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Standard Accounting

MRPeasy has a built-in standard accounting module. 

To use it, it should be enabled in Settings -> System settings -> Software settings -> Standard Accounting module: Yes.

It consists of:

  • chart of accounts,
  • general ledger,
  • balance sheet,
  • profit and loss statement.

All transactions, that are made in manufacturing, stock, procurement, and CRM, are automatically reflected in the accounting.

Demo video.

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Setting up accounting

To enable accounting, do the following:

  • Go to Settings -> System settings -> Software settings, and enable the Standard Accounting module.
  • Go to Accounting. The software will create default accounts.
  • After the chart of accounts is created, the software will ask you for the accounts start date.

If you do not see menu point Accounting, then check your user rights.

When accounts are created, and the start date is saved, the standard accounting is enabled.

If you want to enter initial account values, please go to Accounting -> Settings -> Accounts -> Manual Journals and create a new journal.

Trialling the standard accounting

We understand that you may want to test the accounting module for a while, and then to discard testing transactions.

There are two options on how to do that:

  1. If all your data (including orders and stock levels) is for testing, please delete it at Settings -> Database Maintenance -> Delete orders and stock only;
  2. If you are using MRPeasy already, and your data is valid, please go to Accounting -> Settings, and change the Accounts start date. All transactions that took place prior to that date, will be ignored.

Transactions

When some transaction happens in MRPeasy, it is reflected in the accounting.

# Transaction Source document Debit account Credit account
Purchasing
1 A purchase invoice for a Purchase Order is received and entered (the 'Invoice ID' is saved). Purchase Order or Purchase Invoice Purchases Accounts Payable
2 Purchase Invoice is paid Purchase Order or Purchase Invoice Accounts Payable Bank (e.g. Checking
3 PO is received Purchase Order or Purchase Invoice Materials on Hand Purchases
Manufacturing
4 Parts are consumed Manufacturing Order Work in Progress Materials on Hand
5 A manufacturing operation is finished at the workstation Manufacturing Order Work in Progress Manufacturing Overheads
6 A worker finishes a manufacturing operation Manufacturing Order Work in Progress Accrued payroll
7 MO is finished Manufacturing Order Finished Goods Work in Progress
Sales
8 An invoice is created and confirmed (type is ‘Invoice’ and status is changed from 'Dummy' to 'Unpaid') Invoice Accounts Receivable Sales
9 Invoice is paid Invoice Bank (e.g. Checking) Accounts Receivable
10 Goods are shipped Shipment Cost of Goods Sold Finished Goods
Inventory
11 A manual stock lot is created during the stock-taking Stock lot Materials on Hand / Finished Goods Inventory Adjustments
12 A manual write-off is created during the stock-taking Write-off Inventory Materials on Hand / Finished Goods
Subcontracting
13 Subcontracting PO is created and the invoice is received (the 'Invoice ID' is saved). Purchase Order or Purchase Invoice Purchases Accounts Payable
14 Subcontracting PO: parts are issued to the subcontractor Shipment Work in Progress Materials on Hand
15 Subcontracting PO is received Purchase Order or Purchase Invoice Work in Progress Purchases
Credit invoices
16 A credit-invoice is created and confirmed (type is ‘Credit-invoice’ and status is changed from 'Dummy' to 'Unpaid') Invoice Sales Accounts Payable
17 Credit-invoice is paid Invoice Accounts Payable Bank (e.g. Checking)
RMA
18 An item is received and returned into general stock (status of the stock lot is changed from 'RMA' to 'Received') Stock lot Materials on Hand / Finished Goods Inventory Adjustments
19 RMA service order: operation is finished at the workstation Manufacturing Order RMA service Manufacturing Overheads
20 RMA service order: a worker finishes an operation Manufacturing Order RMA service Accrued payroll
Other transactions
21 A transfer order is shipped and fees are applied Transfer Order Materials on Hand / Finished Goods Transfer orders liability
22 Procured non-inventory item is received Purchase Order Non-inventory items Purchases
23 Service order to repair the rejected stock lot: operation is finished at the workstation Manufacturing Order Work in Progress Manufacturing Overheads
24 Service order to repair the rejected stock lot: a worker finishes an operation Manufacturing Order Work in Progress Accrued payroll

Inventory tracking and financial transactions step-by-step

In MRPeasy, together with all automatic accounting transactions, the inventory tracking and financial transactions work as follows:

  1. All items in inventory are tracked using stock lot tracking within MRPeasy. I.e. each batch of physical items is accounted for separately.

    A stock lot is an internal business object in the MRPeasy software, used for providing FIFO method of using goods, and also for specific functionality, like expiry date, or batch traceability. Without such specifics, you do not need to operate with stock lots in your daily business (MRPeasy does it in the background).

  2. When a purchase order is ordered and a purchase invoice ID is entered, but items are not yet received, then the cost of items is posted on a purchases account:
    D Purchases (Current assets)
    C Accounts payable (Liabilities)

  3. When purchased items are received, then items are transferred from purchases to materials on hand:
    D Materials on hand (Current assets)
    C Purchases (Current assets)

  4. Additional expenses incurred with purchases (e.g. transport, customs) can be accounted into the cost of the procured items, by entering them as “Additional fees” on the Purchase Order (or Purchase Invoice).
    D Purchases (Current assets)
    C Accounts payable (Liabilities)

    Once the PO is received:
    D Materials on hand (Current assets)
    C Purchases (Current assets)

  5. When a manufacturing order is planned, then according to the bill of materials, the materials are reserved for this job.

  6. When materials are reported consumed in production, they are moved to work in progress (WIP):
    D Work in progress (Current assets)
    C Materials on hand (Current assets)

  7. When an operation is paused/finished, then the performed direct labour and the applied manufacturing overhead costs are posted to WIP according to recorded start-stop times:
    D Work in progress (Current assets)
    C Accrued payroll (Liabilities)
    D Work in progress (Current assets)
    C Manufacturing overhead (Liabilities)

  8. Once a manufacturing order is finished, WIP is cleared and posted to finished goods:
    D Finished Goods (Current assets)
    C Work in progress (Current assets)

  9. When the customer is invoiced, the invoice is posted to accounts receivable:
    D Accounts receivable (Current assets)
    C Sales (Revenue)

  10. When products are shipped to the customer, then the cost of the products is posted to cost of goods sold account:
    D Cost of goods sold (Expenses)
    C Sales (Revenue)

  11. When a payment has been…
    …made:
    C Bank (Current assets)
    D Accounts payable (Liabilities)

    …received:
    D Bank (Current assets)
    C Accounts receivable (Current assets)

    Payments are synchronized two ways, can be entered to Invoices and Bills either in MRPeasy or Xero.
    Payments for POs are synced only if POs are posted as Bills to Xero.

  12. When additional fees are posted to transfer orders, these increase the cost of the transferred items:
    D Materials on hand / Finished goods (Current assets)
    C Transfer Orders liability (Liabilities)

Locking historical financial records

To prevent modification of historical financial records, the books closing date should be set at Accounting -> Settings -> Books closing date.

The date is inclusive. Any action in the system, which would affect accounts on that day or earlier, will be blocked.

Payroll

This report shows the performance pay per employee during the period.

When the Professional function Piece Payment is enabled, then it is possible to choose how employees are paid:

  • Time-payment - Operation duration x Hourly rate
  • Piece-payment – Price per piece x Quantity
  • or both.

When the Piece Payment function is disabled, then only time-payment can be applied, when an hourly rate is set in employees’s details.

If you have a right to view users, it is possible to click on the user’s name and see the list of operations that were performed by the employee during the period.