Merit Accounting Nxt

Total control of your finances all the time.

Merit Accounting Nxt represents the evolution of accounting and inventory software, offering complete oversight of finances and inventory management. With seamless integration, it streamlines all business processes within a unified system, providing continuous control and efficiency in operations.

A technology upgrade to Merit Accounting 16

Users of Merit Accounting 16 would find that functionally is an almost replica of that great software – but on completely modern technology and with amazing features and utilities. Merit Accounting Nxt also offers tools of quick import of masters and opening balances from Merit Accounting 16 so that upgrades are smooth and easy.

Streamline your business operations with Merit ERP: a unified solution for small, medium, and large businesses to efficiently manage finances and inventory with constant control.

Download ERP Brochure

Modules

Finance

Merit offers comprehensive financial features, encompassing General Ledger, Profit & Loss, Balance Sheet, Cash & Funds Flow, Bank Reconciliation, and management of Post-Dated Checks (PDCs).

Workflow

The graphic below illustrates the broad spectrum of processes included in Merit Accounting NXT’s Finance function. Please note that while most processes depicted are optional, not all are mandatory for Billing. The chart serves as a comprehensive overview of the functionalities available within the software.g.

Cash

Cash Receipts: Easily receive cash from customers or other sources. The system automatically updates cash and party ledgers, party receivables, and the cash book. Adjust pending items, like sales invoices or advances, during cash receipt transactions to maintain accurate records and reconcile accounts efficiently.

Cash Payments: Effortlessly make cash payments to suppliers or other parties. The system updates cash and party ledgers, party payables, and the cash book in real-time. Adjust pending items, such as purchase invoices or advances, during payment transactions to ensure accurate accounting and streamlined financial management.

Bank

Bank Receipts: Facilitate the receipt of funds from customers via cheques, recording essential details like cheque number, issue date, bank name, and branch. Automatically update bank and party ledgers, party receivables, and the bank book. Adjust pending bills during transactions for accurate accounting and reconciliation.

Bank Payments: Streamline the issuance of cheques to suppliers, recording crucial details such as cheque number, issue date, and bank details. Automatically update bank and party ledgers, party payables, and the bank book. Adjust pending bills to ensure precise financial records and efficient payment processing.

Bank Reconciliation: Merit simplifies bank statement reconciliation, enabling users to reconcile each bank account efficiently. Mark the clearing status of uncleared cheques with corresponding dates. Automatically update bank, party, and other account ledgers, along with books, for accurate financial reporting and reconciliation purposes.

Post-Dated Cheques

Efficiently handle post-dated cheque (PDC) transactions with Merit’s comprehensive features.

Receipts: Seamlessly receive amounts via PDC from customers and other parties, storing crucial details such as cheque number, date, bank, branch names, and taxes. Automatically update ledger accounts for accurate financial tracking.

Payments: Easily make payments to customers and other parties via PDC, recording essential details like cheque number, date, bank, branch names, and applicable taxes. Ledger accounts are updated automatically for precise accounting.

PDC Deposits: Mark all received PDCs as deposited, storing deposit dates for accurate transaction records.

Clear PDCs: Merit allows manual or automatic clearance of PDCs. Manually clear one or more PDCs, setting clearance dates and status. Upon clearance, ledger accounts and books are automatically updated for accurate financial reporting and reconciliation.

Adjustments

Make adjustments like debit and credit notes, as well as journal vouchers. Bulk adjustments for pending bills of parties are also available for streamlined processing.

Opening Entries

Capture previous balance details carried forward to the new financial year, including ledger accounts like cash, bank, assets, debtors, and creditors. Ensure accurate financial reporting by recording balances across various accounts for seamless transition into the new fiscal year.

Reports
The graphic below displays the reports included in the Finance module:

Sales

Efficiently oversee the entire sales process, encompassing order management, invoicing, and collections, ensuring smooth workflow and streamlined financial transactions.

Workflow
Displayed below is the workflow of the Sales module.

(*) This chart illustrates the comprehensive Sales function provided by Merit Accounting NXT. While most processes are optional, they are not mandatory for Billing purposes.

Book Orders

Capture ordered products with terms and conditions, delivery addresses, and advance payments. Automatically compute applicable taxes or input them manually for accurate transaction recording.

