Chart of Accounts
Archive Accounts
How to archive accounts? To archive accounts, click on the green filing cabinet that appears to the far right of the account under "Chart of Accounts"; This will archive the account from the date that had the last actual or budget value. Therefore it ...
Capacity Link
This allows you to automatically link the projected capacity with the projected income. The projected capacity is derived from the Capacity Drivers. You can link the total effective capacity for all employees to a specific Magnifi default account. ...
Terms
What are Terms? Under Chart of Accounts, there is an option to enter the Terms against the Profit and Loss accounts. The option to enter Terms will only appear if the Profit and Loss account has been linked to a Balance Sheet account that has an ...
Linking the Profit and Loss to the Balance Sheet
There is a column under the Chart of Accounts (Profit and Loss) called "BS Account" which is where you link the Profit and Loss account to a Balance Sheet Account. Every active account must be linked for the projections to balance. Some examples are ...
Calculations
This allows you to calculate an account balance based on a percentage multiplied by one or more accounts. You can also use the Magnifi shortcut to calculate the cost as a % of another account (one account only) by double clicking on the account ...
Account Types
There is an option to specify an Account Type which appears next to the Account Name as per the example below; The Account Type depends on how the file has been structured. The different Account Types are referred to below; What is a Capacity ...
Account Categories
Profit & loss Account Categories The account categories are the account headings that appear on the Profit and Loss Projection. All of these are fixed categories with the exception of the Income category. How do I change the Income Account Category? ...
Import Accounts
How do I import Accounts from Xero? Under Chart of Accounts, click on the Xero icon, enter your Xero credentials and the accounts will then appear in the Account list. You can then update the account information including the Account Type, Account ...
Add/Edit/Delete Accounts
How do I add an Account? Under Chart of Accounts, click on 'Add', enter the account name and the account will then appear at the top of the account list as follows; Fill in the blank boxes including Account Category, Division (if multiple Divisions ...
Overview - Chart of Accounts
The Chart of Accounts is where you update all details relating to the Accounts including; Add/Edit/Delete Accounts; New accounts will be matched on name when you next import. Importing Accounts; Import from Xero or CSV. Account Categories; Account ...
Payroll Linking Accounts
This is where you link the Magnifi payroll accounts with the Xero payroll accounts. The projected labour costs are derived from the Labour Drivers and will be allocated to payroll accounts in Magnifi. These accounts will appear in the Profit & Loss ...