Commodity trades 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 an outstanding payment, it creates a structured system for you to track and be notified of your organisation's finance. This allows you and your team to have better visibility of your organisation's position which is crucial in planning for the optimal trading strategies and improving the profitability of your business.
Main features and benefits:
- Keying in your company's bank account details for easier management of data
- Accessing the outstanding and settled payment records directly in the form of stored invoices.
- Allocating received/paid bank transaction amount directly to settle each invoice to close for the closure of the deal
In general, the Operations team will handle the Payment Records section and Accounts/Finance team will handle the Accounting section. When the accounts/finance team has received the actual paid/received amount, they can input in the Accounting section and allocate the amount to each invoice. With that, the team will be able to understand whether the invoices have been fully settled (found in Settled Payment Records table), partially settled or not settled (found in Outstanding Payment Records table) and undertake the necessary actions accordingly.
TABLE OF CONTENTS:
| Table of Contents | ||||
|---|---|---|---|---|
|
...
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.
...
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.
...
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.
...
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.
...
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 to close for the closure of the deal. This function allows your management and team to know which deals have been fully settled in payment, and if nototherwise, necessary actions can be undertaken accordingly.
Unallocated Bank Transaction Table
...
Selecting the invoice from the drop-down list will automatically input the 'ALLOCATED AMOUNT' column with the paid/received bank transaction amount that you want to allocate to the invoice (from the Unallocated Bank Transaction Table).
...
1. If the bank transaction amount (to be allocated to the invoice) eg USD 1,000 is exactly the same as the invoice amount eg USD 1,000, the 'ALLOCATED AMOUNT' column will be USD 1,000, as this reflects the invoice amount that has yet to be settled, so USD 1,000 from the bank transaction amount will be allocated to settle the invoice of USD 600. You can scroll right to the end of the table to view the 'OUTSTANDING BALANCE' column of the invoice become becomes 0, indicating that the invoice will be settled once this bank transaction amount has been allocated successfully.
...
- 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 an 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.
...
2. If the bank transaction amount (to be allocated to the invoice) eg USD 1,000 is more than the invoice amount eg USD 600, the 'ALLOCATED AMOUNT' column will be USD 600, as this reflects the invoice amount that has yet to be settled, so only USD 600 from the bank transaction amount will be required to settle the invoice of USD 600. You can scroll right to the end of the table to view the 'OUTSTANDING BALANCE' column of the invoice become becomes 0, indicating that the invoice will be settled once this bank transaction amount has been allocated successfully.
...
- 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 an 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.
...
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.
...
Click to access:
| Page Tree |
|---|