Deliveries

Fulfill orders by delivering stocks according to pending orders, considering delivery addresses, applicable taxes, and terms and conditions.

Invoicing

Generate customer invoices with or without associated orders or deliveries. Invoices can be created at specific branches or locations, with taxes applied automatically or manually. They can be issued against pending orders or delivered stock, for cash or credit transactions. Record customer payments via cash, cheque, or PDC, and adjust pending bills while specifying terms and conditions. Access previous sales history during invoicing, and Merit automatically updates ledger accounts and generates receivables.

Sales Returns

Capture customer returns of stocks. Merit Accounting NXT automatically updates both stock and account ledgers for seamless record-keeping.

Discounts

Apply discounts based on product/service or a party. You can:

Efficiently apply bulk discounts for products/services and customers. Specify the discount percentage and effective date for application. Seamlessly manage discounts by setting parameters for both products/services and customers to ensure accurate and timely application.

Reports

The following graphic displays the reports included in the Sales module:

Purchase

Effectively oversee your procurement process with suppliers, from initiating inquiries to handling supplier invoices, ensuring smooth and efficient management of purchases.

Workflow
Displayed below is the workflow of the Purchase module.

(*) This chart illustrates the comprehensive Purchase function provided by Merit Accounting NXT. While most processes are optional, not all are mandatory for Billing purposes.

Manage Orders

Record ordered products from suppliers, including terms, delivery details, and advance payments. Taxes can be automatically calculated or manually inputted, ensuring accurate financial documentation and compliance with applicable tax regulations.

Receive Stocks

Efficiently document stock received from suppliers, irrespective of orders. Capture full or partial stock deliveries and specify receipt locations. Record various tax details like service tax, VAT, and CST along with terms and conditions. Additionally, document manufacturer and supplier particulars, including invoice specifics, transportation details, and issuance timestamps for comprehensive inventory management.

Manage Supplier Invoices

Efficiently input supplier invoices with or without corresponding orders or receipts. Input invoices at specific branches or locations, with automatic determination of applicable taxes such as Service Tax, Excise, and VAT, or manual entry if necessary. Record additional product costs and invoice against pending orders or received stocks. Access previous purchase history of suppliers and make payments via cash, cheque, or PDC. Adjust pending payable amounts and document terms and conditions. Merit automatically updates ledger accounts and generates payables for seamless financial management.

Manage Returns

Document stock returns to suppliers or vendors due to damage, exchanges, etc. Record payment details made via Cash, Cheques, or PDCs for comprehensive record-keeping and financial transparency in your business transactions.

Reports

The image below presents the assortment of reports encompassed within the Purchase module:

Receivables & Payables

Merit Accounting NXT streamlines debtors and creditors management, offering features like bill-wise tracking, overdue bill monitoring, interest calculations on overdue bills, and customizable ageing settings. When saving a sales invoice, an automatic receivable is generated on the customer account, facilitating detailed ageing reports for all receivables. Likewise, saving a purchase invoice creates an automatic payable to the supplier, allowing access to pending payment lists with ageing details through payable reports. Merit Accounting NXT furnishes numerous reports to provide comprehensive insights into receivables and payables status, ensuring informed financial management.

Inventory Management

Offering unparalleled inventory management capabilities, this module accommodates an extensive array of products with comprehensive master information, inclusive of product codes and attributes. Renowned for its robustness and depth, it stands as a powerful tool in its class.

Workflow

The diagram below delineates the workflow of the Inventory module.

(*) This chart illustrates the entirety of the Inventory function integrated within Merit Accounting NXT. While most processes are optional, not all are obligatory for Billing purposes.

Multiple Units of Measurement

rewrite the following in not less than 70 words

Maintain products with respect to their base and alternate measurement units. For instance, you may want to sell a product with a different measurement unit such as Nos, Pcs, etc. being its base unit as Packs. You can also define conversion factors between the base and alternate units.

Multiple Price Lists

Merit Accounting NXT empowers users to manage 26 customizable price lists alongside default sales and purchase prices. Tailor these lists to specific needs, such as “South Zone Price List” or “Regular Customer Price List.” Assigned to products, these lists automate price selection in transactions, streamlining pricing processes and enhancing flexibility in pricing strategies.

