Introduction
Accounting is important for every business. If you do not track and control your finances, you can run into serious money problems. Doing accounting by hand takes a lot of time and can lead to mistakes. You should record every transaction and keep clear records. The MAQSU Accounting module helps you do this with automation and built-in reports.
MAQSU can automatically record payments, receipts, vendor bills, customer invoices, and more. It can also sync your bank statements and help you reconcile them with your bank accounts. You can generate reports for any date range and compare periods to see how your business is performing. It also helps you manage accounts payable and accounts receivable to avoid cash flow issues. Multi-currency support makes it easier to work with international transactions.
In this chapter, we explain the features available in the MAQSU 5.0.2 Accounting module. From the main dashboard, click the Accounting module to open the Accounting dashboard shown below.
Workflow
Accounting in MAQSU follows a synchronized workflow where financial entries are triggered by operational activities across the system.
- Transaction Entry: Triggered by Sales Invoices, Vendor Bills, or manual Journal Entries.
- Journal Recording: Transactions are categorized into specific Sales, Purchase, Bank, or Miscellaneous journals.
- General Ledger Posting: Entries are automatically mapped to the appropriate accounts in the Chart of Accounts.
- Reconciliation: Matching bank statements with internal records to ensure data integrity.
- Financial Reporting: Final data is compiled into real-time reports for business analysis.
Operations
In this section, you will learn how to set up your Chart of Accounts, manage journal entries, track fixed assets, and configure accounting settings. Additionally, you will discover how to manage multi-currency transactions and generate essential financial reports and more.
Account Receivable
Track and manage outstanding customer debts and automate follow-up notifications.
Account Payable
Monitor and manage supplier debts, automate payment reminders, and optimize cash flow.
General Journals
Track and manage all company financial transactions, including income and expenses, assets and liabilities, and equity.
Bank Reconciliation
Automatically match bank statements with internal records to ensure data integrity and accuracy.
AI OCR
Automate data entry by using AI to scan vendor bills and receipts, instantly converting images into digital accounting records.
Fixed Assets Management
Track asset lifecycles and automate depreciation entries for equipment, vehicles, and property to ensure accurate balance sheets.
Deferred Revenue & Expense
Automatically spread income or costs over multiple periods to match your revenue with the actual service delivery timeline.
Compliance
Meet regional and international accounting standards such as IFRS, GAAP, and SOX with automated journal entries, reports, and analytics.
Financial Reports
Access real-time insights into aged payables, receivables, and overall company valuation.
Set Up
This page guides you through the setup of the accounting module in MAQSU, including configuration of the chart of accounts, journal management, bank reconciliation, and more.
Chart of Accounts
Set up your account list to categorize and track every accounting entry.
Currencies
Enable multi-currency and keep exchange rates up to date for accurate reporting.
Journals
Create journals for sales, purchases, bank, and cash to organize transactions.
Bank Accounts
Connect bank accounts and reconcile statements with your accounting records.
Taxes
Configure tax types and rates, then apply them to invoices and bills.
Customer and Vendor
Manage customer and vendor records for invoicing, bills, and payments.
Products
Set up products and services with default accounts and taxes for faster billing.
Payment Terms
Set payment due dates and rules for customer invoices and vendor bills.
Asset Categories
Define asset categories and depreciation settings for fixed assets.