This section explains how to set up and manage financial ledgers within the system.

Overview

Financial ledgers are fundamental to your accounting system, recording all financial transactions. While a standard set of ledgers is pre-configured, you can customize these to fit your company’s specific accounting requirements.

If you are using the Collection Services Provider in MAXMONEY, please refer to the procedures for Integration Partners.

To access these settings, navigate to Setup > Accounting > Financial Ledgers.

Security Note: Access to this feature is managed by the Setup > Financial Ledgers option within the Security section of your Role settings.

Important: When setting up financial ledgers, do not use any special characters in the names or descriptions, as this can cause errors when posting receipts.

Managing Financial Ledgers

You have the following options for managing financial ledgers:

• Add a New Financial Ledger: Click the Add new Financial Ledgers button to create a new ledger.
• Edit Financial Ledger: To change or edit an existing ledger, either double-click on its row or click the Edit Financial Ledgers button.
• Print an Event: Click the print button to generate a printed list of ledgers.

Viewing Financial Ledgers

When viewing ledgers, the following columns provide detailed information:

• Description: The name of the Financial Ledger.
• Account No.: The nominal ledger account number.
• Control Account Type: The system uses this control type when recording transactions.
• Financial Report: Spesifies whether the ledger will appear on the Balance Sheet or the Income Statement . 
• Financial Category: The system uses this financial category for financial reporting.
• VAT Type: The system uses the VAT type to determine which sub-ledger to use when recording VAT on transactions.

Sorting Options

You can sort the list of financial ledgers using three different options:

• Sort on Event No.: Lists ledgers according to their event numbers.
• Sort on Description: Lists ledgers alphabetically according to their descriptions.
• Sort on Event Attribute & Description: Lists ledgers primarily by their event attributes and then by their descriptions.

Pre-configured Ledger Accounts

The following ledger accounts are already set up in the system and are available for use:

• Capital Out (Cost of Sales)
• Loan Invoices
• Bad Debts Recovered
• Interest Control Account
• Interest Received
• Interest Fee Reversed (when a loan transaction is canceled, the Interest Fee Reversed Amount will also be canceled, and this ledger will be used)
• Initiation Fee
• Service Fee
• Administration Fee
• Preparation Business Plan Fee
• Credit Protection Insurance
• Accounting & Audit Fees
• Advertising & Promotion
• Bad Debts
• Bank Charges
• Cleaning
• Payment 3rd Party to Client
• Early Settlement
• Commission & Handling Fees Paid
• Computer Expenses
• Consulting Fees
• Courier & Postage
• Collection Fees
• Collection Fees - Post Charges
• Depreciation
• Electricity & Water
• Insurance Paid
• Interest Received - Bank
• Legal Fees
• Levies Paid
• Interest Paid
• Motor Vehicle Expense
• Printing & Stationary
• Rent Paid
• Repairs & Maintenance
• Revenue Stamps Paid
• Collection Costs
• Salaries & Wages
• Salaries & Wages - PAYE
• Salaries & Wages - SSC
• Salaries - Deductions
• Staff - Welfare
• Security Expense - Alarm
• Security Expense - Guards
• Subscriptions - 1
• Subscriptions - 2
• System Costs - Collections
• Taxation Paid
• Communications (tel/fax/internet)
• Traveling & Accommodation
• Traveling - Taxi
• Cash Short / Over Control acc
• Over Acc 1
• Short Acc 2
• Accumulated Profit or Loss
• Furniture and Fittings
• Furniture and Fittings At Cost
• Furniture and Fittings Accumulated Depreciation
• Deposit Paid - Rent
• Client Control Account
• Bank Control Account
• Merchant Account
• Allps Merchant Account
• NuPay Merchant Account
• Real Pay Merchant Account
• Surebank Merchant Account
• Petty Cash Box
• Petty Cash Sub Acc 1
• Petty Cash Sub Acc 2
• Cash Control Account
• Treasury
• Cashbox 1
• Cashbox 2
• Cashbox 3
• Cashbox 4
• Cashbox 5
• Loans Payable
• Loans Payable - Sub Acc 1
• Creditor Control Account
• Bank Receipt Control Account
• VAT Control Account
• VAT Input
• VAT Output
• VAT Paid
• Suspense Account
• Take On / Archive Account
• Unlinked Realpay Receipt Control

Buttons

• Back: Click to return to the previous screen.