- Chart of accounts, journals and general ledger
- Trial balance, profit and loss, balance sheet and cash flow
- Financial periods with locks and a reversible year-end close
- Branches as a reporting dimension
- MWK by default, with USD, EUR, GBP and ZAR available
- Receivables and payables ageing
Proper double-entry books without the manual work
Day to day, your team works in sales, invoices, expenses and purchases. InsightBooks turns each of those into a balanced journal through one posting engine. A journal that does not balance is rejected, so the ledger cannot drift out of balance.
Posted journals are never edited or deleted. If something was recorded wrongly, InsightBooks posts a reversal and you record it again correctly. That leaves a clear audit trail for your accountant and for the Malawi Revenue Authority.
Reports you can hand to the bank or your auditor
Reports read straight from posted journals, so the numbers agree with each other. Run them for any date range and filter by branch where you have more than one.
- Profit and loss (income statement)
- Statement of financial position (balance sheet)
- Cash flow statement using the indirect method
- Trial balance and general ledger
- Sales, expense, inventory valuation, payroll and tax reports
- Receivables and payables ageing
Financial periods and year-end close
Close a month once it has been reviewed and nobody can post into it by accident. Reopening a closed period needs approval. At year end, InsightBooks moves profit or loss into retained earnings with a closing entry that can be reversed if you need to reopen the year.
Multi-branch and multi-currency
Run several shops or offices under one business and see each branch on its own or all together. Users can be limited to the branches they work in.
Your business currency is MWK by default. Other currencies such as US Dollar, Euro, British Pound and South African Rand are available, which helps businesses that trade across the border or report to foreign owners and donors.
Working outside Malawi
InsightBooks is designed around Malawian businesses. Bookkeeping, invoicing, POS and stock work the same way for a business in Zambia, Mozambique, Tanzania, Zimbabwe or South Africa, but payroll tax (PAYE) and MRA EIS follow Malawian rules. Talk to us before you sign up if you need another country's tax rules.
Frequently asked questions
Is InsightBooks real double-entry accounting software?
Yes. Every transaction posts a balanced journal to the general ledger through one posting engine, and the trial balance, profit and loss and balance sheet are produced from those journals.
Can I correct a wrong entry?
Posted journals are not edited or deleted. You reverse the entry and record it again, which keeps a full audit trail.
Does InsightBooks work in Malawi Kwacha?
Yes. MWK is the default business currency. US Dollar, Euro, British Pound and South African Rand are also available.
Can my accountant get access?
Yes. Add your accountant as a user with a role that gives access to the accounting reports and journals they need, without access to areas such as payroll if you prefer.
Related
- Invoicing and Quotation Software in MalawiCreate quotations, convert them to invoices, record customer payments, issue credit and debit notes and track what customers owe. Built for businesses in Malawi.
- Bank Reconciliation Software for Malawi BanksImport bank statements (CSV, Excel, OFX and Standard Bank, NBS and NBM e-statements), match them to your books and finish only when the difference is zero.
- Payroll Software with Malawi PAYE and PensionRun monthly payroll with Malawi PAYE bands, pension (NPS) contributions, benefits, deductions, payslips and approvals, then post salaries straight to your books.
- How to Choose Accounting Software in MalawiA checklist for choosing accounting software in Malawi: MWK and multi-currency, PAYE, MRA EIS, POS and stock, offline use, local support, data ownership and price.
- NGO and Grant Accounting Software in MalawiTrack donor grants, deferred grant income, grant-funded expenses and assets, budgets and payroll for NGOs and grant-funded organisations in Malawi.