Author: ForTex

Note:

Before starting the inventory process, it is recommended to do the following:

1. Stop any operations in the program or activity within the organization and prepare only for the inventory.
2. Perform a balance reconciliation.
3. Calculate the average cost.

Payment Vouchers :

Payment vouchers are used to document outgoing payments from the business to suppliers, employees, or other parties. These vouchers ensure proper recording of expenses and maintain accurate financial tracking.

To Enter a Purchase Invoice:

1. Go to the Purchases menu and select Purchase Invoices. The purchase invoice screen will appear as shown in the image.
2. Click on New or press F1.
3. Select the supplier using one of the following methods:
   • Click the magnifying glass icon and search for the supplier.

Explanation of the Chart of Accounts (COA):

The chart of accounts (COA) is a fundamental tool used to organize and manage financial accounts within any accounting system. It provides a structured framework for recording and analyzing financial transactions. Below are the key features and benefits of a chart of accounts:

To Create a New Item:

• Click on “New.”
• Enter the item number (or scan the barcode using the scanner in the “Number” field).
• Next, input the item name or description in the “Description” field.
• Enter the selling price and the minimum selling price.
  (Note: Sellers without proper authorization cannot sell below the minimum selling price.)
• If you want the item to appear in the stock alert when the quantity reaches a specific number, enable the low stock alert and set the desired quantity threshold for the notification.

For activities that include non-taxable items, the checkmark for “Taxable” is removed.