Standard Accounting
Accurate inventory accounting, work in progress accounting and product costing are all time-consuming and complex tasks. In MRPeasy software, they are fully automated. As the accountant, with MRPeasy software, there is no need to manually describe the financial transactions related to the normal day-to-day tasks that various roles in your company have performed. This frees considerable time, and even more importantly, allows to gather even more reliable reports with less effort.
Transcript:
In this video, we’ll show how MRPeasy automatically handles inventory accounting, work-in-progress tracking, and product costing.
We’ll cover the Overview, Scope and Regulations, Chart of Accounts, Transactions, Locking Historical Financial Records, Payroll, and Reports.
What we often see is that inventory accounting, WIP tracking, and product costing are managed outside the system, usually in spreadsheets. Here in MRPeasy, all of this is handled automatically, so the numbers are always up to date without any manual calculations.
So, starting from the dashboard, you get an instant snapshot of how things are looking financially. From here, you can easily drill down into all the key accounting areas — your profit and loss, balance sheet, cash flow, general ledger, journals, and chart of accounts — plus payroll, reports, and all the main settings.
To enable Standard Accounting module go to Settings → System settings → Software settings.
MRPeasy will create a default chart of accounts and prompt you to set the accounting start date. Transactions before this date wil be ignored.
MRPeasy Standard Accounting covers the most common accounting tasks for manufacturers, including tracking transactions related to production, inventory, purchasing, and sales.
Country-specific tasks, such as comprehensive reporting to authorities, local payroll compliance, and bank communications are not included, and typically require local software.
MRPeasy can share data with these systems through native integrations, for example with Xero or QuickBooks Online—please see our dedicated videos for more details.
Alternatively, data can be shared using structured CSV imports and exports.
MRPeasy comes with a default chart of accounts that’s already organized into categories and parent/sub-accounts — you can check the user manual for all the details.
You can manage or edit the chart anytime under Accounting → Chart of Accounts, whether it’s creating new accounts or adjusting existing ones. Just a heads-up: always check with your accountant before making changes.
You can also decide which types of automatic journal entries post to each account, so transactions are recorded automatically as operational activities happen.
On top of that, you can assign different inventory accounts for each product group, which helps you track inventory value separately across categories. You can set this up under Stock → Stock settings → Product group → Define Inventory account.
MRPeasy automatically posts accounting entries when operational events occur, keeping your books up to date.
Triggers include creating invoices, consuming materials, shipping goods, and recording payments. This applies to purchasing, manufacturing, sales, inventory, subcontracting, and RMAs.
Accounting begins when an invoice is saved. MRPeasy records purchases, taxes, and accounts payable.
Goods receipts update inventory automatically, and payments, credits, or refunds are posted without manual intervention.
Accounting starts when production activities are reported.
Material consumption moves costs from inventory to work in progress, labor and overhead are added automatically, and when the manufacturing order is finished, costs are transferred to finished goods.
Service and repair orders follow the same logic.
Customer orders or planned shipments do not generate transactions.
When goods are picked, MRPeasy posts cost of goods sold and reduces inventory.
Invoices post accounts receivable, sales revenue, and sales tax, while payments clear receivables against the bank.
Credit invoices reverse sales, and prepayments are recorded as customer prepayments until applied.
Inventory adjustments during stock-taking are automatically posted.
Adding a manual stock lot updates inventory, while write-offs reduce inventory and post the difference to the adjustment account. Transaction dates are fixed once created.
When optional functionalities such as return merchandise authorizations or subcontracting are enabled,
MRPeasy automatically creates the related accounting transactions. Here, we see one created from a customer credit invoice and another from an incoming subcontractor invoice.
For multi-site operations, shipped transfer orders and applied fees debit materials on hand and credit transfer orders liability.
MRPeasy calculates payroll automatically using operation duration multiplied by the hourly rate. If enabled, piece-based payments are included, or both methods can be combined.
MRPeasy keeps your accounting accurate and up to date. Changes to source documents automatically update related transactions. You can lock historical periods by setting a books closing date under
Accounting → Settings → Books Closing Date. Accounts on or before this date are locked (see User Manual for exceptions).
The Accounting Module provides easy access to key accounting reports, including tax reports and adjustments to closed periods. It also includes selected reports from other modules, giving accountants a complete view of both financial and operational performance.
In this video, we’ve seen how MRPeasy automates accounting across purchasing, manufacturing, sales, and inventory.
The Standard Accounting Module keeps financial records accurate, up to date, and fully integrated with operational workflows.
For more details, see the MRPeasy User Manual and our integration videos for Xero and QuickBooks Online. Thanks for watching!