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Find out how to create a new Financial Transactions |
What does this section cover?
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Navigating to Financial Transactions
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Finance Application > Financial Transactions > Manage Financial Transactions |
Explaining Financial Transactions Fields
Invoices
Name | Description |
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| Number | The transaction number of the invoice which is automatically generated on posting the invoice |
| Reference number | The reference number of the invoice which is automatically generated on creating the invoice |
| Accounts receivable * | The related accounts receivable |
| Financial transaction type * | The financial transaction type. Only financial transaction types classified as invoices can be applied |
| Life cycle state | The life cycle state of the invoice |
| Rejection reason | The reason that the transaction was rejected. Mandatory on conditions: is mandatory only if the transaction is rejected while being in draft life cycle state |
| Category | The category of the invoice. Only categories listed as allowed on the related financial transaction type can be applied |
Issued on | The date that the invoice was issued |
| Posted on | The date that the invoice was posted |
| Due on | The date that the credit period for that specific invoice is ending. Mandatory on conditions: If the invoice is posted |
| Shared Notes | Shared notes for the invoice |
| Invoice Items * | A list of items which are invoiced by this financial transaction. The following aggregated amounts are also calculated dynamically:
It is mandatory to specify at least one invoice item |
Credit note
Name | Description |
|---|---|
| Number | The transaction number of the credit note which is automatically generated on posting the credit note |
| Reference number | The reference number of the credit note which is automatically generated on creating the credit note |
| Accounts receivable * | The related accounts receivable |
| Financial transaction type * | The financial transaction type. Only financial transaction types classified as credit notes can be applied |
| Life cycle state | The life cycle state of the credit note |
| Rejection reason | The reason that the transaction was rejected. Mandatory on conditions: is mandatory only if the transaction is rejected while being in draft life cycle state |
| Category | The category of the credit note. Only categories listed as allowed on the related financial transaction type can be applied |
Issued on | The date that the credit note was issued |
| Posted on | The date that the credit note was posted |
| Issue reason | A description of the reason that the credit note is issued |
| Shared Notes | Shared notes for the credit note |
| Invoices to credit | The invoices that were intended to be credited |
| Credit Note Items * | A list of items which are credited by this financial transaction. The following aggregated amounts are also calculated dynamically:
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Payment
Name | Description |
|---|---|
| Number | The transaction number of the payment which is automatically generated on posting the payment |
| Reference number | The reference number of the payment which is automatically generated on creating the payment |
| Accounts receivable * | The related accounts receivable |
| Financial transaction type * | The financial transaction type. Only financial transaction types classified as payment can be applied |
| Life cycle state | The life cycle state of the payment |
| Rejection reason | The reason that the transaction was rejected. Mandatory on conditions: is mandatory only if the transaction is rejected while being in draft life cycle state |
| Payment method * | The payment method of that payment. Only payment methods listed as allowed on the related financial transaction type can be applied |
| Payment amount * | The amount of the payment |
| Category | The category of the payment . Only categories listed as allowed on the related financial transaction type can be applied |
Issued on | The date that the payment was issued |
| Posted on | The date that the payment was posted |
| Received on * | The date that the payment was received. |
| Received by user * | The user who actually received the payment. |
| Received by unit * | The unit who actually received the payment. |
| Shared Notes | Shared notes for the payment |
| Invoices to pay | The invoices that were intended to be paid |
| Bills to pay | The bills that were intended to be paid |
Voucher | The voucher that was used and resulted into creating and posting the payment. This information is available only if the payment was created by using a voucher |
Refund
Name | Description |
|---|---|
| Number | The transaction number of the refund which is automatically generated on posting the refund |
| Reference number | The reference number of the refund which is automatically generated on creating the refund |
| Accounts receivable * | The related accounts receivable |
