FAQ on Sales

 

Understanding Opening Balance in AntMyERP.

 

Q1: What is an Opening Balance in AntMyERP?

A: In AntMyERP, the Opening Balance refers to the initial amount that a customer owes you at the beginning of a financial period or when you start using the system. It represents the outstanding amount that the customer owes, excluding any amounts from sales transactions that have been recorded for them in AntMyERP.

 

Q2: How is Outstanding Opening Balance calculated?

A: The Outstanding Opening Balance is calculated by summing up all the unpaid or outstanding amounts that a customer owes you from previous periods or transactions. This balance is separate from any new sales transactions created for the customer within AntMyERP.

 

Q3: How does the Outstanding Opening Balance change?

A: Each time you record a payment received from the customer, the Outstanding Opening Balance is reduced. As you receive payments, the balance decreases, reflecting the reduction in the amount owed by the customer.

 

Q4: Why is the concept of Opening Balance important?

A: The Opening Balance is important because it helps provide a clear starting point for tracking customer balances and payments within AntMyERP. It ensures that you account for the outstanding amounts from previous periods or transactions before starting to record new sales transactions.

 

Q5: How can I manage the Opening Balance in AntMyERP?

A: To manage the Opening Balance in AntMyERP, follow these steps:

Enter Initial Customer Balances: When you start using AntMyERP, enter the initial outstanding balances that customers owe you as Opening Balances.

Record Payments: As you receive payments from customers, record these payments against the relevant invoices or transactions. This will automatically reduce the Outstanding Opening Balance.

Monitor Balances: Regularly review customer balances and monitor changes in the Outstanding Opening Balance as payments are received and new transactions are recorded.

Maintain Accuracy: Ensure that you accurately record payments and sales transactions to maintain the correctness of the Outstanding Opening Balance.

 

Setting Up Opening Balance for Your New Business in AntMyERP

 

Q1: How do I set up an opening balance for my new business in AntMyERP?

A: To set up an opening balance for your new business in AntMyERP, follow these steps:

Step 1: Access Customer Management: Go to the “Sales CRM” section in AntMyERP.

Step 2: Search and Edit Customer:  Locate and search for the customer for whom you want to set up the opening balance. Once found, click on the customer’s name to access their details.

Step 3: Access Account Information: Inside the customer’s details, find and click on the “Account” section or tab. This is where you can manage the financial details for the customer.

Step 4: Upload Customer Invoice: Within the Account section, you may have the option to upload a customer invoice or input the opening balance amount manually. If available, upload the customer invoice reflecting the initial amount the customer owes your business.

Step 5: Save Changes: After uploading the customer invoice or entering the opening balance amount, ensure that you save the changes to update the customer’s account information.

Step 6: Verify Opening Balance: Once saved, the uploaded customer invoice or opening balance amount will be added to the customer’s account, representing the initial outstanding balance owed by the customer to your business.

 

Q2: What does the opening balance represent in AntMyERP?

A: The opening balance in AntMyERP represents the initial outstanding amount that a customer owes your business at the start of your financial operations. It accounts for any transactions or amounts due before you begin recording new sales or invoices in the system.

 

Is it mandatory to enter the opening balance in AntMyERP ?

 

Q1: Is it mandatory to enter the opening balance in AntMyERP?

A: No, it is not mandatory to enter the opening balances in AntMyERP. However, while not mandatory, entering your opening balances from your previous accounting software or accounting records is recommended to ensure the accuracy and continuity of your financial data.

 

Q2: Why is entering opening balances recommended even though it’s not mandatory?

A: Entering opening balances helps ensure the consistency and accuracy of your financial records in AntMyERP. It allows you to start your accounting activities with the correct balances and transactions from your previous accounting period, providing a smooth transition and maintaining financial continuity.

 

Q3: What are the benefits of entering opening balances?

A: Entering opening balances offers several benefits:

Accurate Financial Reporting: Opening balances contribute to accurate financial statements and reports.

Smooth Transition: It helps seamlessly continue your accounting activities without disruptions.

