AI ACCOUNT Accounting Software Guide

If you have any questions about the software, please feel free to email us at in**@ai*******.com for inquiries.

First Time Login

** You can check your spam mail folder, as the reset password email and 2FA email may have been directed there. **

For first-time users, please visit https://app.ai-account.com/ and follow the steps outlined below:

Click on “I forgot my password.”

Enter your email address and click “Send Reset Password Email”. You will receive an email from our system, allowing you to set a new password and log in to your account.

Enter your email and password to log in to your account.

Thereafter, enter the verification code sent to your email and click ‘Verify’.

 

Customised Plan (Group Access with Unlimited Company Support)

When clients sign up for the Customised Plan, you will receive Group Access with support for an unlimited number of companies.

A group will be created under your brand.

You can assign Group Admins (input the email at the Username box and click ‘Submit’) and grant them ‘full permission’ as needed. Group Admins with full permission can add or remove other Group Admins within the group.

Group Admins also have the ability to add new company within the group.

 

Company Information

Complete the relevant fields that apply to your company.

Upload your company logo, and it will automatically appear on your invoices and quotes.

 

Systems Requirements

Recommended Browser

Latest Google Chrome

Exchange Rate

Exchange rate generated by the software is API from frankfurter.app

Clear Cache

Sometimes, you need to clear the browser cache to receive the latest software updates. Press Ctrl + Alt + Delete, and select the following items to clear:

Remember to choose the time range ‘All time’.

 

Software Settings

You can adjust the settings in the sections below:

Financial Settings: Update the ‘Accounting Year Start Date’ and ‘Accounting Year End Date’ each year after the accounts have been closed. For example, after closing the accounts for December 31, 2022, update the ‘Accounting Year Start Date’ to January 1, 2023, and the ‘Accounting Year End Date’ to December 31, 2023. Set the ‘Lock Date’ to December 31, 2022, to lock entries on or before this date, making them non-editable. You can also update the ‘Credit Terms for Customers’ and ‘Credit Terms for Suppliers’ in this section.

** You can update the credit terms for each customer or supplier under ‘Contacts’ if needed. Any contacts without updates will use the default credit terms specified in the financial settings. **

Quote Settings: Update the notes in the quotes generated

Invoice Settings: Update the notes in the invoices generated.

Official Receipt Settings: Update the notes in the official receipts generated.

Accounts: A default Chart of Accounts is created, suitable for most SMEs. You can add a new account or import one if needed.

Currencies: You can add additional currencies if necessary. The starting currency is the functional currency and cannot be modified. Create a new account if you need to change the functional currency.

Tax Codes: Set up GST, VAT, or SST as required. You can also select “Sales Tax” or/and “Expenses Tax” type if you want the relevant tax codes to appear in the sales or expenses sections. You can add the tax code that is more relevant to your city or country if it is not shown in the default tax codes.

 

Users: Add more users to the account. Permission ‘User’ will have full access to the account, Permission ‘Sales Only’ will restrict staff to the sales section only, and Permission ‘Read Only’ will allow staff to view the account without making modifications. For more information, please refer to the ‘Add New Users’ section.

Add New Users

1. First, go to Settings → Users
2. Click on “Add New User”
3. Enter the email address, select the user’s permissions, and click ‘Submit’ to complete the user addition process. The user should then visit the ‘First Time Login’ section to log in to their account and begin using the software.Permission ‘User’ will have full access to the account, Permission ‘Sales Only’ will restrict staff to the sales section only, and Permission ‘Read Only’ will allow staff to view the account without making modifications.
   

 

Key Functions

 

Opening Balance Recording

You can use Manual Journal entry to record opening balance. Example, the cut off is 1 Jan 2022, you are recommended to key in the opening balance on 31 Dec 2021. So when you generate the prior year balance sheet report on 31 Dec 2021, it can reflect the number accurately.

For foreign currency opening balances, you can record each in a separate manual journal, as each manual journal can record only one type of currency. Alternatively, you can record them in one manual journal and adjust it with another journal, as shown below.

