Management Accounts is a module within the Revision 8 accounting suite that allows management reporting in both hard copy and screen based formats. It is usually integrated with the Nominal Ledger for the transfer of 'actuals', that is the current account balances. This integration is not essential, but the Nominal Ledger module must be present on the system.
The main function of the Management Accounts module is to produce user defined financial reports and models of budgets and actuals. To accomplish this, the budgets are maintained and developed in this module, with a facility to copy actuals from the Nominal Ledger automatically.
Although normal reporting may centre on current period and year figures, it is also possible to define other budget types to hold, for example, last year's budgets, or to develop next year's budgets.
The chart of accounts against which reporting takes place can simply be a copy of that used in the Nominal Ledger, or can be redesigned to meet particular budget reporting needs. When actuals are copied in from the Nominal, they are "mapped" to the correct budget expense code and cost centre so that they accumulate against their associated budgets.
A formatting language is used to layout reports according to individual requirements. You may wish to learn this technique, or alternatively ask your Kerridge consultant to develop the reports required. The formatting commands are described in Appendix I.
In addition to the printed reports that the system can produce, there is also a screen based drill down reporting model. This is described in more detail in a later topic.
Before using the Management Accounts module, please contact your consultant and ensure that all basic set up procedures have been performed.
Warning: Please note that some background parameters MUST be correctly completed before any data is input to avoid wasted effort and loss of extended analysis functions.
A chart of accounts must be present before budgets are input or reports are produced. Providing cost centres and expense codes have been established on the Nominal Ledger with their Management Account (MA) codes, it is possible to automatically generate the appropriate cost centres and expense codes in the Management Accounts system.
Within Management Accounts, you can define your own budget types - for example 'Last Year's Budgets', 'This Year's Actuals', 'Revised Budgets', and so forth. Initially, the minimum requirement is to define one type for current actuals, and another for current budgets. Further types, if required, can be added at a future date.
Tip: You can control the use of each budget type at year end.
For example: Overwrite last year's actuals with this year's actuals (thus creating the new last year's actuals and throwing away the old last year's actuals.)
Copy next year's budgets into this year's budgets, while copying this year's budgets into last year's budgets.
As the budget types are defined by you, it is also necessary for you to define the editing screens on which budgets are keyed in. If several budget types have been set up, then various input screens may be defined to suit particular requirements. For example, if next year's budgets are being set up, it could be convenient for the form on which they are being edited to also display this year's budgets and actuals, or perhaps this year's budgets and last year's budgets.
In order to produce a report at least one report format needs to be present. This can either be done by your Consultant, or you may wish to format your own reports. The formatting language used is included as an appendix to this on-line help.
The MANAGEMENT ACCOUNTS menu is displayed when you select the Management accounts option from the Master Menu. From this menu you can enter, report and control parts information associated with almost all aspects of a parts department within the Motor trade.
