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home | FiNAC ERP | Accounts Payable (Creditor)

System Features

  • Maintaining multiple currency creditors - Reports can be generated in foreign currency or local currency.
  • Create and maintain an unlimited number of creditors
  • Maintaining active and inactive creditors
  • Create and maintain unlimited creditor groups.
  • Maintaining creditors’ age wise analysis with user definable age groups.
  • Tracking credit limits and credit periods for each creditor - If the supplier exceeds the credit limit or credit period, the system prevents further invoicing by alerting the user.
  • Creates Creditor and commercial information such as contact details (Creditor's company name, address, contact person, Telephone No, Fax No, VAT Registration No and e-mail address etc.)
  • Creates Creditors along with the opening balance break downs - User can maintain invoice break downs of the opening balance along with all relevant information.
  • When trying to set off credits, all outstanding GRN, Credit notes and Supplier invoices are shown with the balance outstanding amounts.
  • Debit Allocation (FIFO or Manual) - Payments can be set off against invoices or credit notes using either of the two methods. The user can decide which invoice to settle from the outstanding list, or if automatic set-off is selected the receipt amount is deducted from the oldest invoice first.
  • Maintain transactions with Auto or Manual Serial Numbering Systems – If required the user can enter a manual number against the system generated number.
  • Settlement Discounts - When GRNs are settled within a stipulated period, a special discount can be given through debit notes.
  • Supports unidentified credits processing
  • Accepting Part Settlement on GRN and Credit Notes.
  • Multiple settlements against one invoice or credit note.
  • Ability to define late payment charges through credit notes.
  • Parameterized taxing methods (e.g. NBT + VAT)
  • Tracks and deducts advance payments - An advance listing is given for unallocated advance payments. 
  • Automatic calculation of gain and loss.
  • Facility to accept bank charges at the time of transaction.
  • Facilitates the settlement of invoices in both foreign and local currency
  • Cheque printing module is integrated with overpayment and advance refund.
  • The System handles;
    • Credit Note
    • Service Invoice
    • Debit Note
    • Payment Voucher
    • Advance
    • Advance Allocation
    • Advance Refund
    • Overpayment Allocation
    • Overpayment Refund
  • Maintain creditor’s outstanding - Each supplier's online balance is maintained.
  • Maintaining supplier cash advances, Advance refunds, Overpayments and Allocation overpayments against Invoices or Credit notes.
  • Integrated with other modules
    • Stock: GRN/ GRRN – Integrates update in the creditor module
    • Import Costing: Import Expenses – Integrates update in the creditor module
    • Administration: Cheque Printing – Payment Voucher/ Advance

Reports

  • Monthly Statement
  • Outstanding Statement
  • Age Analysis
  • Statement of Accounts
  • Exceeding Credit Limit
  • Exceeding Credit Period
  • Pending Advances

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