Comparative Analysis: Opening balances enable meaningful comparison of current and past financial performance.

Compliance: Accurate opening balances help maintain compliance with accounting standards and regulations.

 

Q4: Can I skip entering opening balances and start fresh in AntMyERP?

A: While you can start fresh without entering opening balances, it’s important to consider the impact on your financial data and reporting. Starting without opening balances might lead to discrepancies and incomplete historical data, making it challenging to analyze financial trends and performance over time.

 

Q5: How can I enter opening balances in AntMyERP if I choose to do so?

A: If you decide to enter opening balances in AntMyERP, follow these steps:

Access the appropriate section (e.g., Customers, Vendors, Accounts).

Locate the option to enter opening balances (usually within account settings).

Enter the balances for each relevant account, customer, or vendor based on your previous records.

Save the changes to update the opening balances in AntMyERP.

 

How to Generate a Visit Charges Invoice in AntMyERP?

 

To generate a visit charges bill in AntMyERP, follow these steps:

Access Finance Section: Log in to your AntMyERP account and navigate to the “Finance” section.

Create Sales Invoice: Within the Finance section, select “Sales Invoice” to create a new sales invoice.

Select Visit Charges: Choose the option to bill for “Visit Charges” or a similar description that represents the service provided.

Set Date: Set the date on the invoice to accurately reflect the visit date. Use the current date if applicable.

Complete Invoice: Fill in any relevant details, such as customer information and charges, then finalize and save the sales invoice.

 

How to Set Up Half-Yearly Invoicing in AntMyERP for Invoices?

 

To set up half-yearly billing for invoices in AntMyERP, follow these steps:

Access Sale Invoice Section: Log in to your AntMyERP account. Navigate to the “Finance” section in the left menu. Select “Sale Invoice.”

Create New Invoice: Click the ‘+’ button to create a new invoice. Add Header Information: In the invoice header, specify details such as Client name and Contract number.

AMC Invoice Setup: Label the invoice as an “AMC Invoice” to indicate that it is for an Annual Maintenance Contract.

Contracted Machine Data: Include the data of machines or items covered under the contract.

Display Contract Period: Associate the contracted machine data with the contract period to ensure accurate billing.

Half-Yearly Invoiceing: Calculate and add the invoice value accordingly for the half-yearly billing period.

Create Invoice: After adding all necessary details, save the invoice to generate the half-yearly billing invoice.

 

I entered the wrong serial number in a Sales Order in AntMyERP. How can I edit it?

 

Q1: I entered the wrong serial number in a Sales Order in AntMyERP. How can I edit it?

A: If you have entered the wrong serial number in a Sales Order in AntMyERP, follow these steps to correct it:

Step 1: Generate Sales Invoice: Generate the sales invoice for the Sales Order with the incorrect serial number.

Step 2: Create Sales Return: Create a Sales Return for the item with the incorrect serial number. This action will return the material to your stock.

Step 3: Create New Sales Order: Create a new Sales Order and add the correct serial number to the outward material.

Please note that this process involves generating a sales invoice, creating a sales return, and then creating a new sales order with the correct serial number. This helps ensure accurate tracking of inventory and transactions.

 

How do I process the inward for sales contract material in AntMyERP?

 

Q1: How do I process the inward for sales contract material in AntMyERP?

A: To process the inward for sales contract material in AntMyERP, follow these steps:

Step 1: Create Sales Return Entry: Log in to your AntMyERP account and navigate to the “Finance” section. Inside the “Finance” section, select “Sales Return Entry.” Create a new sales return entry for the contract material that is being returned or processed inward.

Step 2: Fill Sales Return Details: Provide the necessary details in the sales return entry form, including the contract material, quantity, reason for return, and other relevant information.

Step 3: Save the Sales Return Entry: Save the sales return entry. This will process the inward for the sales contract material.

 

Q2: Why do I need to create a sales return entry for inward processing?

A: In AntMyERP, using the sales return entry is a common way to handle the inward processing of contract material. It helps accurately track the material as it comes back into your inventory.