Session 1.4 - Transaction and Entries
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
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.
Creating a Journal Entry: Step-by-Step
Navigate to: Accounting
Click: “Add Journal Entry”
Set: Posting Date and Reference
Choose: Debit and Credit Accounts
Enter: Amounts and Narration
Save and Submit
Tip: Use clear, consistent narrations like “Adjustment for FX gain on USD invoice” to simplify audits and reviews.
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 USD payment and the exchange rate changed before settlement, use a journal entry to reflect the gain or loss.
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.
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.
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.
Sales and Purchase Invoice Workflows
Sales Invoice Creation
Go to: Sales → Invoice
Select: Customer and Items
Apply: Taxes, Discounts, and Payment Terms
Choose: Payment Mode (Cash, Credit, Card)
Submit
Tip: Use item groups and tax templates to speed up entry for recurring sales.
Purchase Invoice Creation
Go to: Purchase → Invoice
Select: Vendor and Items
Verify: GRN (Goods Receipt Note)
Apply: Freight, Tax, and Additional Charges
Submit
Example: Bob’s Café receives 50 coffee grinders from a vendor. A GRN is created, followed by a Purchase Invoice with freight and GST applied.
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.
Payment Entries: Receiving and Paying
Customer Payments
Go to: Accounting → Payment Entry
Select “Receive”
Choose: Customer and Invoice
Enter: Amount and Bank Account
Submit
Vendor Payments
Select “Pay”
Choose: Vendor and Invoice
Enter: Payment Mode (Bank, Cash, Cheque)
Submit
Example: Bob’s Café pays ₹25,000 to a supplier via bank transfer. A Vendor Payment Entry is created and linked to the Purchase Invoice.
Bulk Payments and Payment Orders
Bulk Payments
Used to pay multiple vendors at once:
Go to: Bulk Payment Tool
Upload: Payment Sheet or Select Invoices
Choose: Bank Account
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.
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.
Reconciliation and Best Practices for Accuracy
The article below provides an introduction to Reconciliation and Best Practices for Accuracy in iVendNext.
Why Reconciliation Is Non-Negotiable
Reconciliation is the process of matching your internal financial records with external statements—typically from banks. In iVendNext, reconciliation tools help users confirm that payments, receipts, and adjustments are correctly reflected in the system. This module empowers learners to catch errors, prevent fraud, and maintain financial integrity.
Manual Reconciliation Workflow
Manual reconciliation is ideal for smaller businesses or when automated tools aren’t available.
Steps to Reconcile Manually
Go to: Accounting → Bank Reconciliation
Select: Bank Account and Date Range
View: System-generated payment entries
Match: Each entry with corresponding bank statement line
Mark as “Reconciled”
Example: Bob’s Café sees a USD10,000 debit on its bank statement. It matches a vendor payment entry in iVendNext. The entry is marked as reconciled.
Tips for Manual Matching
Match by amount, date, and reference number
Use narrations to clarify ambiguous entries
Flag unmatched items for review
Semi-Automatic Reconciliation
For businesses with high transaction volumes, semi-automatic reconciliation saves time and reduces manual errors.
How Semi-Automatic Reconciliation Works
Upload: Bank Statement (CSV or XLSX)
System Suggests Matches: Based on amount, date, and payee
Review Suggestions: Accept or override matches
Confirm Reconciliation
Tip: Use consistent naming conventions and reference numbers to improve match accuracy.
Handling Discrepancies
Discrepancies are inevitable. iVendNext provides tools to investigate and resolve them.
Common Issues
Some of the common issue are:
Example: A USD250 bank fee appears on the statement but not in iVendNext. Create a journal entry under “Bank Charges” to reconcile.
Best Practices for Accuracy
Some of the best practices are:
Reconcile Regularly
Weekly for high-volume businesses
Monthly for smaller operations
Use Narrations and References
Helps during audits and internal reviews
Improves match accuracy in semi-auto mode
Avoid Backdating
Can distort financial reports
Use adjustment entries instead
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.
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