| Financial transaction type * | The financial transaction type. Only financial transaction types classified as refund can be applied |
| Life cycle state | The life cycle state of the refund |
| Refund amount * | The amount to be refunded |
| Category | The category of the refund. Only categories listed as allowed on the related financial transaction type can be applied |
Issued on | The date that the refund was issued |
| Posted on | The date that the refund was posted |
| Issue reason | A description of the reason that the refund is issued |
| Shared Notes | Shared notes for the refund |
Creating & Saving, Validations & Restrictions
| Action | Validations | Restrictions | Additional Information |
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| Create | |||
| Save | |||
| CREATE |
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| SAVE INVOICE |
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| SAVE CREDIT NOTE |
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| SAVE PAYMENT |
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| SAVE REFUND |
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Creating an Invoice
- Navigate to Financial TRansaction Transaction page and from the top menu click on the New> Invoice to open the Invoice data entry page
MAIN INFORMATION
- Accounts Receivable: Search and add the account for which the invoice is for
- Type: Select a type of invoice from the drop down list, if different than the default
- Due On: Click on the Calendar icon to select the dude date (if not defined it will be automatically calculated by the system)
- Category: Search and add a category
ITEMS
- Click on ADD to open Products modal and search for a product to add as an item of the invoice
- In the record added provide the following information
- Product Code: Automatically added by the system
- Quantity:Set the quantity to charge for the product
- Unit Price: Set the cost of the product
- Discount: Select whether you would like to add a discount amount or a Discount Percentage
- According to the selection the respective field will be made editable while the other will remain read only
- Discount percentage: Apply a percentage discount
- Discount amount: Apply a fixed amount
- VAT rate:The VAT rate that is default for the selected product will be loaded by the system. If you would like to change the rate then you can choose another one from the drop down list.
The default VAT rate is specified on each product - VAT percentage:The VAT percentage that is applied, based on the selected VAT rate
- VAT Amount will be automatically calculated based on the Selected VAT rate
- Sub Total:The total amount that will be invoiced for the specified product
Every time an item is added and its details completed the system will automatically calculate the following aggregate amounts based on the information provided in the items fields
- Discount amount: Total Discount Amount
- VAT amount: Total VAT amount
- Net amount: Total NET amount
- Total amount : Sum of all of the Subtotals in the section
LOG INFORMATION
The following information is automatically set by the system on saving the Financial Transactions
Include Page Log Information - Global Log Information - Global
- From the Action Menu click on SAVE or Save as Draft
System Processing
Invoice
- SAVE AS DRAFT
- Life cycle state is set to draft
- Issued date is set
- Reference number is set
- Invoice Items sub amounts and total amounts are calculated
- SAVE (POSTED)
If the invoice is created and posted at the same time then- Life cycle state is set to posted
- Posted date is set
- Transaction number is set
- Due date is calculated and set, if not set
- Unallocated credit notes are allocated against this invoice based on the allocation principle specified in the active accounts receivable definition
Credit Note
- SAVE AS DRAFT
- Life cycle state is set to draft
- Issued date is set
- Reference number is set
- Credit Note Items sub amounts and total amounts are calculated
- SAVE (POSTED)
If the credit note is created and posted at the same time then- Life cycle state is set to posted
- Posted date is set
- Transaction number is set
- Credit note is allocated against any unallocated invoices based on the allocation principle specified in the active accounts receivable definition
Payment
- SAVE AS DRAFT
- Life cycle state is set to draft
- Issued date is set
- Reference number is set
- SAVE (POSTED)
If the payment is created and posted at the same time then- Life cycle state is set to posted
- Posted date is set
- Transaction number is set
- Payment is allocated against any unallocated invoices based on the allocation principle specified in the active accounts receivable definition
Refund
- SAVE AS DRAFT
- Life cycle state is set to draft
- Issued date is set
- Reference number is set
- SAVE (POSTED)
If the refund is created and posted at the same time then- Life cycle state is set to posted
- Posted date is set
- Transaction number is set
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Visit /wiki/spaces/WIP/pages/10010220 Financial Transactions for business examples related to Creating Financial Transactions |
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