Overview

This article outlines the key features and functionalities of managing taxes, charges, and discounts in iVendNext, explaining how to set them up, apply them to transactions.

1. Understanding Taxes, Charges, and Discounts

1.1 Taxes

• Taxes are mandatory financial charges imposed by governments on goods and services. In iVendNext, you can set up and manage various types of taxes, including GST, VAT, and custom taxes.

• Taxes can be applied at the item level or the transaction level, depending on your business requirements.

1.2 Charges

• Charges are additional costs associated with procurement, such as shipping fees, insurance, or handling charges.

• These charges can be added to Purchase Orders or Invoices to ensure that all costs are accurately tracked.

1.3 Discounts

• Discounts are reductions in the price of goods or services, often offered by suppliers as an incentive for bulk purchases or timely payments.

• Discounts can be applied at the item level or the transaction level, and can be either a percentage or a fixed amount.

2. Setting Up Taxes in iVendNext

2.1 Tax Templates

• iVendNext allows you to create Tax Templates to standardize the application of taxes across transactions.

• Go to Home > Accounts > Tax Templates to create and manage tax templates.

2.2 GST and VAT Configuration

• For businesses in regions with GST or VAT, iVendNext provides specific fields to capture tax-related information.

• In the Supplier Master and Purchase Order screens, you can enter the supplier’s GSTIN and the Place of Supply to ensure compliance with tax regulations.

2.3 Applying Taxes to Transactions

• Taxes can be applied to Purchase Orders, Purchase Invoices, and other procurement documents.

• When creating a Purchase Order, you can select the appropriate Tax Template or manually add taxes in the Taxes and Charges table.

3. Managing Charges in iVendNext

3.1 Shipping and Handling Charges

• Shipping Charges can be added to transactions to account for the cost of transporting goods.

• Go to Home > Accounts > Shipping Rules to set up shipping charges based on distance, weight, or other criteria.

3.2 Insurance and Other Charges

• Insurance Charges and other fees can be added to transactions to ensure that all costs are captured.

• Use the Taxes and Charges table in the Purchase Order or Invoice to add these charges.

3.3 Automating Charges

• You can automate the application of charges by setting up Charge Templates.

• These templates can be linked to specific suppliers or items, ensuring that charges are applied consistently across transactions.

4. Applying Discounts in iVendNext

4.1 Item-Level Discounts

• Item-Level Discounts are applied to specific items in a transaction.

• When creating a Purchase Order, you can enter a discount for each item in the Items Table.

4.2 Transaction-Level Discounts

• Transaction-Level Discounts are applied to the entire transaction, either as a percentage or a fixed amount.

• Use the Additional Discount section in the Purchase Order or Invoice to apply these discounts.

4.3 Supplier Discounts

• Some suppliers offer discounts for bulk purchases or timely payments.

• These discounts can be negotiated and applied manually in the Purchase Order or Invoice.

5. Advanced Features of Taxes, Charges, and Discounts

5.1 Tax Categories

• Tax Categories allow you to group similar taxes together, simplifying the application of taxes across transactions.

• Go to Home > Accounts > Tax Categories to create and manage tax categories.

5.2 Multi-Currency Transactions

• For businesses dealing with international suppliers, iVendNext supports multi-currency transactions.

• Taxes and charges can be applied in the transaction currency, ensuring accurate cost tracking.

5.3 Discount Policies

• You can set up Discount Policies to standardize the application of discounts across transactions.

• These policies can be linked to specific suppliers or items, ensuring consistency.