Commodity trading by default requires constant settlements between parties and the process of recording all the payment details may be tedious and complex. With MAF Cloud, transacting with counterparties are make more convenient and effective as information from the transactions can be easily recorded and with much clarity. From providing an overview of the payment records to settling outstanding payments, it creates a structured system for you to track and be notified of your company's finances (inflows and outflows). This allows you and your team to have better visibility of your company's position which is crucial in planning for the optimal trading strategies and improving the profitability of your business.
Main features and benefits:
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To delete a bank details record, tick the checkbox of the row and click on the 'Delete Row' button located above the table. You may also select multiple rows to delete.
Please refer to Accounting List of Definitions for the definitions of the fields.
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2. PAYMENT RECORDS
This section is exactly the same as the Payment Records tab in Physical Trades. This tab is included in the Accounting page to allow the Accounts/Finance team to access the outstanding and settled payment records directly in the form of stored invoices, which can be generated in the EXPENSES & INCOMES TAB. Newly created payment records will be displayed in either the Outstanding Payment Records or Settled Payment Records table.
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To edit the payment record, click on the 'Edit' button (represented by a 'pen and paper' 
icon) located on the left of each row. To delete a payment record, tick the checkbox of the row and click on the 'Delete Row' button located above the table. You may also select multiple rows to delete.
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This table displays all the outstanding payment records (invoices) that you have created in EXPENSES & INCOMES TAB. This means that the invoice(s) has not been fully settled (not fully paid or received) or is partially settled by you and/or your counterparties (Outstanding Amount =/= 0; Balance Amount =/= Settled Amount). Scroll to the right in the table to view:
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This table displays all the settled payment records (invoices) that you have created in EXPENSES & INCOMES TAB. This means that the invoice(s) has been fully settled (fully paid or received) by you and/or your counterparties (Outstanding Amount = 0; Balance Amount = Settled Amount). Scroll to the right in the table to view:
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For the 'SETTLED AMOUNT' to be filled, the Accounts/Finance team can input the received/paid amount in 'Bank Transaction' table under the 'Accounting' section and allocate to the invoice. Click here to learn more.
Please refer to Accounting List of Definitions for the definitions of the fields.
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3. BANK TRANSACTION
can only allocate 1 bank txn to 1 invoice even if partial
This section allows you to allocate received/paid bank transaction amount (actual amount received or paid by/from your company's bank accounts) directly to settle each invoice for the closure of the deal. This function allows your management and team to know which deals have been fully settled in payment, otherwise, necessary actions can be undertaken.
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- Note: Although all the fields are auto-filled, you are free to edit the 'BT ALLOCATED AMOUNT' column to indicate any amount to allocate to the invoice (allocate partial amount) eg allocate 600 instead of the full 1,000. In this case, you can scroll right to the end of the table to view the 'OUTSTANDING BALANCE' column eg 1000 (invoice amount) - 600 (allocated partial amount) = 400 (outstanding amount), indicating that the invoice still has outstanding balance of 400 and is not settled as only a partial amount of this bank transaction amount (600) has been allocated successfully. On the other hand, the remaining unallocated partial amount (400) after you have edited the 'BT ALLOCATED AMOUNT' column (allocate partial amount of 600 instead of 1,000) will remain in the 'UNALLOCATED AMOUNT' column in the Unallocated Bank Transaction Table, which will reflect the unallocated bank transaction amount available to be allocated to other invoice to settle the payment fully.
can only allocate 1 bank txn to 1 invoice even if partial
settled
To allocate a row, select the relevant transaction by checking its box on the left and clicking the '+ Allocate Row' button followed by selecting the specific payment details under the 'Allocate To' column (highlighted in red). The transaction will be reflected as an allocated bank transaction on the 'Allocated Bank Transaction' table.
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To delete a row, tick the checkbox of the row and click on the 'Delete Row' button located above the table. You may also select multiple rows to delete.
Please refer to Accounting List of Definitions for the definitions of the fields.
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