In addition to being able to manage your inventory and logistics, Paragon ERP allows you to manage your accounting as well. We've already introduced you to the GL setup screen and showed you the overall process of linking accounts in Paragon ERP. In this article, we'll focus on specific links, namely invoices and credits.
From the home screen, hit the settings button at the top right hand corner of the screen.
From here, you'll want to select the GL setup option from the financials card.
This will bring you to the GL setup screen. Now we'll show you how to link your accounts for invoices & credits. Note that invoices and credits are grouped in one line because they are treated as opposite sides of the same coin, so to speak.This means that once you've mapped your invoices, you've also mapped your credits.
You can choose which transactions you'd like to link from the list on the left hand side. In this example, we're focusing on linking invoices & credits.
The various pieces of each of the transactions that you want to post to different areas of the GL are listed as tabs at the top of the screen. For invoices/credits, you'll need to map the following:
When mapping under the product tab, you're going to want to choose a revenue account linked to your products, whatever it may be. At the top of the screen, you can see default account. This is the account that the transactions will map to by default, if no other conditions are met.
If you operate with only one sales/revenue account linked to your products, you can enter this sales account as the default account.
To begin selecting accounts, hit the edit button located at the top right corner of the screen. Once in edit mode, you can select your default account from the drop down menu, and set additional accounts in the main screen.
If you have more than one default account, you can map additional ones in the center screen. Once in edit mode, hit the blue add button. A blank field will appear, and you can add additional accounts under the account column, and set attributes in the associated values column as a sort of trigger.
When you do this, you are telling the system, if my transaction lists these attributes (either as header or line attributes), link the transaction amount to XYZ account.
For example, here we'll add a separate revenue account. First, hit the blue add button. Then, select which account you would like to map. Here, we'll choose the revenue account.
Then, hit the edit button at the far right hand of the account field. A modal will pop up and you can now set which attribute you will use as your condition/trigger.
Here, our associated value will be product group type. We'll set the trigger attribute to be accessories. Once your done, hit the accept button.
This will now tell the system that, when you issue a transaction that is for the product group accessories, the invoice amount will map to the revenue account, not the product sales or clothes sales accounts.
Here's where you can enter your tax accounts. For example, we'll enter our sales tax payable account here as the default account. Again, you can add additional tax accounts in the main screen if need be, following the same steps as above.
For example, if you're operating in Quebec, Canada, you may want to add QST and GST accounts in the main screen, and set the associated value as the appropriate tax attribute.
Once you're done editing this, hit the save button.
This tab is available for entering your accounts receivables. Again, you can choose one default account, and/or you can add multiple accounts in the main middle screen. For example, here we have setup a main account called A/R. We'll set up another account called receivables and set a similar condition to the product tab.
First, hit the edit button in the top right hand corner.
After adding it, hit the edit button at the far right. A modal will pop up and you can now set your conditions.
Here, we'll add the same condition as above. You can see that we've selected the product group as the associated value and accessories as the trigger attribute.Once you're done adding your condition, hit the accept button.
If you operate with foreign currencies, you may want to add some exchange accounts. If you only operate with a single currency, you can ignore this tab.
This tab follows the same logic as above, and you can either add a default account, and/or add multiple accounts in the center screen. For simplicity, we've added the default account exchange.
Now that you're done mapping your invoices and credits, you can move on to map the other transactions. Don't hesitate to check out our documentation on linking vendor invoices & vendor credits, payments in & out, and inventory in & out.