A Transaction refers to a single monetary event of an organisation eg. a payment, a sale, a purchase etc. These transactions are then summarised to create system generated reports.
Audit Trail is a crucial feature in accounting software that allows businesses to maintain a record of all the changes made to their financialRead More . . .
A transaction that involves multiple branches is called an “inter-branch transaction.” In RealBooks the inter-branch transactions…Read More . . .
Multi-Branch transaction (MBT) facilitates the organization to post banking transactions to multiple branches together…Read More . . .
Opening balances are the balances in each of your company’s accounts at the beginning of a specific period of time.Read More . . .
A journal voucher is used to record various types of entries. Some of them are booking expenses, tax adjustments, provision entries, etc…Read More . . .
A payment voucher is used to record all types of payments made. Some of them are making payments for expenses, to vendors, etc.Read More . . .
A receipt voucher is used to record all types of receipts made. Some of them are making receipts for income, for vendors, etc.Read More . . .
An invoice voucher type is used to create a document that is issued by a seller to the buyer against the services rendered.Read More . . .
A contra voucher is used to record all types of cash and bank entries. like withdrawals and deposits from the bank and cash accounts.Read More . . .
A debit note is sent from a buyer to a seller in order to request a return for defective or damaged goods or other specified reasons.Read More . . .
A credit note is given by a seller to their buyer to be used in any situation where a revised and reissued invoice would be needed.Read More . . .
Purchase means getting the ownership of any goods or services, by paying the predetermined price of them. it may be in cash or credit.Read More . . .
A purchase order is a written confirmation of a specific order for products or services that is sent from a buyer to a vendor.Read More . . .
In case, any buyer returns a purchased product for any reason to the seller, the same is recorded in the purchase return voucher.Read More . . .
A purchase requisition is a formal way of issuing a purchasing notice. It is just merely beginning the process of a purchase.Read More . . .
A sales entry records the revenue generated by the sale of goods or services, the cost of goods sold and sales tax payable etc.Read More . . .
A sales order is a document that confirms the sale of the goods or services involved in a particular transaction…Read More . . .
In case any customer or client returns defective, damaged, or undesirable products to the seller, it records that in the sale return voucher.Read More . . .
Point of sale is a setup that fast tracks the invoicing process, allowing faster check out from the billing sections. This set up is very popular in the retail sector.Read More . . .
A sales cycle or an Order to Receive cycle encompasses all the activities needed to close a B2B sale. It encapsulates…Read More . . .
A purchase cycle or an order-to-pay cycle encompasses all the activities needed to complete a procurement cycle…Read More . . .
Stock transfer refers to the process of moving goods within a single company from one godown to another.Read More . . .