Financial statements are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand
Purpose:
Minimize the possibility of Manual errors.
People even without accounts background could do the accounts job.
Efficient control for top management in financial activities.
Minimize employee cost and maximum utilization of resources.
Proper control in all the business operation related activities.
Minimize malpractices.
MIS reports for knowing the outputs and take timely decisions.
Preparation:
Automated tax category, Purchase and Sales Value,Revenue and Purchase A/C etc.
Various levels of approvals required for critical activities.
Seperate tracking for non settled payments and advances.
Alerts for crossing the limits.
Impeccable rules for purchase and sales.
MIS reports related to all kinds of operations.
Process | Purpose | Screen | Effected In |
Purchase Requisition | To notify the purchase department about the requirement of a Purchase. | Purchases> PO Requisition | Requisition Report |
Purchase Order | Based on Purchase Requisition,Purchase Dept. generate final PO. | Purchase> Purchase Order | Purchase Report, Stock Report as ordered Qty. |
Vendor Shipment | To know the product is shipped by the Vendor | Purchases> Vendor Shipment | Vendor Shipment Rept,Stock Report as shipped Qty. |
Receive Goods | To know the product is reached at our store. | Purchases> Receive Goods | Stock Report as Qty in Hand |
Generate Invoice | When the accounts department receives the invoice for Received Goods.System will auto calculate the tax based on the tax category set on product. | Purchase> View Receive Goods and put a tick mark in the Create Invoice column. | Product Stock A/C,Vendor A/C,Tax Reports |
Landed Cost Admin | To add any expenses related to a purchase to product cost. | Purchase> Landed Cost Admin | Product Stock,Vendor, Landed Cost Report |
Vendor Payments | Payments to the vendor must be entered based on invoices.Orelse it will show as unsettled payments in the vendor ledger. | Purchase> Purchase Settlements then select the invoices that we are going to pay | Vendor A/C will show unsettled invoices for the period.Bank A/C |
Process | Purpose | Screen | Effected In |
Sales Invoices | To Create the sales invoice.It will be in the order status until customer shipment is done.System will auto calculate the tax based on tax category set on product. | Sales> Sales | Sales History,Stock Report as Reserved Qty. |
Customer Shipment | At the time of customer shipment,it should be entered.Sales Invoice value will be applicable after the shipment is done. | Stock>Customer Shipment | Sales History,Stock Report,Tax Report& Customer A/C. |
Customer Receipts | Customer receipts should be against the sales invoices.Or Else it will show separately as Over Payments. | Credit Sales Management> Credit Management | Customer A/C,Bank A/C |
Process | Purpose | Screen | Effected In |
Expense Booking | To enter all kinds of expenses. | Accounting> Charge Invoice select expenses | Expense,Vendor |
TDS Payable Entry | To book TDS payable if it's applicable. | Accounting> Charge Invoice then put the tick mark in TDS and choose the TDS Section.TDS entry will be passed automatically. | Vnedor,TDS Report |
Process | Purpose | Screen | Effected In |
Income Booking | To enter all kinds of Incomes | Accounting> Charge Invoice select Income. | Income A/C,Customer A/C |
Process | Purpose | Screen | Effected In |
Payments | To enter all kinds of Payments | Accounting> Payment/Receipt Voucher then select AP Payments. | Vendor A/C,Bank A/C. |
Process | Purpose | Screen | Effected In |
Receipts | To enter all kinds of Receipts | Accounting> Payment/Receipt Voucher then select AR Receipts. | Customer A/C,Bank A/C. |
Process | Purpose | Screen | Effected In |
Stock Transfer Requisition | Requisition will pass by product required warehouse to product stock warehouse. | Stock> Stock Transfer Requisition | Requests will be received in the warehouse from where the stock transfer is requested. |
Stock Transfer from the warehouse where it is requested | Transfer the requested stock to the warehouse who requested the product. | Stock> Stock Transfer Requisition Report | Product will be transferred to requested warehouse |
Stock Transfer Receipt Confirmation | The requested warehouse should confirm the receipt of the product. | Stock> Stock Transfer Confirmation | Stock Transfer will be confirmed by the requested warehouse. |
Stock adjustment of system stock with physical stock. | Totally the system stock and Physical Stock. | Stock> Stock Take | Stock will be updated as per new stock data. |