Tips and Tricks: Maconomy Finance

Chart of account labeling for Corporate Income Tax (CIT) purposes and General Journal recurring entries are two common processes of Maconomy customers. How users assign CIT to their chart of accounts for CIT reporting and general journal recurring entries may vary, but using the two tips outlined below can increase efficiency and save time. Check it out!

Statistics Field for Corporate Income Tax (CIT) Reporting

Each country varies in its Corporate Income Tax (CIT) return reporting requirement. Did you know that you can use the Statistics field in Maconomy to perform CIT Reporting? Here are a few quick facts about CIT Reporting:

• Most countries require the tagging of chart of accounts and finance entries for CIT purposes.
• Book profits may differ materially from tax profits due to book and/or tax adjustments. The result requires companies to map book chart of accounts to the tax chart of accounts for CIT preparation either internally or with your external accountant.
• In certain regulations, like Hong Kong’s IRO Section 16 (1), requirements require a system to help companies track and identify expenses that may not be deductible for eventual annual profits tax calculation.

The statistics field in Maconomy acts as a reporting tool, similar to dimensions, but with added flexibility. The statistics field allows for changes and these changes directly affect the underlying data. Follow the five steps below to use Maconomy Statistics Field for CIT Reporting.  Note: Dimensions need re-allocation for these changes.

1. Open the account information card.
2. Add the required language to the field of your choosing: Statistic Field 1-4.Maco
3. Then query the finance entry using either Workspace client, General Ledger entries Analyzer or BPM report to extract the data.
4. Change the naming convention, if needed, to reflect the form changes or to make the label more generic for global use. For example, change X to Y.  Please note: re-allocating is not required here.
5. Generate the report via either the General Ledger Entries Analyzer or certain BPM Reports. Additionally, export information in the Financial Analysis space in the Workspace Client in the Entries tab by adding the various required columns to the export.

General Journal Templates

General Journal templates can save time for recurring journal entries such as accruals, amortization schedules, month end closing adjustments, or any general journal entry that recurs on a regular basis. These templates minimize the re-entry of repetitive entries so that the finance user can be more efficient. To save even more time, create a scheduled background task that automatically posts the templates. 

Follow the five instructions below to create a general journal template:

1. In the Workspace Client go to General Ledger>Financial Operations>General Journals
2. Create the journal that you would like to use as the template
3. Before posting click on the slider to the right, click on the template tab
4. Then, perform the following:
   a) Click on the save template check box
   b) Name the template
   c) Enter the new entry date - the starting date of the new template
   d) Enter one for range of months (if you enter a number > 1 the system will advance the journal to more than 1 month
5. Post the journal

Follow these instructions to use the General Journal Template:

1. In the Workspace Client go to General Ledger>Financial Operations>General Journals
2. Using the search feature, with eh Show Filter List open, clock on Templates
3. Find the template you would like to use.  Use (ctrl + G) to search the journal number that refers to your template;  If there are many templates, please refine your search
4. Click on the Action button located at top and select Copy General Journal.
5. The template will now advance for the next month.
6. The system will notify you that a new journal is created – the number will be provided – take note of this number
7. Go back to the General Journal window >General Ledger>Financial Operations>General Journals.
8. Find the newly created journal
9. Adjust your numbers if needed, review and Post

For More Information

Contact your Account Manager or Customer Success Manager with any questions or to learn more about Maconomy Finance capabilities.