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Finance Data Setup

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Custom Setting

  • Navigate to setup and find “Custom Settings” in the quick find box.
  • Find “Module” custom setting and click the “Manage” button.
  • Click the ‘New’ button and create a record by name “Finance”, make sure the Run checkbox is selected, this controls the Activation/Deactivation of Finance Module.

Fiscal Year Setup

  • Navigate to setup and find “Fiscal Year” in the quick find box.
  • Select “standard Fiscal Year”
  • Select the fiscal year start month and select whether the fiscal year is based on the starting month or the ending month.
  • Click the “Save” button and confirm the changes.

Finance General Ledger

Finance general ledger is used to track all the financial transactions and it is the primary accounting record for a business. The finance general ledgers hold the accounting information that is needed to prepare the company’s financial statements, including the Balance sheet and the Income statement and includes accounts for assets, liabilities, owner’s equity, expense, and revenue.

  • Navigate to the Finance Management app >Finance General Ledger Tab.
  • Enter the Name of the general ledger.
  • Select the Organisation and click the “Save” button to create a general ledger record.

Chart of Accounts

Chart of Account is a unique record of each type of asset, liability, equity, income/revenue, and expense. A very important reason to have COA in the system is to let the users quickly get a glance at a company’s financial health and segregate assets, revenue, liabilities, and expenses. It provides the complete listing of each account in the accounting system and ERP Mark7 has the flexibility to tailor the company’s COA that best suits its business process. It is available for recording transactions in the finance general ledgers.

  • Navigate to the Finance Management app >Chart of Accounts Tab.
  • Click the “New” and select the Record Type of the chart of account, click the “Next” button.
  • Enter the Name of the chart of account and select the active checkbox.
  • Select General Ledger and Organisation from the lookup.
  • Click the “Save” button to create the Chart of Account record.

The following basic chart of accounts should be created in the system.

Chart of Account NameRecord Type
Accounts ReceivableAssets
Retained EarningsEquity
Owner’s EquityEquity
Cost of Goods SoldExpense
Sales ReturnIncome/Revenue
Sales DiscountIncome/Revenue
Sales TaxLiabilities
Accounts PayableLiabilities
Sales Tax PayableLiabilities
Goods Received Not InvoicedLiabilities

To start a New Business Process, Create a “Stockholders Equity” or “Owners’ Equity” COA with an opening balance as per the requirement.

Note: When creating a new Account (Organisation) or existing Account (Organisation) make sure the field Account Type is set to “Organisation”. If the field is not found on the page, add it to the layout. And on the Account (Organisation) detail page Default checkbox should be checked.

Chart of Account Mapping

Chart of accounts mapping allows the processing of balance and supports the ability to correlate a source chart of account to a target chart of accounts. The posting functionality in ERP Mark7 enables the finance general ledgers to create a relevant finance general ledger entry with the relevant chart of account information and transaction in it. To create the chart of account mapping follow the following steps

  • Navigate to the Finance Management app >COA Mapping Tab.
  • Click the “New” and enter the name of the COA Mapping name.
  • Select the Chart of Account from the lookup.
  • Select Tax or Discount checkboxes if the COA Mapping created is for tax and discount purpose.
  • Click the “Save” button to create the COA Mapping record.

Accounting Period

Create the accounting period for the fiscal year, i.e., create the accounting period for all the months of the fiscal period for which the financial statements are prepared. It basically imitates the basic twelve-month calendar.

  • Navigate to the Finance Management app >Accounting Period Tab.
  • Click the Accounting period button in All Accounting Period list view.
  • Select the Organisation for which the accounting period records are created.
  • Enter the Start Date and End Date of the fiscal period.
  • Click the “Create” button to create the accounting period records.