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Find out how to create a new Financial Transactions

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Table of Contents

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Navigating to Financial Transactions

Info

FINANCE > FINANCIAL TRANSACTIONS > MANAGE FINANCIAL TRANSACTIONS

Explaining Financial Transactions  Fields

Invoices 

Name

Description

NumberThe transaction number of the invoice which is automatically generated on posting the invoice
Reference numberThe 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 stateThe life cycle state of the invoice
Rejection reasonThe reason that the transaction was rejected.
Mandatory on conditions: It is mandatory only if the transaction is rejected while being in draft life cycle state
CategoryThe 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 onThe date that the invoice was posted
Due onThe date that the credit period for that specific invoice is ending.
Mandatory on conditions: If the invoice is posted 
Shared NotesShared notes for the invoiceInvoice Items*A list of items which are invoiced by this financial transaction.
Back Office Code
Status
colourRed
titleAvailable from CRM.COM R9.1.0
 

A code which is used by external systems in order to refer to the specific financial transaction.
The back office code is not mandatory but if specified then it should be unique

Invoice Items*

A list of items which are invoiced by this financial transaction. The following aggregated amounts are also calculated dynamically:

  • Discount amount
  • VAT amount
  • Net amount
  • Total amount
  • Outstanding amount (AVAILABLE AFTER SAVING)
  • Unsettled amount (AVAILABLE AFTER SAVING)

It is mandatory to specify at least one invoice item

  

 

Credit note

Name

Description

NumberThe transaction number of the credit note which is automatically generated on posting the credit note
Reference numberThe 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 stateThe life cycle state of the credit note
Rejection reasonThe reason that the transaction was rejected.
Mandatory on conditions: It is mandatory only if the transaction is rejected while being in draft life cycle
state 
state 
CategoryThe 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 onThe date that the credit note was posted
Issue reasonA description of the reason that the credit note is issued
Shared NotesShared notes for the credit note
Invoices to creditThe invoices that were intended to be creditedCredit Note Items*

A list of items which are credited by this financial transaction. The following aggregated amounts are also calculated dynamically:

Discount
Back Office Code
Status
colourRed
titleAvailable from CRM.COM R9.1.0
 

A code which is used by external systems in order to refer to the specific financial transaction.
The back office code is not mandatory but if specified then it should be unique

Invoices to creditThe 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:

  • Discount amount
  • VAT amount
  • Net amount
  • Total amount
It is mandatory to specify at least one credit note item

 

Payment

The bills

Name

Description

NumberThe transaction number of the payment which is automatically generated on posting the payment
Reference numberThe 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 stateThe life cycle state of the payment
Rejection reason

The reason that the transaction was rejected.

Mandatory on conditions: It 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
CategoryThe 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 onThe 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 NotesShared notes for the payment
Invoices to payThe invoices that were intended to be paid
Bills to payBack Office Code
Status
colourRed
titleAvailable from CRM.COM R9.0.0
 

A code which is used by external systems in order to refer to the specific financial transaction.
The back office code is not mandatory but if specified then it should be unique

Invoices to payThe invoices that were intended to be paid
VoucherBills to payThe 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

NumberThe transaction number of the refund which is automatically generated on posting the refund
Reference numberThe 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 stateThe life cycle state of the refund
Refund amount*The amount to be refunded
CategoryThe 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 onThe date that the refund was posted
Issue reasonA description of the reason that the refund is issued
Shared NotesShared notes for the refund

Creating & Saving, Validations & Restrictions

  • Active Financial transaction definition exists in the system
    • Financial Transaction Type
    ActionValidationsRestrictions
    CREATE
    • Not Applicable
    		Back Office Code
    Status
    colourRed
    titleAvailable from CRM.COM R9.0.0
     

    A code which is used by external systems in order to refer to the specific financial transaction.
    The back office code is not mandatory but if specified then it should be unique


    Creating & Saving, Validations & Restrictions

    ActionValidationsRestrictions
    CREATE
    • Not Applicable
    • Active Financial transaction definition exists in the system
    • Financial Transaction Type of the classification exists in the system
    SAVE INVOICE
    • SAVE AS DRAFT
      • All mandatory fields are specified
      • Specified accounts receivable is not terminated
      • Correct financial transaction type is used and use default type if not specified
      • Validates the specified category against specified financial transaction type
    • SAVE (POSTED)
      • Validates the VAT percentage against selected VAT Rate
      • Validates the due date if already set against accounts receivable credit period and active accounts receivable definitions
    • Not Applicable
    SAVE CREDIT NOTE
    • SAVE AS DRAFT
      • All mandatory fields are specified
      • Specified accounts receivable is not terminated
      • Correct financial transaction type is used and use default type if not specified
      • Validates the specified category against specified financial transaction type
    • SAVE (POSTED)
      • Validates the VAT percentage against selected VAT Rate
    • Not Applicable
    SAVE PAYMENT
    • All mandatory fields are specified
    • Specified accounts receivable is not terminated
    • Correct financial transaction type is used and use default type if not specified
    • Validates the specified category against specified financial transaction type
    • Validates the specified payment method against specified financial transaction type
    • Not Applicable
    SAVE REFUND
    • All mandatory fields are specified
    • Specified accounts receivable is not terminated
    • Correct financial transaction type is used and use default type if not specified
    • Validates the specified category against specified financial transaction type
    • Not Applicable

