by Patrizia Benelli

ERP Financial Project & Product Manager

Why sailing by sight… when you can go to full sail!

Everyone knows that Mago.net makes available a powerful tool to manage sales and purchases documents: the Document Graphic Navigation.

You can display and edit any document linked to customers or suppliers: a sort of control panel that allows to print and post documents, to fulfill orders or to issue a deferred invoice, as well as to send e-mail with document attached.

Nevertheless, maybe not everyone knows that… recently the documents graphic navigation has been improved with new automatic functions, such as:

• collection or payment of a payment schedule to be settled;
• printing accounting ledger card and the customer/supplier account statement;
• printing a customer dunning letter.

In order to enjoy the potential of this tool, please contact your reseller referral. Furthermore, if you have subscribed to our M.LU. Service, you can follow the course NON EXISTING PAGEMago.net - Documents Graphic Navigation or visit our on-line Microarea Help & Information Center.

by Raffaella Bardi

ERP Financial Trainer

Melius abundare quam deficere...
(it’s better to be plentiful than to be lacking…)

Which operations are most frequently posted in pure accounting entries? Certainly collections and payments, that often use different types of payment: cash, check, bank transfers…

When they have to be posted in accounting, it could be useful to provide a higher degree of details in relation to the types of payment that have been used.

Everyone knows that there are default accounting templates and reasons used by automatic procedures or suggested in accounting entries, but perhaps not everyone knows... that further settings can be provided when wishing to suggest the accounting template and reason in connection to the payment type being used.

In order to acquire further knowledge, please contact your reseller referral or visit our on-line Microarea Help & Information Center.

by Patrizia Benelli

ERP Financial Project & Product Manager

Well begun is half done!

When it comes time to change ERP accounting software, along comes also the need to face a time to allow for the training in regards to the functioning of the product, as well as entering all the data necessary in order to set the programme according to the needs and requirements of each company.

An important feature of Mago.net consists in holding a series of pre-established data that allow the programme to be used straight away.

The accounting templates are a valid example of the latter feature, given the fact that they are registration schemes ready for use.

Nevertheless, each accountant has its own way to register the general ledgers, just as each enterprise holds on to customized procedures that the operators do not wish to abandon.

The user can customize the accounting templates, indicating the accounts to be entered in the general ledger, as well as entering the client or supplier and eventually the total amounts. 

This allows slimming down and speeding up the registration of all repeating documents during the fiscal year, as for example whichever kind of monthly fee. 

Probably not everyone knows that… the customization of the accounting template can be accomplished directly during the registration of the accounting entries. In case the modifications applied by the operator in the general ledger are deemed as appropriate (and should the same type of document need to be registered in future), the updating of the accounting template can be accomplished through the use of a special button on the toolbar of the general ledger entries.  

The Save template function can be useful also when wishing to create a new model actually during an accounting registration. 

Furthermore, the Save model function is particularly helpful in order to complete the accounting models in the cases in which it is preferable to enter a personal Chart of Accounts instead of loading the standard Chart of Accounts of Mago.net. Consequently, in such cases, the pre-defined accounting models do not have the references to the accounts to be entered.

In order to gain further knowledge, please contact your reseller referral. Furthermore, if you have subscribed to our M.LU. Service, you can follow the course NON EXISTING PAGEMago.net – Accounting Entries.

by Patrizia Benelli

ERP Financial Project & Product Manager

Let us continue on exploring the potentials of Mago.net.

One of the aspects of the financial crisis, that is rarely taken in consideration or analyzed by the mass media, is the late payments, especially when perpetrated by public administration.  This problem is largely spread all over Europe, especially in Italy, and it can indeed affect negatively the financial situation of the small and medium enterprises, giving rise to a vicious circle.

The European Parliament has recently approved a planned EU Directive that sets the deadline for payment within 30 days, whether the transactions are between public sector operators and private companies or between private firms. In addition, the Directive sets forth significant financial sanctions in case of late payments. In the past few days, it has been also decided that the time limit for the public administration shall be 60 days, after which the interest rate will be fixed at 8%.

