This session gives you an overview of the Transaction Entries in iVendNext.

Each unit in this chapter is designed for focused learning and should be reviewed carefully. Topics Covered in this session:

• Financial Recording

• Transactional Workflows and Payment Management

• Reconciliation and Best Practices
  

To maintain a structured learning path, participants must complete all units within the session before advancing to the next chapter.

Financial Recording

The article below provides an introduction to Financial Recording in iVendNext.

Why Journal Entries Matter

In iVendNext, journal entries are the DNA of your financial system. They record every transaction—sales, purchases, adjustments—using the double-entry method. For new users, mastering journal entries is the first step toward understanding how money moves through your business.

Whether you're setting up opening balances, correcting errors, or adjusting for currency fluctuations, journal entries ensure your books stay accurate and auditable.

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Creating a Journal Entry: Step-by-Step

1. Navigate to: Accounting

2. Click: “Add Journal Entry”

3. Set: Posting Date and Reference

4. Choose: Debit and Credit Accounts

5. Enter: Amounts and Narration

6. Save and Submit

Tip: Use clear, consistent narrations like “Adjustment for FX gain on EUR invoice” to simplify audits and reviews.

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Common Use Cases for Journal Entries

1. Opening Balances

Set up your initial financial position when migrating to iVendNext. This includes cash, bank, inventory, and liabilities.

2. Manual Adjustments

Correct misposted entries or reclassify expenses. For example, if rent was accidentally posted under utilities, a journal entry can fix it.

3. FX Revaluation

Adjust for currency fluctuations at month-end. If you received a EUR payment and the exchange rate changed before settlement, use a journal entry to reflect the gain or loss.

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Adjusting Entries: Keeping Books Clean

Adjustments are typically made during audits or monthly reviews. In iVendNext, you can tag entries with “Adjustment Type” for easy tracking. These entries help reconcile discrepancies, allocate expenses correctly, and ensure compliance with accounting standards.

Example: Bob’s Café realizes its prepaid rent was incorrectly posted as an expense. A journal entry reclassifies it as an asset, preserving accuracy.

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Additional Learning Resources

For deeper insights and ongoing support, participants are encouraged to explore the following:

• 📘 iVendNext Wiki Documentation: Access the official user manual for detailed guidance on system features and workflows.
  Visit the Wiki Docs

• 🛠️ iVendNext Help Portal: Browse categorized knowledge articles covering Accounting, Buying, Selling, Stock, and more.
  Explore the Help Portal

These resources complement your training journey and serve as valuable references throughout the certification process.

Once you've completed the article, continue to the next topic in the training module to build on your understanding.

Transactional Workflows and Payment Management 

The article below provides an introduction to Transactional Workflows and Payment Management in iVendNext.

From Invoices to Payments

Once journal entries are understood, the next step is mastering the day-to-day transactions that drive business operations. In iVendNext, this includes creating invoices, managing returns, and processing payments. This article walks learners through the full cycle—from issuing a bill to settling it—using intuitive tools and real-world logic.

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Sales and Purchase Invoice Workflows

Sales Invoice Creation

1. Go to: Sales → Invoice

2. Select: Customer and Items

3. Apply: Taxes, Discounts, and Payment Terms

4. Choose: Payment Mode (Cash, Credit, Card)

5. Submit

Tip: Use item groups and tax templates to speed up entry for recurring sales.

Purchase Invoice Creation

1. Go to: Purchase → Invoice

2. Select: Vendor and Items

3. Verify: GRN (Goods Receipt Note)

4. Apply: Freight, Tax, and Additional Charges

5. Submit

Example: Bob’s Café receives 50 coffee grinders from a vendor. A Purchase Receipt is created, followed by a Purchase Invoice with freight and Tax applied.

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Recurring Transactions and Credit Notes

Recurring Invoices

For subscriptions, rent, or service contracts:

• Set frequency (monthly, quarterly)

• Enable auto-posting

• Link to customer or vendor profiles

Credit Notes and Returns

• Sales Return: Linked to original invoice

• Purchase Return: Adjusts vendor balance

• Credit Note: Issued for overpayments, discounts, or returned goods

Tip: Always link returns to original invoices to preserve audit trails.

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Payment Entries: Receiving and Paying

Customer Payments

1. Go to: Accounting → Payment Entry

2. Select “Receive”

3. Choose: Customer and Invoice

4. Enter: Amount and Bank Account

5. Submit

Vendor Payments

1. Select “Pay”

2. Choose: Vendor and Invoice

3. Enter: Payment Mode (Bank, Cash, Cheque)

4. Submit

Example: Bob’s Café pays $2500 to a supplier via bank transfer. A Vendor Payment Entry is created and linked to the Purchase Invoice.

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Bulk Payments and Payment Orders

Bulk Payments

Used to pay multiple vendors at once:

1. Go to: Bulk Payment Tool

2. Upload: Payment Sheet or Select Invoices

3. Choose: Bank Account

4. Auto-generate: Payment Entries

Tip: Use during the month-end to streamline disbursements and reduce manual entry.

Payment Orders

Pre-authorizations for finance teams:

• Created by operations

• Approved by finance

• Converted into Payment Entries

Use payment orders to enforce separation of duties and approval workflows.

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Additional Learning Resources

For deeper insights and ongoing support, participants are encouraged to explore the following:

• 📘 iVendNext Wiki Documentation: Access the official user manual for detailed guidance on system features and workflows.
  Visit the Wiki Docs

• 🛠️ iVendNext Help Portal: Browse categorized knowledge articles covering Accounting, Buying, Selling, Stock, and more.
  Explore the Help Portal

These resources complement your training journey and serve as valuable references throughout the certification process.

Once you've completed the article, continue to the next topic in the training module to build on your understanding.