Bills Receivables/Payables
Last updated
Last updated
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In this tutorial, we’ll explore how Receivables (💰 proof of debt) and Payables (📦 amounts owed for purchases) are tracked and adjusted in Logic ERP.
To begin, let's access the Outstanding Report.
Navigate to Reports/Queries 📂.
Expand Financial Reports 💼.
Click on Dues/Ageing Analysis ⏳
📋 This report shows all due and overdue bills – helping you track outstanding Receivables (🟢 incoming money) and Payables (🔴 outgoing money).
While entering a Receipt or Payment 💳, go to the Adjust BR/BP column.
Press Enter ⌨️ — a window will appear showing pending bills linked to the selected account.
Select the bill entry✅ you wish to adjust and save 💾the voucher.
🎯 This allows real-time adjustments of pending receivables or payables at the time of data entry!
Navigate to Adjust Bill Receivables & Payables 🔧 under the Account Vouchers menu.
Select the Account 📘 for which you need to adjust entries.
👀 You will see that a window will now display:
🔵 List of bills (pending payments/receivables).
🟢 List of receipts/payments made.
Click on a Bill Row 📄 to select the pending invoice.
Then, click on the corresponding receipt or payment row💸.
Press Adjust Entry 🔁 to match the selected transactions.
If you wish to automatically adjust multiple pending bills, click on Adjust All FIFO🔄 (First In, First Out).
The system will match the oldest pending invoices first (📦➡️💰), streamlining the process.
📌 Great method for bulk adjustments!
If needed, you can undo previously adjusted entries.
Click on Undo Adjustment 🔓 in the menu.
A list of already adjusted entries 📜 will appear.
Select entries you want to revert🔙 (fully or partially)
Click on Undo Entries 🔄 — and the transactions will be restored to the pending list.
Lets re-generate the Outstanding Report 📊 to verify the changes.
✅ The pending balances will been adjusted.
📉 Only the remaining outstanding balances will show.
Using these features, Logic ERP helps you:
📋 Accurate tracking of what’s owed and what’s received
🔄 Adjust bills accurately.
🔍 Maintain clean financial records.
🧠 Make smarter financial decisions!