Post-Submission Actions: Purchase Receipts, Invoices, and Payments
Overview
This article outlines the key post-submission actions in iVendNext, including how to create Purchase Receipts, generate Purchase Invoices, and manage Payment Entries.
1. Understanding Post-Submission Actions
1.1 Purchase Receipts
A Purchase Receipt is created to confirm that the goods or services ordered in a Purchase Order have been received.
It serves as a record of the items received and their condition.
1.2 Purchase Invoices
A Purchase Invoice is generated to bill the supplier for the goods or services received.
It includes details such as the item quantities, prices, taxes, and total amount due.
1.3 Payment Entries
Payment Entries are used to record payments made to suppliers.
They ensure that all payments are accurately tracked and reconciled with the corresponding Purchase Invoices.
2. Creating Purchase Receipts
2.1 Accessing the Purchase Receipt Module
Go to Home > Buying > Purchase Receipt.
Click on Add Purchase Receipt to create a new receipt.
2.2 Linking to a Purchase Order
Select the Purchase Order for which you are creating the receipt.
The system will automatically populate the items and quantities from the Purchase Order.
2.3 Entering Received Quantities
In the Items Table, enter the Received Quantity for each item.
You can also add details such as the Warehouse where the items are being received.
2.4 Saving and Submitting
Once all details are entered, click Save to create the Purchase Receipt.
After reviewing, click Submit to finalize the receipt.
Note: You can also accept Purchase Receipts directly without the need for a Purchase Order. To do this, set Purchase Order Required as “No” in Buying Settings.
3. Generating Purchase Invoices
3.1 Accessing the Purchase Invoice Module
Go to Home > Buying > Purchase Invoice.
Click on Add Purchase Invoice to create a new invoice.
3.2 Linking to a Purchase Order or Receipt
Select the Purchase Order or Purchase Receipt for which you are generating the invoice.
The system will automatically populate the items, quantities, and prices.
3.3 Applying Taxes and Charges
In the Taxes and Charges table, add any applicable taxes or charges (e.g., GST, shipping fees).
The system will calculate the total amount due, including taxes and charges.
3.4 Saving and Submitting
Once all details are entered, click Save to create the Purchase Invoice.
After reviewing, click Submit to finalize the invoice.
4. Managing Payment Entries
4.1 Accessing the Payment Entry Module
Go to Home > Accounts > Payment Entry.
Click on Add Payment Entry to create a new payment record.
4.2 Linking to a Purchase Invoice
Select the Purchase Invoice for which you are recording the payment.
The system will automatically populate the invoice details, including the total amount due.
4.3 Entering Payment Details
Enter the Payment Amount, Payment Date, and Payment Method (e.g., bank transfer, cash).
You can also add a Reference Number for tracking purposes.
4.4 Saving and Submitting
Once all details are entered, click Save to create the Payment Entry.
After reviewing, click Submit to finalize the payment record.
5. Key Features of Post-Submission Actions
5.1 Integration with Purchase Orders
Purchase Receipts, Invoices, and Payment Entries are seamlessly integrated with Purchase Orders, ensuring that all transactions are accurately tracked and reconciled.
5.2 Automated Calculations
The system automatically calculates quantities, prices, taxes, and totals, reducing the risk of errors and saving time.
5.3 Real-Time Tracking
Use the Procurement Tracker Report to monitor the status of Purchase Receipts, Invoices, and Payments in real-time.
5.4 Multi-Currency Support
For businesses dealing with international suppliers, iVendNext supports multi-currency transactions, ensuring accurate tracking of payments and invoices in different currencies.
6. Advanced Features of Post-Submission Actions
6.1 Partial Receipts and Invoices
iVendNext supports partial receipts and invoices, allowing you to receive and bill for items in multiple shipments.
This is particularly useful for large orders or orders with staggered delivery schedules.
6.2 Credit Notes
If there are discrepancies or returns, you can create Credit Notes to adjust the amounts due.
Go to Home > Accounts > Credit Note to create and manage credit notes.
6.3 Payment Reconciliation
Use the Payment Reconciliation feature to match payments with corresponding invoices, ensuring accurate financial records.
Go to Home > Accounts > Payment Reconciliation to reconcile payments.
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