Nevertheless, we are well aware that the time needed in order for the EU Directives to be approved and enforced is far from being short. Having said this, how can the small and medium enterprises protect their cash flow? 

Several tips have already been given in this section: analyzing the aging level of the credit in order to select feasible corrective actions and sending customized dunning letters.

Everyone knows that, during the times in which cash level is low, most companies turn to banks asking them for funds. Having said this, not everyone is aware of the benefits that the factoring tool can provide including the possibility of satisfying the financial requirement, as well as helping tackle the management (administration of claims from the collection all the way to the recovery) and warranty (when the factor takes in charge the insolvency risk of the debtor) issues. 

Mago.net currently provides a new type of payment (that identifies the installments that are to be assigned to the factoring companies) and a full factoring management that allows to facilitate the registration of all the accounting operations. 

You can discover the factoring strengths thanks to the new demo video Factoring with Mago.net.

This new functionality is available starting from the 3.1 release of Mago.net Professional. Please keep in mind that you can update your Mago.net only if you have subscribed the MLU service.

If wishing to gain further knowledge regarding this topic, please ask your reseller referral, or visit the Reference Guide found within the new Help Center of Mago.NET.

by Patrizia Benelli

ERP Financial Project & Product Manager

Never leave that till tomorrow which you can do today!

The end of fiscal year adjustment entries collection has always been an effort-demanding task, requiring a high degree of punctuality, especially when referring to the recording of the accruals and deferrals.  Leaving the above mentioned until the end of the fiscal year could severely postpone the editing and release of the final balance. It is therefore highly convenient to identify immediately those registrations that are not entirely competence of the fiscal year, and register them appropriately in order to ease the final work. 

Everybody knows that Mago.net allows entering the reference period of expenses and revenues directly into the accounting books, storing the amounts relating to each fiscal year, in order to generate automatically the adjustment entries of the accruals and deferrals along with the relating starting transfers into the new fiscal year.

Not everybody knows that...

• for the recurring accounting registrations regarding certain accounts , it is possible to automatically determine the reference period;
• the detection of the accrual or deferral can be carried out on an account different from the standard account;
• it is indeed possible to manage accruals/deferrals referring two or more fiscal years.

If you wish to receive additional information, please do not hesitate to contact your reseller referral.  Furthermore, if you complied with our M.L.U service, you can follow the course NON EXISTING PAGEMago.net - Accruals and Deferrals.

by Patrizia Benelli

ERP Financial Project & Product Manager

The lack of cash is frequently caused by uncollected receivables: before applying to a credit recovery company, or eventually to a lawyer, why not take advantage of the Mago.net features.

A detailed analysis regarding the level of credit and collection of accounts receivable allows you to comprehend more thoroughly the situation and help you to plan the recovery strategy, especially if you are in need of liquidity.

Occasionally it might be necessary to avail yourself of specialised consultants in debt collection, and to certain extents even of lawyers. However, the first action that should be undertaken is to send a dunning letter to the customer, reminding him of the outstanding debts and asking him to arrange for the payment of the balance as soon as possible.

Perhaps not everyone knows that, with Mago.net, customised dunning letters can be issued, also by email, directly to the customer from his account statement.

A very important feature to take notice of is the handling of the overdue payment reminders, and the possibility to arrange them by level and provide to each level a corresponding customised text.

If you wish to run the printing of the dunning letters automatically to all customers, it might be useful to provide a threshold amount (into customer master data) below which the letter will not be issued.

The situation level regarding the dunning letters issued can be kept under control. This thanks to the fact that each customer profile provides information reporting the last dunning letter he received, the overdue payment reminder level reached and the number of times he reached that level.

The above details allow Mago.net to be informed, in regards to the next letter issuing, whether to start once again from the first level (if the overdue payments have been settled) or whether to increase the reminder level.

Should your customer also be your supplier, you can print the account statement considering also the amounts owed to him as supplier thanks to the link between the customer and supplier master.

To receive further information regarding the potential offered by this feature, please contact your reseller. Furthermore, if you are a M.L.U. subscriber, you can visit our website and follow the lesson regarding the Dunning letters in the eLearning course NON EXISTING PAGEMago.net - Payables and Receivables.