     

    Creating an Invoice

    1. Navigate to Financial Transaction page and from the top menu click on the NEW > INVOICE to open the Invoice data entry page
      FINANCIAL TRANSACTIONS - INVOICEImage RemovedFINANCIAL TRANSACTIONS - INVOICEImage Added 

    2. MAIN INFORMATION

      1. Accounts Receivable: Search and add the account for which the invoice is for
      2. Type: Select a type of invoice from the drop down list, if different than the default
      3. Due On: Click on the Calendar icon to select the due date (if not defined it will be automatically calculated by the system)
      4. Category: Search and  and add a category

    3. ITEMS

      1. Click on on ADD to open Products modal and search and search for a product to add as an item of the invoice
      2. In the record added provide the following information
        1. Product Code: Automatically added by the system
        2. Quantity: Set the quantity to charge for the product
        3. Unit Price: Set the cost of the product
        4. Discount: Select whether you would like to add a discount amount or a Discount Percentage
        5. According to the selection the respective field will be made editable while the other will remain read only
          1. Discount percentage: Apply a percentage discount
          2. Discount amount: Apply a fixed amount
        6. 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
        7. VAT percentage:The VAT percentage that is applied, based on the selected VAT rate
        8. VAT Amount will be automatically calculated based on the Selected VAT rate
        9. 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
      3. Discount amount: Total Discount Amount
      4. VAT amount: Total VAT amount
      5. Net amount: Total NET amount
      6. Total amount : Sum of all of the Subtotals in the section
        FINANCIAL TRANSACTIONS - INVOICE ITEMSImage RemovedFINANCIAL TRANSACTIONS - INVOICE ITEMSImage Added
    4. From the Action Menu click on SAVE or SAVE AS DRAFT

    5. LOG INFORMATION

      The following information is automatically set by the system on saving the Financial Transactions

      1. Include Page
        Log Information - Global
        Log Information - Global

    Creating a Credit Note

    1. Navigate to Financial Transaction page and from the top menu click on the the NEW > CREDIT NOTE to  to open the Credit Note data entry page
      FINANCIAL TRANSACTIONS - CREDIT NOTESImage RemovedFINANCIAL TRANSACTIONS - CREDIT NOTESImage Added

    2. MAIN INFORMATION

      1. Accounts Receivable: Search and add the account for which the credit note is for
      2. Type: Select a type of credit note from the drop down list, if different than the default
      3. Category: Search and add a category
      4. Issue Reason: Provide the reason the credit note is created

    3. ITEMS

      1. Click on ADD to open Products modal and search for a product to add as an item of the credit note
      2. In the record added provide the following information
        1. Product Code: Automatically added by the system
        2. Quantity:Set the quantity to charge for the product
        3. Unit Price: Set the cost of the product
        4. Discount: Select whether you would like to add a discount amount or a Discount Percentage
        5. According to the selection the respective field will be made editable while the other will remain read only
          1. Discount percentage: Apply a percentage discount
          2. Discount amount: Apply a fixed amount
        6. 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
        7. VAT percentage:The VAT percentage that is applied, based on the selected VAT rate
        8. VAT Amount: will be automatically calculated based on the Selected VAT rate
        9. 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
      3. Discount amount: Total Discount Amount
      4. VAT amount: Total VAT amount
      5. Net amount: Total NET amount
      6. Total amount : Sum of all of the Subtotals in the section

    4. INVOICES TO CREDIT

      1. Click on ADD to open Invoices modal of the specified account and search for an invoice to add
    5. From the Action Menu click on SAVE or SAVE AS DRAFT

    6. LOG INFORMATION

      The following information is automatically set by the system on saving the Financial Transactions

      1. Include Page
        Log Information - Global
        Log Information - Global

    Info
    • The items of the Invoice added in Invoices to Credit tab and the Credit Items added in the Items tab, do not need to be the same.
    • You only need to define Invoices to Credit in case that the allocation principle set is FIFO & Against Item. Visit Understanding Accounts Receivable for more information on how allocation principle works.
    • If you set in the Invoices to Pay an invoice that is already allocated by another Credit Note or Payment then:
      • If the allocation on it was based on FIFO then the current one will be deallocated and the new one will be allocated
      • If the allocation on it was based on Against Item then no deallocation will occur, and the new one will be allocated using the FIFO principle

    Creating a Payment

    1. Navigate to Financial Transaction page and from the top menu click on the NEW > PAYMENT to open the Payment data entry page
      FINANCIAL TRANSACTIONS - PAYMENTSImage RemovedFINANCIAL TRANSACTIONS - PAYMENTSImage Added

    2. MAIN INFORMATION

      1. Accounts Receivable: Search and add the account for which the payment is for
      2. Type: Select a type of payment from the drop down list, if different than the default
      3. Category: Search and add a category
      4. Amount: Enter the amount of the payment
      5. Received on: Select the date that the payment was received. It defaults to the issued date if not specified
      6. Received by user: Search Search and add the user who actually received the payment. It defaults to the logged in user if not specified
      7. Received by unit: Add the he unit who actually received the payment. 

