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MISys Accounting (how it all works)

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The accounting in MISys Manufacturing was designed to be flexible. We do this by allowing you to map the desired Account Numbers to various Accounting Controls. MISys uses these Accounting Controls to determine which Account Numbers to apply Debits/Credits to (based on the transaction you're performing).

An overview of all accounting transactions for each costing method is available in the MISys Help file (MISys | F1 | Contents Tab | Accountant's Guide | select your Costing Method).

There are 18 Accounting Controls in MISys and you have the ability to map each one to any Account Number you desire. You can find these Accounting Controls in the Default Account Set by going into MISys | Administration | Company Options | Control Accounts.

When a transaction is processed in MISys, the system will record the Debit/Credits to the Account Number you have designated for each Accounting Control that is affected by that transfer.

For example, let's look at 2 of the 18 Accounting Controls: Inventory Asset and Dispense/Return Control and use an Item Transfer | Dispense Stock. In this example let's say you have defined them as follows.

Inventory Asset Accounting Control is mapped to Account Number 1300.

Dispense/Return Accounting Control is mapped to Account Number 5450.

When you perform a Dispense Stock Item Transfer MISys will ALWAYS Credit the Inventory Asset Control and Debit the Dispense/Return Control.

Let's say you have an Item called ABC with a value of $1.00 and you perform a Dispense Stock Item Transfer for this Item for a quantity of 1. 

A Credit will be recorded to Account Number 1300 (which is mapped to the Inventory Asset Accounting Control) for $1. 

A Debit will be recorded to Account Number 5450 (which is mapped to the Dispense/Return Control) for $1.

Every transaction and the associated accounting are written to our Master Transaction Log and is initially flagged as Not Posted to the GL. These transactions can be reviewed/printed by going into Reports | History | Master Transaction Log.

MISys has a Period End function which is used as a vehicle to pass the Debits and Credits for specified dates to the General Ledger (of your associated Accounting Package).

For more information on the Period End process, please see the following article:

http://misysinc.com/helpdesk/knowledgebase.php?article=66

For detail around utilizing our overlay accounting method to redirect certain Jobs, Items, or Locations to use different Accounts (than those defined in the Default Account Set), see the following Article:

http://misysinc.com/helpdesk/knowledgebase.php?article=41

If you need more information or have questions, please contact MISys Technical Support. 

 
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Article details
Article ID: 40
Category: Accounting
Date added: Oct-11-2013: 2:16pm
Views: 1192
Rating (Votes): Article rated 3.1/5.0 (28)

 
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