Overview

This article will guide you through the key components of sales transactions, including Sales Orders, Delivery Notes, Sales Invoices, and Payment Entries. 

1. Key Components of Sales Transactions

Some of the key components of a Sales Transaction are summarized below: 

1.1 Sales Order

A Sales Order is a binding contract with your Customer, where you agree to sell a set of items under specified conditions. It is the first step in the sales transaction process.

• How to Create a Sales Order:

1. Navigate to Home > Selling > Sales > Sales Order.

2. Click on New to create a new Sales Order.

3. Select the Customer and set the Delivery Date.

4. Add items to the order, set quantities, and apply taxes.

5. Save and submit the Sales Order.

• Key Features:

• Partial Deliveries: You can deliver items in multiple shipments.

• Taxes and Charges: Apply taxes and shipping charges as per your business requirements.

• Currency and Price Lists: Set the currency and price list for the Sales Order.

1.2 Delivery Note

A Delivery Note is created when you ship items to your Customer. It updates your inventory and can be created against a Sales Order.

• How to Create a Delivery Note:

1. Navigate to Home > Stock > Delivery Note.

2. Click on New to create a new Delivery Note.

3. Select the Customer and fetch items from the Sales Order.

4. Set the Source Warehouse and To Warehouse for retaining sample stock.

5. Save and submit the Delivery Note.

• Key Features:

• Quality Inspection: Record quality inspections for outgoing items.

• Partial Deliveries: Deliver items in multiple shipments.

• Taxes and Charges: Taxes and charges are fetched from the Sales Order.

1.3 Sales Invoice

A Sales Invoice is a bill you send to your Customer, against which you expect to receive payment. It can be created directly or from a Sales Order or Delivery Note.

• How to Create a Sales Invoice:

1. Navigate to Home > Accounting > Accounts Receivable > Sales Invoice.

2. Click on New to create a new Sales Invoice.

3. Select the Customer and fetch items from the Sales Order or Delivery Note.

4. Set the Due Date and apply taxes.

5. Save and submit the Sales Invoice.

• Key Features:

• Payment Terms: Set payment terms for partial or advance payments.

• Tax Withholding: Apply tax withholding for Customers.

• Currency and Price Lists: Set the currency and price list for the Sales Invoice.

1.4 Payment Entry

A Payment Entry is a record indicating that payment has been received for a Sales Invoice. It can be created manually or automatically from a Sales Invoice.

• How to Create a Payment Entry:

1. Navigate to Home > Accounting > Accounts Receivable > Payment Entry.

2. Click on New to create a new Payment Entry.

3. Select the Customer and the Sales Invoice.

4. Enter the Amount Received and set the Payment Mode.

5. Save and submit the Payment Entry.

• Key Features:

• Multi-Currency Payments: Handle payments in foreign currencies.

• Payment Reconciliation: Reconcile payments with outstanding invoices.

• Advance Payments: Manage advance payments for Sales Orders.

2. Prerequisites for Sales Transactions

Before you start creating Sales Orders, Delivery Notes, and Invoices, ensure that the following are set up in iVendNext:

• Customers: Add all your Customers in the system.

• Items: Add the items you sell to Customers.

• Warehouses: Set up warehouses for storing outgoing items.

• Tax Templates: Set up tax templates for applying taxes on sales.

• Price Lists: Create price lists for different Customers or currencies.

3. Key Features of Sales Transactions

3.1 Partial Deliveries

iVendNext allows you to deliver items in multiple shipments. This is particularly useful when you cannot fulfill the entire order at once.

3.2 Taxes and Charges

iVendNext allows you to apply taxes and charges to your Sales Orders and Invoices. You can set up Tax Templates and Shipping Rules to automate this process.

3.3 Currency and Price Lists

You can set the currency for your Sales Orders and Invoices. If you deal with multiple Customers in different currencies, you can create Price Lists for each currency.