Accounting Setup
- Updated On 23 Feb 2021
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Before Using the Accounting Module
To use the Accounting module in Mambu you need to go through the following steps:
- If another user will be setting up Accounting, give them the Permissions to access it.
- Setup or import your Chart of Accounts
After doing this you'll be ready for enabling the accounting in every product.
Enabling Accounting for Loans and Deposits
When you create a new loan under Administration > Loan Products/Deposits Products you can choose whether or not to enable accounting for that product and between the two different methodologies supported - Accruals or Cash.
If you enable accounting, you will then have to setup the accounting rules for each transaction before saving the product.
After that moment all the transactions under that product will be automatically logged in Accounting.
Accounting Rates
This functionality is part of the Accounting in Multicurrency feature and is not enabled by default. If you would like for it to be enabled for your organization, please contact your Customer Success Manager.
The Accounting in Multicurrency feature has currently only been developed for deposit products created in a currency other than the base currency.
Accounting rates are used to convert accounting entries related to transactions made in multicurrency into the base currency. The accounting rates are applied to the transaction date with the exception of accounting entries related to EOD processes and manual journal entries which are applied to the booking date.
Since manual journal entries contain only the date (but not the time), the accounting rate used will be the one from the beginning of the day.
To set an Accounting Rate:
- On the main menu, go to Administration > General Setup > Currency.
- Under Accounting rates, find the currency you're interested in and, on the right-hand side of the row, select Actions > Set rate.
- Set the Accounting Rate from the new currency to the base currency.
- Select Save Changes.
Once an accounting rate is set, it will be available from that moment onwards until a new accounting rate is set.
