Configure Bank Accounts

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• Contact

Create a bank

To create a new Bank, navigate to Contacts ‣ Configuration ‣ Banks, click Create to create new bank information.

You need to fill information as follow:

• Name: Add your bank name.

• Bank Identifier Code: The identifier code according to the international standard convention created by the Society for Worldwide Interbank Financial Telecommunication, also known as the BIC code or SWIFT code.

• Bank Address: fully address including street, city, ZIP (if any), country.

• Phone/Email: Phone number and email of the bank.

Click Save to save information.

Create a new bank account

To create a new Bank Account in Accounting & Finance Management software , navigate to Accounting ‣ Configuration ‣ Add a Bank Account :

On the pop-up window, you need to fill in the following information:

• Account Number: Add your bank account number.

• Bank: Choose a Bank from the existing bank list.

• Bank Identified Code: Automatically filled from the setup bank information.

• Journals: Choose from the existing Journals to link a Journal to the bank account. In case this field is empty, a new Journal will be automatically created for the new bank account.

 Note

You can also create a new Bank Account by navigating to Contacts ‣ Configuration ‣ Bank Accounts. All the existing bank accounts in the system are compiled here, including your company bank accounts and your partners’ ones.

 Warning

A Journal is created and linked to a newly created bank account only when said bank account is created from the Accounting app.

Configure Bank account Journal

Navigate to Accounting ‣ Configuration ‣ Journals, find the Journal that you want to configure then press Edit:

Or navigate directly from Accounting ‣ Dashboard, find the Journal to work on, and choose Configuration:

Some important information for the Journal configuration are:

• Journal Name: The bank account number is used by default. However, you can modify the Journal name as you desire.

   Tip

  You can press on the EN letters to translate your Journal name to other languages if you use more than 1 language in your software. To activate new language, see more on Installing & Using multilingual guidelines.

• Type: Choose a Journal type fr-om the existing list. Since this Journal is generated from a bank account, the Journal Type is Bank by default.

• Journal Entries tab:

  • Accounting information:

    • Bank Account: The system automatically generates a unique bank account code (Bank deposits) linked to the bank account number to record all the transactions related to the said bank account. Even so, you can edit the Bank Account label if needed. For further information, read our article on Chart of accounts.

    • Suspense Account: The default account is Bank Suspense Account: This account temporarily records lines from the bank statement and will be reconciled with payments recorded in the system.

    • Profit Account: The account is used to record the excess amount due to the difference between the bank statement and the posted data on the system.

    • Loss Account: The account is used to record the missing amount due to the difference between the bank statement and the posted data on the system.

    • Short Code: A code for the Journal is suggested here but you also can modify it if needed. However, please bear in mind that it must be a unique code in the system.

    • Currency: Choose a currency for the Journal. If left empty, the currency will be the default one set up for your company.

  • Bank Account Number:

    • Account Number: It’s the information provided when the bank account is created.

    • Bank: The information is inherited from the bank account creation.

    • Bank Feeds: Select a tool to import bank statements from CSV; RJE or XLXS format.

• Incoming Payments tab:

  

  • Payment method: For the payment transactions outside of the system, such as cash, cheque, or Internet banking, manual payment creation is activated by default. Select Add a line to add other payment methods.

  • Name: Name of the payment method.

  • Outstanding receipts account: You choose the Outstanding receipts account to record related transactions such as collecting money from invoices or making payments. In the reconciliation process, the related transactions will be reconciled with the Outstanding receipts account instead of the Receivables account.

• Outgoing Payments tab:

  

  • Payments method: For the payment transactions outside of the system, such as cash, cheque, or Internet banking, manual payment creation is activated by default. Select Add a line to add other payment methods.

  • Name: Name of the payment method.

  • Outstanding payments accounts: You choose the Outstanding payments accounts to record related transactions such as paying money for a vendor bill or making payments. In the reconciliation process, these transactions are reconciled with the Outstanding Payments account instead of the Payables account.

 Note

• Outstanding Receipts and Outstanding Payments accounts are used to record accurately the incoming or outgoing payments at the moment such transactions happen.