Locations

Efficiently manage inventory across numerous locations by entering transactions specific to individual branches or locations. During transactions, the system displays stock positions according to the chosen branch or location. Reports provide insights into stock balances across single or multiple branches, facilitating informed decision-making regarding inventory management across various locations.

Internal consumption, Excesses & Shortages

You can document internal consumption as well as any excesses or shortages identified in stock quantities.

Product Attributes

Merit offers diverse inventory management options, allowing categorization based on product types, categories, sub-categories, brands, manufacturers, and more. These attributes enable detailed classification of inventory, providing flexibility in organizing stock based on specific criteria like brand or manufacturer.

Valuations

Gain comprehensive insights into your inventory through robust analytical reports like Stock Valuation and Stock Balances. These reports offer detailed information about your current stock position and value. Utilize the Stock Valuation report to assess the current value of your inventory. Additionally, filter reports by branch or location to tailor the analysis to specific areas of interest.

Reports

The diagram below illustrates the inventory reports included within the module, providing a comprehensive overview of the available reporting functionalities.

Budgeting

Taxes

Merit provides a comprehensive Taxes module designed to handle all tax-related matters seamlessly. This module is versatile and can be implemented across various countries with minimal customization required.

Users can effectively manage a wide range of taxes including VAT, CST, Sales Tax, TDS, Excise, Cenvat, Excise Invoice, as well as Inclusive & Exclusive Taxes. Both automatic and manual tax entries are supported, ensuring flexibility in tax management. Additionally, features such as Tax Registers enable users to maintain detailed records of tax transactions.

The system offers robust reporting capabilities, allowing users to generate reports for each tax type for statutory and VAT returns across all states. Moreover, many taxes applicable in different Indian states come pre-configured in the system, streamlining the setup process. However, users have the flexibility to easily reconfigure taxes as needed with just a few clicks.

Through the Settings Manager, users can select the specific taxes applicable to their company or branch, tailoring the system to their unique requirements. For instance, users can choose to include only VAT and Service Tax while disregarding other tax types, ensuring optimal tax management efficiency.

VAT and Other Taxes

Manual Taxes Override automatic tax calculations by manually selecting tax slabs and rates in transactions as needed.

Maintain Commodity Codes

Incorporate commodity codes specific to your region’s tax regulations and link them to products. Include schedule details like Serial Numbers. Define the calculation basis for taxes, whether based on Gross Amount or Discounted Value. Also, manage tax codes tailored to the services your business provides.

Tax Forms
Effortlessly handle numerous Tax Forms as needed and integrate them into transactions. Store details of received or issued tax forms during transaction entries, including the date received, form number, and related information.

Inclusive Taxes

You can define whether taxes are inclusive or exclusive of product prices. This includes:

Setting taxes as inclusive or exclusive for standard product prices
Creating custom price lists and specifying tax calculation preferences

Transactions automatically calculate inclusive taxes and net prices based on the selected price

Tax Structures
You can group multiple taxes and assign them to products using Tax Structures. For instance, you could combine VAT, Service Tax, and Excise Duty. This allows you to efficiently apply commonly used taxes across your products, simplifying tax management and ensuring consistency.

Tax Transaction Types

When configuring taxes, choose from different transaction types like VAT for Regular Sales or VAT for Inter State Purchases, tailoring tax settings to specific transaction requirements.

Product Categories and Applicable Dates
Choose product categories to apply taxes. Specify start dates for tax application, allowing separate dates for each product category.

Tax on Tax
Automatically compute taxes on other taxes, like Education Cess, Secondary Education Cess, VAT on Excise, and more, for accurate tax calculations.

Tax Accounts
Tax amounts can be allocated to distinct ledger accounts, as needed. For instance, you can designate VAT amounts to be posted to separate accounts for VAT Collected and VAT Paid.

Taxes for all states

Pre-configured taxes for different Indian states are available for immediate use. Set the effective dates and product categories for the desired products and start implementing them. The Taxes Wizard is also available for additional tax configuration if needed.

Merit also lets you view/print ready VAT forms of all states of India.

VAT Month End
Effortlessly access transaction lists with applied VAT for a specified month, branch, and state, along with corresponding tax amounts. Automatically carry forward the variance between VAT input and output as the opening balance for the subsequent month.

VAT Payments

Submit VAT payments for a specified year and month, with the option to pay by cash or cheque. Allocate the payments to designated accounts as needed.

