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Advance payment is the part of a contractually due sum that is paid or received in advance for goods or services, while the balance included in the invoice will only follow the delivery. Advanced payments are recorded as assets on the balance sheet.
By creating an Advance Invoice
Navigate to the related list of a sales order to create an Advance Invoice.
Click on Create Invoice
From the New Invoice Pop up select the Advance record type option and click on
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Payments can be received for Invoices, Debit Notes and Customer Opening Balance.
Record Invoice Payments:
When an Invoice is created against the customer, the Total Due of customer increases of the Amount of Invoice.
Navigate to the Accounts Receivable Tab which lists All the customers, Invoices, Payments, Credit Notes, and Debit Notes.
Search for the customer in the search box to whom the invoice is created.
Select the checkbox next to customer and click on Invoices sub-tab,
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Creating a New Vendor
Navigate to the Accounts Payable tab and on the Vendor sub-tab, all the available vendors will be listed.
In the Vendor list page, click on the New Vendor button on the corner top right of the page as shown.
This will open a pop up “New Account: Customer Account”, fill in all the details and Save.
The Account Type will default to Vendor and Account profile should be Vendor Profile.
This will create a new Vendor and list in the Vendor
1024 views 02 May 2019 0
The biggest concern in terms of project failure involves establishing an unrealistic time and cost to drive a project. An unrealistic time and cost lead to poor decision making. A good project management system requires the organisation to collaborate with all the departments because not all the information is available at the beginning of the project in project lead manufacturing companies. Aqxolt ERP provides the solution to handle project management issues.
Create Budget Account:
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Generally, every organisation operates its finances with at least one bank account. An organisation can have one or more bank accounts operating on multiple currencies. An organisation makes daily, weekly or monthly deposits depending on the nature of the business. The deposits could be in the form of cheques, cash or credit/debit card receipts. Aqxolt ERP’s Bank Reconciliation ensures that payments of any form are processed and deposited in the bank.
Reconciliation of Bank
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Aqxolt ERP enables tax calculation and eliminates manual processes that are subject to human error.
Taxes in Aqxolt ERP can be applied in the following ways;
Assign the taxes on the Sales Orders
Assign the taxes on Products
Assign the taxes on Shipment
Create a Tax Record
On the Accounts Tab, navigate to the Organisation account.
On the related list of the Account record, click on Profiling.
Find a tax record already created by moving on to the related list of the
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Navigate to the app menu and click the Accounts tab.
On the tab related to the customer account record, find the related Prepayments list.
Once in the Prepayments section, you can track the prepayments already filled in and create a new prepayment.
Click the “New” button to create a prepayment record. Select the “Credit” record type and click the “Next” button.
Enter the Prepayment Name, Applied Date and Credit Amount.
Click on the “Save”
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The profitability of a company for a specified period of time is shown on an Income statement. The business can choose the time period the statement covers. It is an organisation’s ability to record net profit or loss over a specific accounting period. The income statement provides an overview of the organisation’s sales and net income. Aqxolt ERP covers both the operating and non-operating portions of the income statement. The operating part of the income statement discloses records about
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The balance sheet is one of the core financial statements used by the accountants. Financial statement that summarises a company’s assets, liabilities and shareholder’s equity at a given point in time. It gives owners an idea as to what the company owns and owes.
To access Balance sheet, navigate to the Financial Management module and click the Balance sheet tab.
The report generated is based on the current fiscal year. This will display amounts till the present posted
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The trial balance helps ensure that the total amount of Debit is equal to the total amount of Credit. The trial balance shows, for the given organisation and general ledger, the account balance as of a selected date, the total sum of debits and the total sum of credits as of the selected date. At the end of the trial balance report, the total sum of debits must equal the total sum of credits.
Use the Filters section to view the trial balance for the selected organisation and