*UPDATE* - 6 May 2019
You can now record your previous year's outstanding bills, invoices and inventory balance with ease when setting up your opening balances.
Prior to this update, users faced difficulties recording their previous financial year's outstanding invoices, bills and carried forward stock balances.
While creating backdated invoices and bills were possible, this practice would effectively create a duplicate record to the retained earnings in the present financial year.
On top of that, re-raising previous year documents is a really tedious chore for most business owners. In view of all this, the team set fourth resources to have this addressed.
We've made it possible to now:
- +ADD INVOICES/IMPORT INVOICE
- +ADD BILLS/IMPORT BILL
- +ADD ITEM/IMPORT INVENTORY
- Created outstanding invoices and bills are only 'shell' records that does not affect the current year's financials but allows for collections and payments to clear outstanding payments and collections.
- It is now possible to list itemized inventory for the carried forward stock balances in value and quantity.
Here are some screenshots of the upgraded Opening Balance interface. As always, we strive to make it as user intuitive as possible.
Utilizing the import template function:
To import inventory, invoices or bills, you'll need to have all the relevant information stored in an xlsx or xls format file.
Prepare the required information to be uploaded.
- Ensure the first row of your sheet is a header row
- Ensure the sheet contains all the required info
- Invoice: Invoice Number, Customer Name, Date (Issued Date), Due Date and Amount
- Bill: Bill Number, Supplier Name, Date (Raised Date), Due Date and Amount
- Inventory: SKU, Item Name, Quantity and Unit Cost
Upon importing, go ahead and match with the correct columns before continuing.
*Headers with the same titles will automatically be matched upon import.
You'll be prompted to save all new contacts from the list. Here you can make final changes to the customer name and select the Type* - Business or Person.