• Example: When you send a payment to a Vendor, you will make a transfer order to your bank and wait for the bank to perform that transaction. This transfer may take some time to move money from your bank account to the Vendor’s bank account. At this moment, your transfer order creation is credited to your Outstanding Payments account. Upon receiving your bank statement regarding this transfer order, you will be able to record and reconcile it to nullify the value of the Outstanding Payments account.

• Advanced Settings tab: You can set up allowed account types and account to control selection or keep them empty for no control in this Journal.

  • Allowed account types: Select the account types that can have access to this Journal.

  • Allowed accounts: Select the accounts that can use this Journal.

  

Click Save to save the bank journal setting information.

 See also

Related article

• Transfer between internal bank accounts

• Transfer between Bank account and Cash on hand

• Time deposit transactions

Budget Management

 Requirements

This tutorial requires the installation of the following applications/modules:

• iSuite Accounting & Finance

• iSuite Budget

The Budgets app is where you make the necessary configurations, create and keep tracking of the budgets, and view the budgets analysis reports. The management can be done by using:

• Budgetary Positions: through accounting accounts;

• Analytic Accounts;

• Combination of Budgetary Positions and Analytic Accounts.

Install Budget Management app

Navigate to Apps, find the Budgets, click on Install.

After installing, the Budgets app will be available on the main menu.

User access rights

With Budget App, iSuite system supplies these user access rights:

• Leave it blank: User can’t see or access to Budget App.

• User: User can create Budget, edit, delete or see the Budget Analysis reporting of budget that he/she created. User can’t create, edit or delete a Budgetary Positions.

• Administrator: User can create, edit or delete a Budgetary Positions, Budget and see the Budget Analysis reporting.

Create the tools for managing budget

Analytic Account

Analytic Account is a tool to collect revenue/expenses related to a specific budget. You need to set an analytic account on the related revenue/expense accounting entries to create links to the budget.

Budgetary Positions

Budgetary Positions is built to help budget managers collect revenue/expenses based on the financial accounting accounts.

In Settings, on the view to enable the Budgets Management feature, you will see a shortcut for creating Budgetary Positions.

Click on Budgetary Positions to create a budgetary position. Or, you can also do it by navigating to Budgets ‣ Budgetary Positions ‣ Create.

For instance, when creating a budget to track the office expenses. We will create a budgetary position with the name Budgetary Position 1. The expenses will be registered to these accounts:

• Account 6421: Staff expenses;

• Account 6423: Office equipment expenses;

• Account 6424: Fixed asset depreciation.

The information of the Budgetary Position 1 will be entered as follows:

Budget Management

Create budget

For example, we create a budget for Office expenses in 2022 at 200.000.000 VND. Follow these steps to create a new budget:

Navigate to Budgets > Budgets > Create to create a budget

Fill in General information

Enter the following information:

• Budget Name: Name of the budget - Office expenses - 2022;

• Period: Planned start date and end date - From 01/01/2022 to 31/12/2022;

• Posted Journal Items Only: This feature will affect the way the data is collected to the budget:

  1. Budget using only Budgetary Positions:
     • Checked: Only posted journal entries will be added to the Practical Amount for calculation.
     • Not checked: All draft and posted journal entries will be added to the Practical Amount for calculation.
  2. Budget using only Analytic Accounts:
     • Whether this field is checked or not, only posted analytic accounting entries will be added to the Practical Amount.
  3. Budget using the combination of Budgetary Positions and Analytic Accounts:
     • Whether this field is checked or not, only analytic accounting entries that contain posted journal entries will be added to the Practical Amount for calculation.

Fill in Budget Lines information

Click on Add a line then enter the following information:

• Budgetary Positions: Select the Budgetary Positions if you want to manage your budget by budgetary positions. It can be empty if you manage budget by analytic account.

• Analytic Account: Select the Analytic Account if you want to manage your budget by analytic account. It can be empty if you manage budget by budgetary positions.

   Note

  • You can manage a budget by using Budgetary Positions or Analytic Accounts or both of them.

  • The combination of Budgetary Positions and Analytic Accounts makes budget analysis more detailed and multi-dimensional.

  • Select both Analytic Account and Budgetary Positions, then fill in the other fields following the instruction above.

• Started Date/End Date: Automatically field based on budget Period that you enterd in the above general information. You can edit them if you want.

• Paid Date: Paid Date is used for Theoretical Amount computation.

