, receiving money, payments, payments not made) are an invaluable help for any accountant, as they generate accounting entries to post payments and collections.
Management of collectable payments can be adapted to any posting thanks to the parameters which make it flexible and meet all accounting needs.
Automatic accruals and deferrals
End of year transactions are managed with automatic procedures that include adjustment entries as well as closing and opening entries.
Mago.net makes accruals and deferrals, usually considered as a complex topic, easy to post in accounting. Infact it is possible to set the enjoyment period of an expense or a revenue in the account or directly in the journal entry.
Document with accrual
This simplifies the data posting of each document and at the same time prepares data to be used at the end of the year by the automatic procedure that generates adjustment entries.
Automatic adjustment entries include revaluations of accounts and payment schedules in a foreign currency, as well as depreciation entries (if the Fixed Assets module is activated).
Withholding tax management
Management of payees makes it easy to fulfil all obligations required by the law in force.
The perfect integration between fees, payables and general ledger allows you to get amounts of withholding tax and of social security tax to be paid to the Inland Revenue, according to the fee payment date and pro-forma dates.
Several reports help the user to check tax amounts to be paid or to pay at any time and to print a statement of payments made to be sent to each payee at the end of the year.
At the moment the payees management is available in the Italian version only.