Retained Earnings

(3-0000) Retained Earnings are generated based on the period you select in Financial Settings (Incorporation Date), Balance Sheet Start Date and End Date by default.

You can select the period you want to generate a prior year balance sheet or previous month balance sheet. Example, if your company year end is 31 Dec 2022, you can generate the previous year balance sheet by indicating the start date as 1 Jan 2021 and End date is 31 Dec 2021.

Example, if you select  Balance Sheet Start Date and End Date, start from 1 Jan 2022 to 31 Aug 2022, then the Balance Sheet “Current Year Earnings” will be for the period from (Start Date) 1 Jan 2022 to (End Date) 31 Aug 2022, “(3-0000) Retained Earnings” in Balance Sheet will be cover the period “Incorporation Date” to Balance Sheet one day before the “Start Date”.

When you click on the “Current Year Earnings”, it will show the relevant profit and loss period that can match the number.

When you click on the “(3-0000) Retained Earnings”, it will show the “General Ledgers (Retained Earnings)” report that can match the number.

Import of Sales and Expenses transactions

When importing sales and expenses transactions, if the customer or supplier contact is not available, it will be automatically created based on the name input from your Excel import into the system.

 

Discount Recording

You can record the sales discount by following these steps:

1. Add an account in the “Chart of Accounts” as shown below.
2. Select the Sales Discount option when issuing an invoice.
3. Input a negative amount for the Sales Discount.

For expense discounts, you can create a “Expense Discount” account with an “expense” Account Type for discount recording purposes.

 

Inventory Recording

To record inventory purchases and sales, follow these steps:

1. + Add New Inventory
2. Record Inventory Purchase
3. Record Inventory Sales

The double entry will be automatically generated, transferring the inventory to cost of sales when sales are recorded.

Dividend Recording

For record of dividend paid adjustment, you can use manual journal, example as follows.

When you click the Retained Earnings at Balance Sheet

The system will bring you to the period of profit and loss which contribute to the retained earnings amount. For this situation, the Net Profit / (Loss) is not tally is due to the dividend adjustment of $100,000

You can go to General Ledger to find the retained earnings adjustment to reconcile the different

Create Contacts – Customers / Suppliers

For any new Contact, you need to input Name, select the Type, Trade or Non-Trade and Status

Once selected, you will not allow to change Trade or Non-Trade. The aging report will be generated based on the selection done in contact.

 

GST rounding differences

You can click following button to add GST Rounding Difference

Thereafter input the Difference in positive or negative amount, and select the correct Tax Code so it can show in the correct category in the GST report. Example this sales is 7% Standard rated Supplies, therefore the rounding difference can select 7% Standard rated Supplies

Then click submit to record the transaction

 

Bank charges imposed by bank when receipt of payments from customers

When a client makes payment for an outstanding invoice and there is a shortfall of balances due to bank charges imposed by the bank, you can select Account “Bank charges” during the Add Receipt recording.

 

Bank Transactions

For transactions between banks and balance sheet items, use the “Bank Reconciliation” section.

For profit and loss bank related transactions, like bank charges and bank interest income, use manual journal entries.

 

Bank Reconciliation Automation

First, you need to enter the transaction into the account (e.g., payment received or payment made). Then, you can import the bank statement, and it will automatically match and be marked as ‘tick’ if it corresponds correctly. You can see the detailed steps below.

You can import your bank statement in CSV format to automate the bank reconciliation process.

Select whether the bank account for reconciliation is in the home currency or a different currency to ensure the automatic matching is done correctly.

The system will automatically match and tick the entries that correspond. For unmatched entries, you can manually review and tick them. You can also save your work in progress and continue the bank reconciliation later.

 

Other transactions (e.g. interest income)

For received interest income or incurred interest expenses etc, you can input the details via a manual journal entry.

 

Projects Recording

You can use the project module to keep track of your projects and calculate each project’s profit.

The completion percentage is calculated based on:

Expense Total Amount / Budgeted Cost

You can tag sales invoices and expense invoices to the project. Each sale and expense can be tagged to only one project.

Fixed Assets Recording

You can record fixed assets in the account via the ‘Fixed Assets’ module. All double entries will be automatically generated when you input the details and submit. Do not duplicate entries in the expenses module.