  • If Paid Date is specified later than today, the Theoretical Amount will be zero.

  • If Paid Date is earlier than today,the Theoretical Amount will be equal to the Planned Amount.

  • In case no Paid Date is specified, the Theoretical Amount will be calculated based on the elapsed time counting from the Start Date.

• Planned Amount: Enter negative numbers upon money out and positive numbers upon money in.

• Practical Amount: Every Journal Item amount, whose accounting date is within the budget period, will be added to this value if satisfy one of the following conditions:

  • The Journal Item contains the corresponding Analytic Account (if the budget is managed by using Analytic Account).

  • The Journal Item contains the corresponding accounting account that has been selected in the Budget Position (if the budget is managed by using Budget Position).

  • Both of the two conditions above (if the budget is managemed by using Analytic Account and Budget Position).

• Theoretical Amount: The planned value to be achieved at present. The system will automatically calculate by the following formula:

  • Theoretical Amount = Planned amount per day * The number of days counted from the start date to the present.

  • Planned amount per day = Planned Amount / The number of days in the budget period.

• Achievement: The percentage of Practical Amount in comparison to Theoretical Amount.

After entering all the information, click on Save. Then, click on Confirm and Approve to enable the budget.

Budget Analysis

To see Budget Analysis Reporting, you go to Budget > Budget Analysis. Here, you can see a list of all the budget with Not Cancelled filter and Budgets group.

Click on the triangle icon to show detail lines and go to Budget view.

In the budget view, click on Entries to see all the Journal Items.

Budgets in the Viindoo system give you an intuitive, instant view to evaluate the budget, to see if it sticking to the plan and on the right track. From there, you can make adjustments to accomplish your plan for the rest of the time. Based on the old data, you can review, compare and plan more effectively.

 See also

Related article

• Analytic account in Viindoo

Closing a fiscal year in iSuite

 Requirements

This tutorial requires the installation of the following applications/modules:

• isuite Finance & Accounting

One thing that all accountants have to do at the end of the year is to close the fiscal year to prevent adjusting the journal entries when the data of the reports have been closed.

There are two ways to close a fiscal year on the iSuite Accounting app:

1. Navigate to Accounting > Accounting > Lock Dates, the user will be navigated to Lock your Fiscal Period view.

On this view, users enter the lock dates information:

• Lock Date for Non-Advisers: Accounting data with an accounting date before or equal to the date set here will not be edited by users except those who have the Administrator right of the Accounting.
• Lock Date for All Users: All users will not be able to edit accounting data with the accounting dates before or equal to the date set here.
• Tax Lock Date: All users will note be able to edit tax accounting data before or equal to the date set here.

 Warning

To enter this view, the user needs to have the Administrator right of Accounting .

After entering the information, press Lock to finish closing the fiscal year.

1. Navigate to Accounting > Configuration > Settings, find the Fiscal Period Closing field at the Fiscal Periods section.

Enter the information the same way as in the first method.

 See also

Related article

• Define your Fiscal Years

Creating Default Analytic Account

 Requirements

This tutorial requires the installation of the following applications/modules:

• iSuite Accounting & Finance

• iSuite Purchase

The analytic default setting rules in iSuite support you in managing the different aspects of business operations more accurately by configuring the rules for automatically identifying the accounting account, the analytic tags by products, partners, user accounts, etc…

To use this feature, navigate to Accounting > Configuration > Setting, turn on Analytic Accounting and Analytic Tags then press Save.

Analytic Defaults Rules Configuration

To create a new rule, you navigate to Accounting > Configuration > Analytic Defaults Rules:

Click on the Create button to open the view for configuring, then you need to enter the following information:

• Analytic Default Rule:

  • Account: Select the analytic account to configure the rules in the list of analytic account in iSuite.

  • Tags: Select the needed analytic tags to configure.

• Conditions:

  • Product: Select a product from the product list. The related accounting arising from this product will be attached to the above analytic account and the analytic tag by default.

  • Partner: This analytic account/analytic tag will be attached to all the journal items related to the selected partner.

  • User: Select a user account in the system. The journal items created by this user will be attached to the chosen analytic tag above.

  • Account: Select an accounting account that needs to be attached to the analytic account/analytic tags for analysis.

  • Start Date: Enter the effective start date of the analytic default rule.

