Contra Entries

Understanding Contra

Contra Entry means transactions that take place when cash is deposited or withdrawn from cash or bank to cash or bank. These transactions show effect in the cash and bank balances of the company and do not impact its financial position.

 

Permissions

Navigate to Settings > User Roles.

Select the employee you want to give Contra Permission to and scroll to the right.

Select Edit option from the Action dropdown menu.

Go to the Permissions tab.

Enable all the permissions related to Contra under Account Contra.

Click on Save.

 

Making a Contra Entry

Navigate to Left Menu > Finance > Finance.

This will take you to the next page. Select Contra option from the left menu.

Click on the plus button in the top right corner.

Select the account from which transfer of money is made and received in the respective fields.

Enter the amount to be transferred.

Enter any description of the transaction under the Narration field if required.

Fill the other fields wherever required and click Save.

This transaction will now be displayed in the contra entry index page.

Note: The options under the Action column can edit, download, print or delete the transaction.

 

Receipt Management

Understanding Receipt Management

This module keeps a record of all the payments received and pending payments to be received. There are two sub modules under Receipt

 

Making a Receipt Entry

This page shows all the details of payments received. It shows the category under which the payment falls, the date and the payment method details. To record a new payment:

Navigate to Left Menu > Finance > Finance.

This will take you to the next page. Select Receipt option from the left menu.  

Click on the plus button in the top right corner. Open Receipt Entry. 

Enter the date and the vendor from whom the payment is received.

Select the payments received if there are many bills under one vendor and click save.

Select the Type of Ref: which indicates if the payment is made on account, in advance or against a bill.

Enter the amount received.

Enter the bank in which the amount is deposited and select the mode of payment.

Enter the cheque and bank details if any.

 Enter the Deductions made if any.

Click on Save.

 

Pending Receipt

This sub Module has the list of all receipts that are pending from the clients.

The payments can be made by clicking on the Receipt button. 

The same Receipt Entry form as described under the Receipt Entry Module will be displayed. 

Enter all details and Save for recording the payment made.

 

Permissions

Navigate to Settings > User Roles.

Select the employee you want to give Finance Permission to and scroll to the right.

Select Edit option from the Action dropdown menu.

Go to the Permissions tab.

Press Ctrl+F and enter the word Receipt. Enable all the permissions related to Receipt.

Click on Save.

 

Payment Management

Understanding Payment

This sub module of finance helps to record all the payments made to the Company.

 

Permissions

Navigate to Settings > User Roles.

Select the employee you want to give Payment Permission to and scroll to the right.

Select Edit option from the Action dropdown menu.

Go to the Permissions tab.

Enable the permissions Payment Form and Pending Payment under Payment option. 

Click on Save.

 

How to Make a Payment Entry

Navigate to the Left Menu > Finance> Finance.

Click on the Payment option from the left menu that appears next.

Click on the plus sign on the top right corner of the page. 

Select the Vendor’s name under the Payment To field.

Select those amounts that need to be paid or select all and click on Save.

Notes:

Type of Ref: This field has three options. Select accordingly.

Against: if an amount is paid against a bill. 

Advance: if the amount is paid as an advance

On Account: Here an amount is paid even before a bill is made and it is adjusted according to the amount in the bills made.

 

Enter the amount to be paid, the bank and the method of payment.

Enter the deduction particulars if any.

For payments in Advance or On Account, the amount needs to be entered.

Click on Save.

Note: The Action Button has the option to Edit, download, print and Delete the payment.

 

Pending Payment

This sub module has the list of all payments that are pending from the company. 

The payments can be made by clicking on the Payment button. The same Payment Entry form as described under the Payment Entry Module will be displayed. Enter all details and Save for recording the payment made.

 

Sales Management

Understanding Sales Management 

The Sales module records all the sold material and also any material returned after sale by the clients. There are two sub modules under this.

 

Sales Register

This module shows all the details of the Sales returns and all transactions related to the amounts paid and unpaid for the sales made. A sales return is called when the client returns the material sold back to the company for any reason. 

The process for Sales Returns is as follows:

Navigate to the Left Menu > Finance > Finance.

This will take you to the next page. Select Sales Register option from the left menu.

Click on Sales Return under the Action button.

The details of the sale will already be present in the form.

Select those products under the List of products which need to be returned.

Fill in other details wherever necessary in the fields given.

Click on Save.

This will now be shown as a Sales return in the list. 

 

The other option under the Action Button include:

Invoice View: if the invoice needs to be viewed for checking the details of the sale.

View Return: This shows the details of the products returned, such as the amount paid, products returned, statutory details etc.

Edit Return: This is to edit the details of any products that have been returned by the customer.

Delete Return: is for deleting any record if it has been wrongly entered as a Sales Return.

 

To record the payment for the unpaid Sale, the following steps are to be followed:

Select View Receipt under the Action Button.

The details of the Sale will be filled in the receipt.

Deposited to: Select the Bank where the amount needs to be deposited 

Select the method through which the payment was received in the field next to the Reporting Tag.

Enter the Details of the Cheque if it is a cheque payment.

Deduction Accounts: Any amount deducted for tax or any other purposes by the company or the client needs to be recorded in the fields under this tab.

This is to record the difference in amount paid against the bill amount, if any.

Click on Save.

Note: A Ledger needs to be created for the deductions to record them.

 

Sales Return Register

This module shows all the details of the sales returns made by the clients. The Action button provides the options for viewing and deleting the returns if necessary.

 

Permissions

Navigate to Settings > User Roles.

Select the employee you want to give Sales Permission to and scroll to the right.

Select Edit option from the Action dropdown menu.

Go to the Permissions tab.

Press Ctrl+F and enter the word Sales. Enable all the permissions related to sales.

Click on Save.

 

Purchase Management

Understanding Purchase Register

This sub module of finance helps to record all the purchases done by the Company. This might include purchase, purchase return and replacement of a purchased product.

 

Permissions

Navigate to Settings > User Roles.

Select the employee you want to give Purchase Permission to and scroll to the right.

Select Edit option from the Action dropdown menu.

Go to the Permissions tab.

Press Ctrl+F and search for Purchase. Enable the permissions Purchase > Purchase Register, Create Purchase Return, Edit Purchase Return, Delete Purchase Return and View Purchase Return.

Click on Save.

 

Purchase Register

The approved purchase invoices are shown on this page. 

All the details regarding the products under Purchase and Purchase Returns are shown in the list.

The search button on the top right side can be used to search for particular transactions/products/vendors or transactions under a particular period of time can be grouped and seen. 

The details of the payments made and pending amounts are also shown.

For the transactions that are paid the Action button when clicked will show their transaction history/return button for returning items/ View return if the product has been returned.

For transactions that are Unpaid the Action Button will show the return button to return products or Payment button for paying the vendor.

An outward challan is automatically created for returned products and they will no longer be displayed in the stock of the company. 

 

Purchase Return Register 

This Module records all the materials that are returned to the vendor after Purchase. 

The Payment history under the action button will show all the amount received once the products are returned.

The Edit Return will help the user in making any changes to the products that are to be returned.

The Delete return is for deleting any record if it has been wrongly entered as a Purchase Return.

The View Return button is to view the record of the amount to be returned and the products that have been returned.