CREDIT NOTE

We're thrilled to introduce a new capability in our ERP system that offers greater flexibility in recording credits, especially for scenarios where credits aren't linked to specific invoices.

For example, Let's say ABC Company purchases goods worth $100,000, and you decide to offer them a $5,000 overall discount. Here's how you can document this transaction in our ERP system, ensuring proper VAT management:

Here's a breakdown of the process:

• Navigate to Customer Advance and select Create New
• Choose the respective customer from the list.
• Select the appropriate account to Deposit.
• Enter the amount, and specify the relevant tax group.
• Set the appropriate date.
• Select Advance Type = CREDIT

This update empowers you to accurately reflect various financial transactions, such as bulk discounts, ensuring your accounting processes remain precise and compliant. Plus, you can seamlessly claim VAT against these credits, enhancing your financial management capabilities.

Ledger Posting:

Tax Detailed Report: