Mapping Setup and Transactions in Tagrit ERP Accounting Module

Mapping Setup and Transactions in Tagrit ERP Accounting Module

Introduction

Accurate and efficient transaction mapping is a cornerstone of robust financial management. In Tagrit ERP's Accounting Module, the Mapping Setup offers an automated approach to map transactions to specific accounts, saving time and improving accuracy. This guide will provide a comprehensive overview of how to set up mapping for various transactions, including invoices, expenses, payroll, inventory adjustments, and more. The automation ensures that all financial data flows smoothly to the relevant accounts, thus enhancing reporting, auditing, and financial tracking capabilities.

1. Overview of Transaction Mapping in Accounting

Every business generates numerous financial transactions daily, from invoices and payments to expenses and payroll adjustments. Manually mapping each of these to respective accounts can be labor-intensive and prone to errors. Tagrit ERP’s Mapping Setup streamlines this process, allowing for automatic assignment of transactions to pre-set accounts, whether it’s for income, expenses, inventory, or assets.

• Supported Transaction Types:
  • Sales Transactions: Invoices, payments, credit notes, returns, and refunds.
  • Expense Transactions: Payments, refunds, and special expenses.
  • Payroll Transactions: Payroll expenses like income tax, insurance, and net pay.
  • Inventory Adjustments: Receiving, delivery, stock adjustments, and opening balances.
  • Manufacturing Costs: Material and labor costs.
  • Fixed Asset Transactions: Purchases, depreciation, and maintenance costs.

2. Configuring Mapping Setup

Automatic Mapping for General Transactions

The Mapping Setup screen allows you to enable automated mapping for essential transactions such as invoices, payments, credit notes, and expenses.

1. Enable Mapping for Each Transaction Type:
   • Navigate to Mapping Setup in the Accounting Module.
   • Enable automatic mapping for desired transaction types like invoices and payments.
2. Assign Accounts:
   • For each transaction type, specify relevant accounts such as:
     • Payment Account - Account to receive the payment.
     • Deposit Account - Account for recording deposited funds.
3. Save Settings: Ensure that settings are saved for each configured transaction to activate automation.

Item-Level Mapping

Specific items within transactions, like unique invoice line items, may require mapping to separate income or expense accounts.

1. Select the Item and Account:

   • In Item Mapping Setup, add an item and assign an appropriate income or expense account for it.

2. Apply Mapping Rules:

   • When the specified item is included in a transaction, its amount will automatically post to the designated account.

Mapping Payment Modes

Map particular payment methods (e.g., bank transfers, credit cards) to dedicated accounts.

1. Enable Payment Mode Mapping:

   • Activate mapping for payment methods across invoices, expenses, and refunds.

2. Specify Accounts per Payment Mode:

   • Designate specific accounts for each payment mode to maintain organized records of payment flows.

Expense Category Mapping

Assign unique accounts to various expense categories to streamline financial tracking and reporting.

1. Enable Expense Category Mapping:

   • Choose Expense Category Mapping from the setup menu and turn on automatic mapping.

2. Set Account and Payment Method:

   • For each expense category, assign an account and preferred payment method.

3. Mapping Transactions for Various Financial Areas

Sales Transactions Mapping

The Sales Menu enables mapping of customer-related transactions such as invoices and payments. For Omni Sales, map sales returns and refunds to ensure accurate revenue adjustments.

Expense Transactions Mapping

The Expenses Menu allows expense records like office expenses, travel costs, and more to be mapped to pre-set accounts, ensuring a clear and organized expense ledger.

Payroll Transactions Mapping

Using the Pay Slip Menu, map payroll expenses such as salaries, insurance, and tax contributions. Only finalized payroll transactions are eligible for mapping to ensure that payroll adjustments are accurate.

Inventory Transactions Mapping

Use the Inventory Menu to map inventory transactions:

• Inventory Receiving Voucher: Maps approved stock-in transactions.
• Inventory Delivery Voucher: Maps approved stock-out transactions.
• Loss and Adjustment: Maps inventory adjustments for loss or damage.
• Opening Stock: Maps initial stock balances for the fiscal year.

Manufacturing Cost Mapping

Manufacturing costs, including material and labor expenses, are mapped through the Manufacturing Menu, reflecting production costs in financial reports.

Fixed Asset Transactions Mapping

The Fixed Equipment Menu supports mapping for asset-related transactions like acquisitions, maintenance costs, and depreciation. This mapping simplifies asset management and enhances financial reporting accuracy.

4. Bulk Mapping and Transaction Management

For organizations handling numerous transactions, Bulk Mapping simplifies mapping multiple transactions simultaneously.

1. Enable Bulk Mapping for Each Transaction Type:

   • From the Mapping Setup, activate bulk mapping for high-frequency transactions, such as payments or inventory receipts.

2. Select and Map Transactions:

   • In the Transactions Menu, select multiple records to apply bulk mapping, then click Mass Mapping.

3. Confirm Changes: Ensure all selections are accurately mapped by reviewing the accounts in reports or ledgers.

5. Editing and Deleting Mapped Transactions

For flexibility in financial adjustments, transactions can be edited or removed from mapping:

1. Edit Mapped Transactions:

   • From Transactions Menu, locate the transaction, click Edit, and update account assignments as needed.

2. Delete Mapping:

   • For any incorrect mapping, select Delete to remove mapping for the transaction, allowing for reassignment if necessary.

6. Viewing Mapping Results and Reports

Once transactions are mapped, you can review mapping results in Financial Reports to verify accurate account allocations. Changes to mapping appear immediately, ensuring that reports reflect real-time financial data.

• Transaction List Report: View individual transactions and their mapped accounts.
• Balance Sheet and Income Statement: See aggregate results of mapped transactions for a comprehensive financial overview.

Conclusion

Tagrit ERP's Mapping Setup offers a powerful tool for managing financial transactions, ensuring all activities are accounted for and accurately mapped. By setting up automated mappings for invoices, payments, expenses, and assets, businesses can streamline bookkeeping, support financial reporting, and maintain an accurate general ledger.  This guide serves as a resource for accountants, bookkeepers, and financial professionals looking to enhance transaction mapping efficiency in Tagrit ERP.