Sales invoice
SI‑2041 · a fabrication contract
- Steel door frame × 12
- 582,000
- Aluminium window unit × 4
- 505,000
- Delivery to site
- 63,000
- Net
- 1,150,000
- VAT at 7.5%
- 86,250
- Total
- ₦1,236,250
an Enterprise Projects Business Solution
Enter it once.
It posts everywhere.
MagnetERP is a complete business management system for small and medium-scale enterprises. It brings the entire back office into one integrated application, so that a transaction entered once flows through to every record it affects.
Entered once
Posted everywhere
-
Inventory & Services
16 units leave the store at cost, carried to cost of sales. The delivery line is a service and moves no stock.
-
Sales & Receivables
Customer account debited ₦1,236,250.
-
Projects
₦1,150,000 attributed to the project revenue and inventory batch revenue, not the tax.
₦710,000 attributed to the project cost and the inventory batch cost.
-
Integrated General Ledger
- Dr Receivables linked to the project 1,236,250
- Cr Sales, linked to the project and inventory batch 1,150,000
- Cr VAT linked to the project 86,250
- Dr Cost of sales linked to the project and the inventory batch 710,000
- Cr Inventory linked to the inventory batch 710,000
Overview
One system, one version of the truth.
It brings the entire back office — customers and suppliers, sales and purchases, inventory, manufacturing and assembly, staff, payroll and the books of accounting — into one integrated application.
Built for the way Nigerian businesses actually work, it manages several companies under one organisation, with each company’s records kept properly separate and every part of it posting to that company’s general ledger.
What it does
The whole back office, in one book.
Each part below feeds the same set of accounts. Nothing is re-keyed, and nothing is reconciled by hand at month end.
Customers and suppliers
Every party you deal with is recorded once, and can hold accounts anywhere in the business.
Sales, and what you are owed
Orders, invoices and proformas. Invoice directly and the invoice releases the goods, or take the order first and let the waybill raise it.
Leads, deals and quotations
Leads, a pipeline of deals, follow-up reminders and quotations, in the same system as the books. A quotation becomes the sales order without being keyed again, and each customer's balance, overdue invoices and open deals sit on one page.
Purchases, and what you owe
Order, goods received note, invoice: what is committed is known before anyone asks to pay it.
Stock
Every movement in and out of every store, valued first-in first-out. Freight and duty invoiced late are carried back into the cost of the goods they belong to.
Manufacturing, assembly and blending
Production runs from a bill of materials, so a finished item is built from its named components. What was actually consumed is then set against what the bill allowed, which is how material waste is measured rather than guessed.
Money in and out
Payments, receipts and transfers, each authorised and reversible, feeding the cash position as they happen.
Staff and payroll
The full employee record, and a pay run that computes PAYE, pension, NHF and NSITF and posts itself to the ledger.
Property, plant and equipment
Registration through to disposal, with depreciation posted and the asset register agreeing to the ledger.
Budgets and credit control
Spending held to budget and exposure held to limit, with an age analysis of what is overdue.
The general ledger
The chart of accounts, journals, periods and close, with foreign-currency balances revalued at the month-end closing rate. The VAT return is produced from the ledger rather than rebuilt in a spreadsheet.
Bank reconciliation
Statement lines matched to ledger records under your own banking rules, with differences surfaced rather than buried.
A closer look
The work, as it actually happens.
Pick a task, and read the document it leaves behind.
Customer account
the fabrication contract · August
| Date | Entry | Debit | Credit | Balance |
|---|---|---|---|---|
| 01 Aug | Balance brought forward | 240,000 | 240,000 | |
| 03 Aug | Sales invoice SI‑2041 · posted from the invoice | 1,236,250 | 1,476,250 | |
| 21 Aug | Receipt RC‑0877 · bank transfer | 740,000 | 736,250 | |
| Owed at 31 August | 1,476,250 | 740,000 | ₦736,250 | |
Age analysis: the whole balance is under 30 days old.
Stock card
Steel door frame · main store
| Date | Movement | Qty | Unit cost | Value | On hand |
|---|---|---|---|---|---|
| 02 Jul | Receipt GRN‑0318 · batch B‑0091 | +20 | 32,500 | 650,000 | 20 |
| 19 Jul | Receipt GRN‑0342 · batch B‑0104 | +8 | 34,000 | 272,000 | 28 |
| 03 Aug | Issue on SI‑2041 · from batch B‑0091, first in | −12 | 32,500 | 390,000 | 16 |
| Held at 31 August | 16 | ₦532,000 | 16 | ||
Held: 8 at 32,500 and 8 at 34,000. The 12 issued left at the July cost, which is the 390,000 the ledger relieved for them.