    3. PAYMENT INFORMATION

      1. Bills to Pay
        1. Click on ADD to open Bills modal of the specified account and search for a bill to add
      2. Invoices to Pay
        1. Click on ADD to open Invoices modal of the specified account and search for an invoice to add
    4. From the Action Menu click on SAVE or SAVE AS DRAFT

    5. LOG INFORMATION

      The following information is automatically set by the system on saving the Financial Transactions

      1. Include Page
        Log Information - Global
        Log Information - Global

     

    Info
    • If you set in the Invoices to Pay an invoice that is already allocated by another Credit Note or Payment then
      • If the allocation on it was based on FIFO then the current one will be deallocated and the new one will be allocated
      • If the allocation on it was based on Against Item then no deallocation will occur, and the new one will be allocated using the FIFO principle

    Creating a Refund

    1. Navigate to Financial Transaction page and from the top menu click on the NEW > REFUND to open the Refund data entry page
      FINANCIAL TRANSACTIONS - REFUNDSImage RemovedFINANCIAL TRANSACTIONS - REFUNDSImage Added

    2. MAIN INFORMATION

      1. Accounts Receivable: Search and add the account for which the refund is for
      2. Type: Select a type of refund from the drop down list, if different than the default
      3. Category: Search and add a category
      4. Amount: Enter the amount of the refund
      5. Issue Reason: Provide the reason for the refunding
    3. From the Action Menu click on SAVE or SAVE AS DRAFT

    4. LOG INFORMATION

      The following information is automatically set by the system on saving the Financial Transactions

      1. Include Page
        Log Information - Global
        Log Information - Global

    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)
      • Back Office Code Validation - 
        Status
        colourRed
        titleAvailable from CRM.COM R9.0.0
        • If the
      invoice is created
        • back office code is specified then:
          • System will validate that the back office is unique for that kind of financial transaction type
        • If a back office code is not specified then
          • No validation is applied
    • SAVE (POSTED)
      If the invoice is created and posted at the same time then 
    • 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
      • Due date is calculated and set,if  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

      • Invoice Items sub amounts and total amounts are calculated
      • Back Office Code Validation - 
        Status
        colourRed
        titleAvailable from CRM.COM R9.0.0
        • If the back office code is specified then:
          • System will validate that the back office is unique for that kind of financial transaction type
        • If a back office code is not specified then
          • No validation is applied

    Credit Note

    • SAVE AS DRAFT
      • Life cycle state is set to posteddraft
      • Posted Issued date is set
      • Transaction Reference 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 setNote Items sub amounts and total amounts are calculated
      • Invoice Items sub amounts and total amounts are calculated
      • Back Office Code Validation - 
        Status
        colourRed
        titleAvailable from CRM.COM R9.0.0
        • If the back office code is specified then:
          • System will validate that the back office is unique for that kind of financial transaction type
        • If a back office code is not specified then
          • No validation is applied
    • 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
      • Invoice Items sub amounts and total amounts are calculated
      • Back Office Code Validation - 
        Status
        colourRed
        titleAvailable from CRM.COM R9.0.0
        • If the back office code is specified then:
          • System will validate that the back office is unique for that kind of financial transaction type
        • If a back office code is not specified then
          • No validation is applied

    Payment

    • 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
      • Back Office Code Validation - 
        Status
        colourRed
        titleAvailable from CRM.COM R9.0.0
        • If the back office code is specified then:
          • System will validate that the back office is unique for that kind of financial transaction type
        • If a back office code is not specified then
          • No validation is applied
    • 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
      • Invoice Items sub amounts and total amounts are calculated
      • Back Office Code Validation - 
        Status
        colourRed
        titleAvailable from CRM.COM R9.0.0
        • If the back office code is specified then:
          • System will validate that the back office is unique for that kind of financial transaction type
        • If a back office code is not specified then
          • No validation is applied

    Refund

    • 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
      • Back Office Code Validation - 
        Status
        colourRed
        titleAvailable from CRM.COM R9.0.0
        • If the back office code is specified then:
          • System will validate that the back office is unique for that kind of financial transaction type
        • If a back office code is not specified then
          • No validation is applied
    • SAVE (POSTED)
      If the payment 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
      • 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 Transaction 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
      • Invoice Items sub amounts and total amounts are calculated
      • Back Office Code Validation - 
        Status
        colourRed
        titleAvailable from CRM.COM R9.0.0
        • If the back office code is specified then:
          • System will validate that the back office is unique for that kind of financial transaction type
        • If a back office code is not specified then
          • No validation is applied

     

    Note

    Visit Understanding Financial Transactions for business examples related to Creating Financial Transactions

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