Deferred Expense
Deferred Expense An expense that has been incurred but not yet utilized is referred to as a deferred expense. Unless the underlying goods or services are consumed, the cost is posted as an asset; thereafter, it is expensed. As it will be used up in a year, a deferred expense is initially posted on […]
Manage Foreign Exchange Difference
Manage Foreign Exchange Difference You can also create transactions in foreign currencies in ERPNext. The system updates the current exchange rate between the base currency of the business and the currency of the supplier or customer when a transaction is created in a foreign currency. You may receive or make a payment at a […]
Monthly Distribution
Monthly Distribution You can distribute annual budgets throughout the months of a fiscal year in ERPNext by using a Monthly Distribution. You can specify how much of the budget should be spent each month rather than distributing the entire amount all at once. This is beneficial for: Equal allocation: Distributed equally throughout the course […]
Cost Center Allocation
Cost Center Allocation You can automatically allocate General Ledger (GL) entries posted against a main cost centre to numerous child cost centres based on predetermined percentages by using a Cost Centre Allocation. This is particularly helpful for growing businesses with multiple Business divisions that share costs or profits. With the aid of the Cost Centre Allocation, ERPNext distributes […]
Common Party Accounting
Common Party Accounting ERPNext’s Common Party Accounting feature assists you in managing circumstances in which one party serves as both a supplier and a customer. For example, you may have a supplier that you typically raise purchase invoices to, but you may need to raise a sales invoice against them and then Deduct it […]
Purchase invoice for Services
Purchase invoice for Services To post a purchase invoice for services in ERPNext, take the following actions: 1. Set Up Supplier Go to: Buying > Suppliers Create a New Supplier (if not already created) Click on New. Enter the supplier’s details: Name of Supplier Address and contact information Click Save. 2. Create a Service Item Go to: Stock […]
Naming Series as Per VAT or GST Rules
Naming Series as Per VAT or GST Rules A tax invoice must have a consecutive, unique serial number in accordance with Rule 46(b) of the CGST Rules 2017 (and comparable VAT compliance regulations in other states). The rules specify: Maximum 16 characters allowed. Can contain slashes (/), hyphens (-), numbers, and alphabets. There should be no […]
Stock Transfer with VAT or GST
Stock Transfer with VAT or GST In certain situations, taxes must be applied to Stock Transfer with VAT or GST in accordance with statutory requirements. Using sales and purchase invoices rather than stock entries makes handling these transfers simpler. Use these procedures to Stock Transfer with VAT or GST between multiple branches: Step […]
Tax on another tax amount
Tax on another tax amount At times, you might need to tax on another tax amount, the value of a prior tax, rather than the item value. For instance, assume that there are 5 items and a Service Charge is charged on the Net Total of such items. A 5% VAT also has to […]
Types in Tax Template
Types in Tax Template In the Purchase Taxes and Charges Template and Sales Taxes and Charges Template, there is a column named Types in Tax Template. Here’s how each Type is defined and Utilized: Calculate Tax Based On Actual You can enter a fixed charge or expense amount directly in this. On […]