Pay run
August · 3 staff
| Staff | Gross | PAYE | Pension | NHF | Net pay |
|---|---|---|---|---|---|
| Okafor, A. | 420,000 | 48,600 | 33,600 | 10,500 | 327,300 |
| Bello, M. | 285,000 | 24,300 | 22,800 | 7,125 | 230,775 |
| Eze, C. | 195,000 | 12,150 | 15,600 | 4,875 | 162,375 |
| Totals | 900,000 | 85,050 | 72,000 | 22,500 | ₦720,450 |
Employer’s NSITF contribution, 1% of gross: 9,000. Posted with the run:
- Dr Salaries 900,000
- Dr NSITF contribution 9,000
- Cr PAYE payable 85,050
- Cr Pension payable 72,000
- Cr NHF payable 22,500
- Cr NSITF payable 9,000
- Cr Bank — net pay 720,450
Trial balance
at 31 August
| Account | Debit | Credit |
|---|---|---|
| Bank and cash | 1,499,000 | |
| Trade receivables | 736,250 | |
| Inventory | 532,000 | |
| Trade payables | 272,000 | |
| PAYE, pension, NHF and NSITF payable | 188,550 | |
| VAT payable | 86,250 | |
| Capital and reserves | 2,689,450 | |
| Sales | 1,150,000 | |
| Cost of sales | 710,000 | |
| Salaries and statutory contributions | 909,000 | |
| Totals | ₦4,386,250 | ₦4,386,250 |
The two columns agree, so the period can close. Every line is traceable to the documents that posted it.
Projects
Every cost lands against the job that caused it.
From the invoice above
- Revenue attributed
- 1,150,000
- Cost attributed
- 710,000
- Margin
- ₦440,000 38.3%
Illustration — the same example figures as the invoice above.
Every transaction can be linked to a registered chart of projects, or to project-milestone codes: projects, production job batches and procurement job batches.
That threads a supply chain through the stock records and gives costing its basis, including landed cost by inventory batch, with the gap between estimated and actual procurement expenses cleared to cost of sales rather than restated into stock. It also leaves room to track production and the expiry dates of products.
Together these are what make profitability reporting by project possible, and why MagnetERP is called an Enterprise Projects Business Solution.
Multi-currency throughout
Recorded in the currency it happened in.
Every transaction keeps its own currency and its exchange rate to the base currency. Accounts may be denominated in any currency, with dedicated accounts for currency exchange, so foreign business is recorded as it happened.
Document currency
USD 12,400.00
Rate to base
1,520.00
Base currency
₦18,848,000.00
Illustration — an example rate, not a quotation.
At the month end, an exchange revaluation restates every foreign-currency balance on bank, customer, supplier and finance accounts at the closing rate, account by account. The difference from the base-currency value on the books goes to the exchange difference account as a gain or a loss, in a new dated entry that is verified and approved like any other document. Nothing already posted is rewritten, and a revaluation can be reversed.
Closing rate
1,580.00
Revalued
₦19,592,000.00
Exchange gain
₦744,000.00
Illustration — the same USD 12,400.00 at an example closing rate, against the ₦18,848,000.00 on the books.
Reporting
Among the reports the system delivers
Every one of them is drawn from the same postings — not assembled afterwards from exports, and never re-keyed.
Statement of profit or loss, with profitability by project
Performance for the period, and which jobs earned it.
Integrated General Ledger
Statement of financial position
What the business owns and what it owes, at a date.
Integrated General Ledger
Cash-flow analysis
Where the money actually went, against where it was earned.
Integrated General Ledger
Sales invoices due
Who owes you, and how long it has been outstanding.
Sales & Receivables
Purchase invoices due
What you owe your suppliers, and when it falls due.
Purchasing & Payables
Stock status reports
What is held in each store, and what it cost to put there.
Inventory & Services
Asset status schedule
Every asset, what it cost, and what it is worth now.
Property, Plant & Equipment
— and the enquiry screens behind them, for the detail beneath every figure.
Works with your AI assistant
Ask your books in plain words.
MagnetERP connects to Claude, ChatGPT and any other AI assistant that supports the Model Context Protocol (MCP). Add it as a connector, sign in, and ask what is overdue, how a project is doing or what is left in stock — the assistant answers from the same reports and ledgers you would open yourself.
It reads; it never posts
The connection is read-only. An assistant can look up statements, ledgers, stock, budgets, staff records and the sales pipeline, but it cannot enter, change or delete anything.
Your permissions, and no more
Only people your administrator allows may connect one at all. It then works with exactly the access that person has in the application, and salaries and payroll are never available through it.
A fresh sign-in, one day at most
Every connection asks for the password and a code sent by email, names the assistant asking, and ends a day later however often it is used.
Seen and stopped by your administrator
Each user’s connected assistants are listed for the administrator, who can disconnect any of them at once.
About
Three commitments the software keeps.
MagnetERP is published by Magnet ERP Nigeria Limited, a subsidiary of Magnet Computer Solutions Limited, in Lagos.
It works on a poor connection
Slow and unstable connections are the normal case, not the exception. Pages stay light, loading states stay honest, and work in progress is never silently lost.
One company’s data stays its own
An organisation may run several companies. Each company’s records are kept properly separate, and seeing across them is an explicit, permissioned act rather than a default.
The books stay defensible
A posted entry is never overwritten. Documents are corrected before verification and reversed by their own reversal entry afterwards, history is kept, and balances are derived from the postings rather than stored and trusted.
The desks this was built for.
Accountants, storekeepers and payroll officers doing the day’s work.
Find us
Where we are, and how to reach us.
Enquiries
Tell us what your business does and which part of the back office you want to put in order first.
Show the map — 8 Kadupe Street, Ijegun, Lagos
Every entry posts to the same set of books.
Accounts are created by your administrator — there is no public sign-up.