VAT Returns

Easily generate VAT return forms for e-Filing, with most Indian state forms pre-configured in the system. Merit continually updates forms as needed. Simply select the appropriate form for your state, print it, and proceed with e-Filing.

TDS

Effectively manage your TDS operations with Merit’s comprehensive features:

Create and oversee Assessee Types, TDS types, and sub-types.
Manage transaction natures for TDS processes.
Record TDS collections and payments efficiently.
Define tax percentages for various accounts.

Transactions available for TDS management include:

Previous Balances: Document previous TDS balances of accounts.
Payments: Record TDS payments made for specific years and mark them for selected transactions, payable via cheques.
Certificate Receipts/Issues: Log TDS certificates received or issued monthly and associate certificate numbers with respective transactions.

Optional

Taxes are an optional module in the software, offering flexibility to enable or disable them as needed. You can select specific taxes applicable to your company or choose to disable taxes altogether when necessary.

Segments

Why Choose Techysoft ERP ?

Comprehensive Business Management

Techysoft Merit ERP offers a complete suite of modules that streamline all aspects of your business, including finance, inventory, supply chain, HR, and more. This ensures all business operations are managed from a single, integrated platform.

Customization and Flexibility

The ERP is highly customizable, allowing businesses to tailor it to their unique workflows and requirements. With flexible modules and add-ons, companies can scale as they grow.

User-Friendly Interface

Techysoft Merit ERP provides an intuitive, easy-to-use interface that reduces the learning curve for users, ensuring a smoother adoption process across teams.

Real-Time Data and Insights

With real-time data analytics and reporting tools, Techysoft Merit ERP allows businesses to make informed decisions based on accurate, up-to-the-minute information.

Cloud and On-Premise Options

Offering both cloud-based and on-premise deployment options, businesses can choose the best solution for their needs, whether they prefer the flexibility of the cloud or the control of on-premise systems.

Data Security and Compliance

Techysoft Merit ERP ensures top-level security with encryption, role-based access control, and compliance with regional regulations like GDPR or PDPL in Saudi Arabia.

24/7 Support and Maintenance

The ERP system comes with comprehensive customer support, including 24/7 technical assistance, software updates, and a dedicated support team to ensure uninterrupted business operations.

Cost Efficiency

With competitive pricing models and a high return on investment, Techysoft Merit ERP is an affordable option that delivers powerful functionality for businesses of all sizes.

Integration with Other Systems

Seamlessly integrates with other business software, such as CRM, e-commerce, and third-party apps, ensuring smooth data flow and minimizing system fragmentation.

Localization for Saudi Market

Specifically designed to meet the unique needs of businesses operating in Saudi Arabia, including support for local languages, compliance with Saudi laws, and integration with local financial systems and tax regulations.

Value Added modules

Techysoft Merit ERP caters to a wide range of industries along with add on modules like HCM and Fixed assets management

Get Your Free Demo Today

See Latest Blogs

Efficient Project Accounting Solutions for Businesses

Complete Project Management System for Every Business Need

Top 20 Benefits of a Project Management System

Unleashing the Power of Payroll Systems: A Comprehensive Guide

Top Key Features to Look For in the Payroll Management Software

Importance of Techysoft Merit Payroll Management System in Your Business

How Merit Accounting NXT Helps Different Industries

How Techysoft Merit Accounting NXT Stands Out from Other ERP Systems

Why Merit Accounting NXT is Essential for Businesses

How to Streamline Fixed Assets Management with Techysoft Merit ERP System

1 2 3 4

Frequently asked Questions

What is Merit ERP

Techysoft Merit ERP is a comprehensive Enterprise Resource Planning (ERP) solution designed to manage and integrate various business processes, such as finance, supply chain, human resources, inventory, and more, all in one platform.

How customizable is Techysoft Merit ERP?

Techysoft Merit ERP is highly customizable to suit the specific needs of your business. From workflows to custom modules, you can tailor the system to fit your company’s operations and growth requirements.

Is Techysoft Merit ERP suitable for small and medium-sized businesses (SMEs)?

Yes, Techysoft Merit ERP is scalable and designed to meet the needs of both small and medium-sized businesses. Its flexible modules allow you to adopt what you need and scale as your business grows.