For the disposal of fixed assets, you can click Options → Dispose. All double entries, such as gain or loss on disposal, will be automatically generated based on the sales proceeds you enter.

 

Fixed Assets Accounts – Steps to add Chart of Account

1. you need create one main account and 2 accumulated account in below format
2. Click Motor Vehicle, then connect the 2 accumulated account created
3. Then submit and will appear in Fixed Assets Module

 

Fixed Assets Run Depreciation

You can automatically run the double-entry depreciation record by entering the period ‘To’ and click “DEPRECIATE” for you to run the depreciation entry for the fixed assets entered into the software.

You can rollback incorrectly run depreciation by clicking ‘Rollback Depreciation’.

 

Related Parties

You can use the following Account to record for Related Parties, such as Director, Subsidiary, Related Company and etc balances.

1-5100 Supplier Related Parties

2-3100 Customer Related Parties

Example, You can create contact “Director A” – Other Receivables, then it will show when you select “2-3100      Customer Related Parties”

 

Credit Note or Debit Note

You will need to create the negative invoice, and settle it through Customer deposit or supplier deposit account. So both the invoices and credit debit note will offset their settlement in Customer deposit or supplier deposit account.

 

Foreign Exchange Currency Setup

Kindly ensure a separate bank account , or separate contact be created for different currencies so you can do bank reconciliation, or keep track of your foreign currency customer and supplier clearer.

For foreign currencies other than the home currency, try to group the same foreign currency in a separate account. Avoid mixing different foreign currencies in one account as it can lead to incorrect calculations of the original currency.

For year-end exchange gains and losses (foreign currency revaluation) on foreign currency balance sheet items, you can record them with a manual journal entry in the home currency.

 

Year End Closing or Change of Year End

You can go to Settings, and select Financial Settings

Input the New Start Date, New Year End Date, and Lock Date so the periods closed cannot change.

You can also fill up the lock date for any cut off date you want to lock the accounting period.

Click Save

 

Default Tax

You can select Default tax code use for Sales and Expenses

So when you input Sales or Expenses, the default tax you tick will show and you can save the time to select it.

 

Withholding Tax Recording

For sales payment and supplier payment, it is required to withhold tax in Indonesia usually. You can post the withholding tax entry when you make payment

1. Select “Add Receipt” on the unpaid invoice
2. For Sales, you can select “Sales Prepaid Tax” to record the Prepaid Tax to government (withholding tax by customer, remind to get supporting documents from your customer)
3. For Expenses, you can select “Expenses Withholding Tax” to record the Withholding tax that pay to government (withholding tax pay to government for the expenses vendor invoice, remind to send the supporting documents to your supplier)

 

Reverse Charge Recording for Import Service

First you will need to create a new Tax Code at Settings “Tax Codes”

When you enter your Imported expenses with Reverse Charge, you can select as follows

In the journal report, you can see the journal entry will record as follows

In GST report, you can see the details

 

Tax Invoice Settings

You can generate “Tax Invoice” report on the top right corner of each Sales.

Go to Invoice Settings, you can update the 3 items which will reflect in the Tax Invoice report

Sample Report how it will be displayed in Tax Invoice Report

 

Official Receipt Settings

You can setup official receipt settings at below

You can export the Official Receipt at each Receipt

 

Statement of Account Settings

You can setup Statement of Account settings at below

You can export the Statement of Account at General Ledger (Contact)

Input the Contact and Account, select the relevant periods, and click Search before exporting the Statement of Accounts.

 

Reports

GST Report (Cash Basis)

For Malaysia Services Tax, you need to report services tax based on payment basis. Therefore, you can generate the GST Report (Cash Basis) to get the amount of services tax invoices that have been paid by the customers.

Export to Excel (For FS)

You can export this report “Export to Excel (For FS)” and use it for import to FS software purposes. Remind to select the correct Yearly period and click search before export. When importing the FS software, remember to use the remove decimal point function in FS software to remove decimal points. Do let us know if you need assistance to prepare financial statements.