Bills Receivables/Payables
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π Managing Receivables & Payables in Logic ERP
In this tutorial, weβll explore how Receivables (π° proof of debt) and Payables (π¦ amounts owed for purchases) are tracked and adjusted in Logic ERP.
π Viewing the Outstanding Report
To begin, let's access the Outstanding Report.
Navigate to Reports/Queries π.
Expand Financial Reports πΌ.
Click on Dues/Ageing Analysis β³
π This report shows all due and overdue bills β helping you track outstanding Receivables (π’ incoming money) and Payables (π΄ outgoing money).
π Adjusting Entries in Two Ways
π οΈ Method 1: Adjusting Bills While Passing the Entry
While entering a Receipt or Payment π³, go to the Adjust BR/BP column.
Press Enter β¨οΈ β a window will appear showing pending bills linked to the selected account.
Select the bill entryβ you wish to adjust and save πΎthe voucher.
π― This allows real-time adjustments of pending receivables or payables at the time of data entry!
π Method 2: Adjusting Entries Separately
Navigate to Adjust Bill Receivables & Payables π§ under the Account Vouchers menu.
Select the Account π for which you need to adjust entries.
π You will see that a window will now display:
π΅ List of bills (pending payments/receivables).
π’ List of receipts/payments made.
βοΈ Adjusting Entries
β Manual Adjustment
Click on a Bill Row π to select the pending invoice.
Then, click on the corresponding receipt or payment rowπΈ.
Press Adjust Entry π to match the selected transactions.
π€ Automatic Adjustment (FIFO Method)
If you wish to automatically adjust multiple pending bills, click on Adjust All FIFOπ (First In, First Out).
The system will match the oldest pending invoices first (π¦β‘οΈπ°), streamlining the process.
π Great method for bulk adjustments!
β©οΈ Undoing Adjustments
If needed, you can undo previously adjusted entries.
Click on Undo Adjustment π in the menu.
A list of already adjusted entries π will appear.
Select entries you want to revertπ (fully or partially)
Click on Undo Entries π β and the transactions will be restored to the pending list.
β
Verifying the Adjustments
Lets re-generate the Outstanding Report π to verify the changes.
β The pending balances will been adjusted.
π Only the remaining outstanding balances will show.
π Final Thoughts
Using these features, Logic ERP helps you:
π Accurate tracking of whatβs owed and whatβs received
π Adjust bills accurately.
π Maintain clean financial records.
π§ Make smarter financial decisions!
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