Provide a clear, tab-based guide to configuring the Chart of Accounts in Magnifi. Core accounts live under Profit & Loss and Balance Sheet. The Payroll Link, Calculations, and Capacity Link tabs provide additional configuration that references those accounts.
You’re setting up or maintaining accounts used in projections and reports.
You need to map Magnifi Labour Driver accounts (e.g., Wages, Super) to your internal payroll accounts.
You want to build calculations as a % of multiple accounts.
You want to link projected income to the projected capacity calculation.
Open Chart of Accounts, then choose a tab.
P&L / Balance Sheet: Import (optional) → Add / Edit / Delete → set Category and Type → (optional) Assign to Divisions → Archive anything inactive.
Payroll Link: Map Magnifi wage/on-cost accounts to your internal payroll accounts.
Calculations: Create calculations based on one account as a % of multiple accounts (use the one-to-one options in Projections for simple %).
Capacity Link: Connect income accounts to capacity so projected income based on capacity.
Tip: If you’re not projecting cashflow, you can disable Cashflow in Organisation Settings to simplify the Chart of Accounts (the Balance Sheet tab will be hidden).
Use for income and expense accounts.
Import Accounts – Imports all accounts (including Balance Sheet). Review before applying.
Add / Edit / Delete Accounts – Maintain income/expense accounts. Newly added accounts will match by name on the next import.
Account Categories – Control P&L presentation; you can also add new income categories.
Account Types– Flag special types (e.g., Capacity Building, Inter-Entity) for reporting.
Assign to Divisions (optional) – Allocate accounts to divisions for multi-layer reporting
Map to Balance Sheet (for Cashflow) – Link P&L accounts to Balance Sheet accounts for cashflow; use Auto-Map to propose matches, then review and manually map any that remain unmatched.
Terms– Specify collection and payment terms.
Archive Accounts– Hide inactive accounts; unarchive at any time.
Merge Accounts- Merge the actual and budget values of 2 accounts.
Use for assets, liabilities, and equity.
Import Accounts – Imports all accounts (including P&L). Review before applying.
Add / Edit / Delete Accounts– Maintain Balance Sheet structure. Newly added accounts will match by name on the next import.
Account Categories– Control Balance Sheet presentation; you can add new categories as needed.
Account Types – Apply types (e.g., GST, PAYGW, Retained Earnings) for reporting.
Assign to Divisions (optional) – If you produce divisional Balance Sheets.
Link to Bank Account – Link Receivables and Payables to the appropriate bank account (typically your trading account) for cashflow movements.
Archive Accounts – Remove inactive lines from reporting.
When Labour Drivers are used, Magnifi creates wage and on-cost accounts. Use Payroll Link to map these Magnifi accounts to your internal payroll accounts (via Xero or CSV), keeping reporting clean (no duplicate wage lines).
In Projections, you can quickly calculate one account as a % of another (simple one-to-one).
In Calculations, you can calculate one account as a % of multiple accounts.
Scope: Calculations apply to Profit & Loss accounts only.
When enabled, projected income can be set to equal projected capacity. You can also link income accounts to specific employees to align their capacity with projected income.
Do changes update projections immediately?
Yes. Updates flow through to projections and reports as soon as you apply them.
I’m not projecting cashflow—can I remove the cashflow features?
Yes. Disable Cashflow in Organisation Settings to simplify the Chart of Accounts (the Balance Sheet tab will be hidden).
Do I need Divisions?
No. Keep it simple if you don’t need multi-stream reporting. You can assign divisions later.