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Raising An Invoice For Income

The document outlines the process for creating an invoice for income transactions, including logging into the application, filling out necessary fields, and saving the invoice. It also explains how to receive full or partial payments for invoices, including the steps to validate payments and manage invoice statuses. Additionally, it covers the use of reports to track outstanding invoices and payments received.

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24 views29 pages

Raising An Invoice For Income

The document outlines the process for creating an invoice for income transactions, including logging into the application, filling out necessary fields, and saving the invoice. It also explains how to receive full or partial payments for invoices, including the steps to validate payments and manage invoice statuses. Additionally, it covers the use of reports to track outstanding invoices and payments received.

Uploaded by

MOHAMED
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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CREATING AN INVOICE FOR INCOME TRANSACTION

To create an invoice for an income transaction is somehow different from creating


a bill and making payment.

As it is with the draft bill, to create an invoice for income, the issuer or user must
have access to the application through the installed browser. Click on any of the
browser, preferably Google chrome. When the browser is up, type the IP address
in the address bar, i.e 192.168.0.100:8091 to access the log in page.

Then click on the sign in at the right end of your screen. Then type in your log in
user name and password. For this example, we will use [email protected] as user
name and bursar as password, and then click on log in.

After log in, you are now in the modules environment. Click on the Accounting
module to view the assigned menus, and then click on the income menu
.
Click the invoices to create an invoice.
Click create
On the invoice window or environment, fill the necessary fields as required.
Always click the “other info” tab to select the right journal.
In this example, we are going to create invoice for subvention and grants and
using Edo State Government as the client or partner.

On the name tab, select EDSG, select invoice date, payment term, and issued by.
On the invoice lines, select item, enter the appropriate description, corresponding
account and the analytic account. Also enter the quantity and unit price. If tax is
applicable, select the appropriate tax and then click save.
Just as it is with the draft bill, when the invoice has been saved but not validated,
it will still be in “draft status”, and at this point no accounting entry has been
recorded. For illustration, see the screen shots below:

Analytic account before validation


Analytic account after validation
General Ledger before validation
General ledger after validation
Balance sheet before validation
Balance sheet after validation
Aged receivable before validation
Aged receivable after validation
Now after validation, you can either proceed to register payment, refund invoice
or cancel invoice.

RECEIVING FULL PAYMENTS FROM AN INVOICE

Receiving payments from an invoice is similar to making payments for vendor


bills. Note that before payment is made, you can see the “cancel invoice” button.
But as soon as payment is received, you can no longer cancel the invoice, you can
only “ask refund”.
To proceed with the payment, click the register payment button and it will open
the register payment window

Select payment method (cash or bank), amount to be paid (you either pay in full
or make part-payment), enter memo (if any) and then click “validate”.
RECEIVING PAYMENT IN FULL

From the example above, to make payment in full, select the payment method,
and in this case, I selected bank, then click validate.
As soon as the payment is received, you will notice that the status of the invoice
moves to “paid” and also below the invoice, you will see the details of the
payment received.

The refund button above as stated earlier is to refund an invoice that had an error
or issue, maybe by selecting the wrong account, journal, analytic account, date,
customer, etc, but payment has been made. With the refund button, we can
create a refund, reconcile, and create a new draft.
From the income received above, we can also quickly go back to the “reporting
menu” to see the status of the general ledger and the aged receivable reports.

General Ledger after payment was received. You can see the account receivable is
reflecting zero balance.
The aged receivable report showing no outstanding amount receivable.
RECEIVING A PARTIAL OR PART-PAYMENT FOR AN INVOICE

From the same example above, to receive payment in partial or part-payment,


select the payment method, in this case, select bank, then adjust the amount to
say N50,000,000 and the system will show N50,000,000 as balance, select keep
open, then click validate.
After clicking validate, the invoice will reflect as shown below.

As you can see, the invoice is showing payment of N50,000,000 and an


outstanding “payment to do” of N50,000,000. And the status of the invoice will
remain as “open” until the full payment is received. You can also “cancel invoice”
or “ask refund”.
On the invoices window, the invoice will show an amount due of N50,000,000.00

From the transaction above, we can also go back to the “reporting menu” to see
the status of the balance sheet, general ledger and the aged payable reports.
AGED RECEIVABLE REPORT
Go to the income menu
Select payment follow up to view partners with overdue invoices
A statement window will appear as shown below reflecting outstanding or
overdue invoices.

THANK YOU!!!!!!!!!!!!!!!

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