Tracking Bills – Payables & Receivables

Getting Started with Bills

 

Process 1: Activate Feature Bill from Settings

Step 1Go to Settings and Click on Configuration

Step 2Go to Accounts in Configuration via Settings

Step 3: Scroll down to the last and Click on Use Bill

Step 4: Click on Configure Compliance Settings to save


 

Process 2: Enable Bill Tagging in Ledger Master

Step 1: Go to ledger master either by creating a new one or editing an existing one 

Step 2Click on Activate Bill checkbox

Step 3: OptionalYou could mention the credit period in days for calculating the due date

Step 4: OptionalYou could mention the credit period in days will applicable from Invoice date, or dispatch date from your premises picked up from Sale Invoice / Delivery Order, or delivery date at the customers premises, which needs to be captured separately in the Sale Invoice. 

Step 5OptionalYou could mention the amount of credit limit allowed for the ledger / party. This comes as a alert when the relevant ledger is selected.

Step 6: Save the ledger master


 

Process 3: Creating a transaction with new bill reference

Step 1: Go to Menu – Transactions – Voucher Documents

Step 2: Create a Journal by selecting the Voucher Type as Journal

Step 3: Select the date of transaction,

Step 4: Select the Ledgers with Bill activated and fill in the Amounts.

Step 5: A new section will open where the Bill reference and amount must be mentioned. Multiple references can be created by clicking enter from the amount field. The total amount of all rows must be equal to the ledger amount.

Step 6: Click on Create to close the section and select another ledger.


 

Process 4: Clearing / Adjusting a bill upon payment / receipt

Step 1: Go to Menu – Transactions – Voucher Documents

Step 2: Create a Journal by selecting the Voucher Type as Journal

Step 3: Select the date of transaction,

Step 4: Select the Ledgers with Bill activated and fill in the Amounts.

Step 5: A new section will open where the earlier bills can be adjusted . Multiple bills can be adjusted by clicking on the checkbox on the left of the bill nos. Additionally a new bill reference can also be created for a partial amount along with adjustments. The total amount of all rows must be equal to the ledger amount.

Step 6: Click on Create to close the section and select another ledger.


 

Process 5: Viewing the Bill Status Report

Step 1Go to Reports – Accounts – Daily Reports – Bill Status 

Step 2Select Bills from the first dropdown

Step 3Select Buyer or Supplier from the second dropdown

Step 4Select the Ledger you are looking to view the report from the fifth dropdown 

Step 5Click on Search to view the report


 

Different Scenarios with Bill

  • Receiving an advance an adjustment thereof especially under GST .
  • Viewing Bills in Ledger report
  • Working with cash discount upon timely receipts.
  • Bills tracking on praforma invoices TDS