Create ledger

Introduction

The ledger is a concept in Maxxton Software that allows you to configure your ledger accounts directly from the main administration and bookkeeping system. We recommend that you register your ledger numbers in accordance with your existing bookkeeping system to ensure consistency and accuracy. In addition, you can select the appropriate VAT or TAX tariff for each ledger, which will be used to calculate the correct VAT percentage for each transaction. With the ledgers module, you can easily manage your financial accounts and ensure accurate bookkeeping for your business.

To effectively track payments, it is important to create a ledger. However, before creating the ledger, it is crucial to carefully consider and plan the optimal structure that suits your specific needs. This will ensure that the ledger serves its intended purpose and facilitates the next step in the documentation process, which is the creation of Journals. Therefore, it is recommended that you put some thought into creating a well-structured ledger for your payment tracking needs.

Configuration

To configure a fiscal year, follow the path below:

Maxxton Home Page > Finance Manager > Configuration tab > Ledgers

Open

Once you click on “Create ledger” at the top right, you should see the following pop-up:

Open

Add the ledger name and ledger number, link the related VAT (if applicable), choose for the ledger type (if applicable) and/or cost center (if applicable) and enable the needed toggles. Please see below for some more explanation:

• Ledger name (required)
  Please add a name for the ledger.

• Ledger number (required)
  Please add the ledger number. We recommend to use the same ledger numbers as used in your bookkeeping system to ensure consistency and accuracy.

• Description (optional)
  If wanted, you can add a description to the leder.

• VAT (optional)
  The linked VAT rate will be used for calculating the applicable VAT amount for the resource linked to this ledger.

• Ledger type (optional)
  A ledger can be indicated as balance sheet ledger or profit & loss ledger for cosmetic and internal purposes. There is no impact on the behavior of the system.

• Cost center (optional)
  A cost center is optional to link, which can be done if there is a need to enrich the financial output from Maxxton system with a dimension used by the financial accounting system..

• Split ledger on financial transaction report
  In case this toggle is enabled, you will receive separate lines that will also appear in the Financial Transaction Report. With not enabling this toggle, you will receive aggregated journal entries, which means you’ll not get 10 lines of € 100, but one line of € 1000 in the journal entries.
  Please note: this toggle only works for the Financial Transaction Report and not for any other financial reports like Journal Report, Revenue Distribution or Owner Financial Transaction report.

• Holding report ledger
  In case this toggle is enabled, then the rate of the add-on will be added to the turnover value.

When it comes to internet payments, such as those made through Mastercard, it is only necessary to input the name and ledger number. Unlike other types of payments, VAT is not required for these transactions. However, it is possible to include a description if desired.

Once you added the required information, click on “Create”. You should now see the new ledger in the list.

Conclusion

The ledger is a concept in Maxxton Software that allows you to configure your ledger accounts directly from the main administration and bookkeeping system.