DEBIT NOTE

We're thrilled to introduce a new functionality in our ERP system: the capability to record DEBIT NOTE transactions that aren't linked to specific invoices. This enhancement enables smoother management of scenarios like vendor discounts or other miscellaneous debits.

For example, imagine XYZ Vendor grants a $5000 discount on a prior $100,000 material purchase. Here's how you can document this transaction in our ERP system, ensuring proper VAT management:

• Navigate to Vendor Advance and select Create New
• Choose the respective vendor from the list.
• Select the appropriate account to pay from.
• Enter the amount, and specify the relevant tax group.
• Set the appropriate date.
• Select Advance Type = DEBIT

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 debits, enhancing your financial management capabilities.

Ledger Posting:

Tax Detailed Report: