In Financio, all business transactions are being grouped into 3 types of transactions:
With a good understanding of these 3 transaction categories, you'll be able to record all your business transactions with ease! Let's dive right into it.
Sales Transactions
There’s 5 types of sale transactions you can add to the system.
|
Type |
Description |
|
Quote (Quotation) |
The sale form allows a prospective buyer to see what the costs be like before actually buying it. Quotes are not posted to your Chart of Accounts because no actual monetary transaction took place. |
|
Invoice / Tax Invoice |
The actual invoice billed to the customer for buying products / services from you. |
|
Credit Note (CN) |
Adjustment made to invoice(s), reducing the amount payable by your customer. |
|
Payment (Official Receipt) |
The payment for invoice(s). |
|
Refund |
Refund for excessive credits in Credit Note or Payment. |
Purchase Transactions
There’s currently 3 types of purchase transactions you can add to the system.
|
Type |
Description |
|
Purchase Order (PO) |
A form issued by buyer to seller, indicating the products & services the buyer would like to buy. PO are not posted to your Chart of Accounts because no actual monetary transaction took place. |
|
Bill |
Invoice received from your vendor / supplier when you are buying something from them. |
|
Payment |
Payment for bill(s). |
Miscellaneous (Other Transactions)
There are 4 types of transactions that falls under Miscellaneous. Transactions not classified as sales or purchases can be tracked in here. When everything fails to track your transaction, there’s always a Journal you can use to record your transaction.
|
Type |
Description |
|
Deposit |
Miscellaneous money coming in that usually doesn’t have an invoice with it. Example: interest earned, injection of funds |
|
Withdrawal |
Money going out that usually doesn’t come with a bill. Payment Vouchers can be generated from Withdrawal transaction. Example: utilities, salary payout, claims and various expenses. |
|
Transfer |
Transfer of funds between two accounts within your business. |
|
Journal |
The journal entry tracks your transaction when no other |
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