Can Techysoft Merit ERP be deployed on the cloud?

Yes, Techysoft Merit ERP offers both cloud-based and on-premise deployment options, allowing you to choose the best solution for your business needs.

What industries does Techysoft Merit ERP cater to?

Techysoft Merit ERP caters to a wide range of industries, including manufacturing, retail, healthcare, construction, and services. It is designed to be versatile and adaptable to various industry requirements.

Does Techysoft Merit ERP support multiple languages?

Yes, Techysoft Merit ERP supports multiple languages and is particularly optimized for businesses operating in Saudi Arabia, offering support for both English and Arabic.

How secure is my data with Techysoft Merit ERP?

Techysoft Merit ERP ensures high levels of security with data encryption, role-based access control, and compliance with local and international data protection regulations like GDPR and PDPL.

What kind of support does Techysoft Merit ERP offer?

We provide 24/7 customer support, technical assistance, and regular software updates to ensure that your business operations run smoothly without interruption.

Can I integrate Techysoft Merit ERP with other software systems?

Yes, Techysoft Merit ERP seamlessly integrates with a wide range of third-party applications and systems, including CRM, e-commerce platforms, and more, to streamline your business processes.

How can I get a demo of Techysoft Merit ERP?

You can request a demo by contacting our sales team via our website. We’ll be happy to provide a detailed walkthrough of the software and its capabilities to help you determine if it’s the right fit for your business.

Is training provided for new users of Techysoft Merit ERP?

Yes, we provide comprehensive training programs for new users to ensure a smooth transition and adoption of the ERP system.

Does Techysoft Merit ERP comply with Saudi regulations?

Yes, Techysoft Merit ERP complies with all relevant Saudi regulations, including the Personal Data Protection Law (PDPL) and VAT regulations. It is specifically optimized for businesses operating in Saudi Arabia.

How often are updates released for Techysoft Merit ERP?

We regularly release updates to improve functionality, add new features, and ensure compliance with any new regulatory changes. These updates are seamlessly integrated with minimal disruption to your business.

What is the cost structure for Techysoft Merit ERP?

Techysoft Merit ERP offers flexible pricing plans based on the number of users and the specific modules your business needs. Please contact our sales team for a customized quote.

How long does it take to implement Techysoft Merit ERP?

The implementation timeline depends on the complexity of your business processes and the level of customization required. On average, it can take between a few weeks to several months for full deployment.

Is there a free trial available for Techysoft Merit ERP?

Yes, we offer a free trial so you can explore the features and functionality of Techysoft Merit ERP before committing to a full implementation.

Is there a free trial available for Techysoft Merit ERP?

Yes, we offer a free trial so you can explore the features and functionality of Techysoft Merit ERP before committing to a full implementation.

What are the hardware and software requirements for running Techysoft Merit ERP?

Techysoft Merit ERP is highly adaptable and can run on standard hardware configurations. For cloud deployments, minimal infrastructure is required, as the system is accessible via any modern web browser.

What features does Merit Accounting NXT offer in TechySoft Merit ERP?

Merit Accounting NXT provides a comprehensive set of accounting features, including general ledger, accounts payable and receivable, bank reconciliation, financial reporting, and tax management. It also supports multi-currency transactions, budgeting, and audit trails, offering businesses a complete financial management solution.

How does Merit Accounting NXT handle multi-currency transactions?

Merit Accounting NXT supports multi-currency transactions, enabling businesses to manage transactions in different currencies. The system automatically calculates currency conversions based on current exchange rates and provides real-time financial reporting in the base currency, ensuring accurate financial records for international transactions.

Can Merit Accounting NXT generate customized financial reports?

Yes, Merit Accounting NXT offers a range of customizable financial reports, including profit and loss statements, balance sheets, cash flow statements, and tax reports. Users can tailor reports to specific needs, filter by departments or time periods, and export data in various formats for easy sharing and analysis.

How does Merit Accounting NXT ensure compliance with tax regulations?

Merit Accounting NXT is equipped with automated tax calculation features that ensure compliance with local, state, and international tax regulations. It supports GST, VAT, and other tax regimes, automates tax filing processes, and maintains up-to-date tax records to help businesses avoid errors and stay compliant with tax authorities.

Boost your business
operations with ERP

Schedule Demo