  • End Date: Enter the expiration date of the analytic default rule.

 Tip

• Depending on your demands and the management purposes, you can flexibly use the above information to create the rules for attaching the default analytic account/analytic tags without filling in all the required fields above.

Use the Analytic Default Rules

For instance, you need to track and manage the related costs of the vendor Nippon Paint Co, Ltd in 2022. You will create an analytic default rule as below:

Thus, whenever occurring an expense is related to this vendor, the system will automatically attach the analytic account and the analytic tags as configuration. To illustrate:

Purchase order

Vendor bill

Journal entries

 See also

Related article

• Budget Management

• Expenses and revenue management in iSuite Accounting

• Track employee costs in project management

Asset liquidation

Assets in enterprises constantly changing. In the course of operation, enterprises may arise the need to Liquidize assets. This article guides you through the steps of asset liquidation with iSuite software.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• Assets Management

• Chart of Accounts

Case 1: Liquidize depreciating asset

On the view of the asset in a running depreciation, choose Sell.

A pop-up window appears, asking for the following information:

• Stopped Depreciating Date: The final date of the amortization period, a required field.

• Sales Invoice Date: The invoicing date.

 Note

• Stopped Depreciating Date can be different from the Sales Invoice Date.

• It’s necessary to post all the depreciation entries before the liquidation moment.

Press Sell. The asset will stop being depreciated, its stage will change from Running to Sold. The system then recalculates the depreciated value at the stopped depreciating moment to create a journal entry to adjust the previously recorded depreciation expense.

Press on Entries to check recalculated data by the system.

 See also

• Manually create an Asset in iSuite

Example:

• Laptop 2.

• Original price: 35.000.000 VND.

• First Depreciation Date: 01/01/2022.

• Number of Entries: 10.

• Depreciation method: Linear.

• Recurrent Depreciated Value: 3.500.000 VND.

Recent days journal:

Press Sell, enter Accounting Date: 05/06/2022. The system suggests an invoice for asset liquidation in the Draft stage. You can add more information and record the liquidation profit.

On the Asset view, recalculate the data as below: The Cumulative Depreciation in last entry (from 01/05/2022 to 31/05/2022) is 17.500.000, because you Sell the Asset on 06/05/2022 so the reduction (from 07/05/2022 to 31/05/2022) is 3.500.000 / 31 * (31 - 6 + 1) = 2.935.4838,71 VND (May has 31 days):

Press on the Entries button on the asset view to see all of the journal entries related to this asset. You can also click on the write-down depreciated value entries and the write-off asset entry to see details of corresponding journal items.

• Write-down depreciated value entry:

• Write-off asset entry in Draft stage:

 See also

• Configure charts of accounts and depreciation method for Assets Category

Case 2: Liquidize depreciated Asset

On the asset in stage Close, choose Sell.

Similar to the previous case, the system asks for Stopped Depreciating Date and Sales Invoice Date to record the asset liquidation. Choose dates accordingly and press Sell. System then suggests a draft invoice for asset liquidation.

Simultaneously, write-off asset journal entries are created. You need to check the data on these entries and post them once done.

Now, the asset stage will change from Close to Sold.

 See also

Related article

• Asset Revaluation

• Buying and stocking assets

Optional module

• Stock Asset Equipment

• Stock Asset

• Assets Purchase

Steps to import opening balance

When you start working on the initial setup of iSuite Accounting management software, one of the most important tasks is importing the opening balance of accounting accounts. This article will show you not only steps to prepare and import the accounting opening balance but also some tips for specific cases that might happen during the importing process.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

Data preparation

Before uploading data to the Viindoo Accounting software, you need to prepare the input data according to the Viindoo data structure. This step helps to reduce the data input time and manual modification later on, avoiding unnecessary mistakes while using the system.

Configure basic accounting information

Depending on your business management needs, you need to configure the basic accounting system before using. Some of the basic information such as: fiscal year, currencies, taxes and tax rules, etc.

The accountant needs to review the chart of accounts that are being used, compare it with the ones provided by the localization packages in iSuite then create additional accounts according to the management needs.

Prepare compatible input data for iSuite data structure

If your business has been in operation for a while, there must be some transactions and accounting data available. At the time of preparation for transfer, accountants need to close operations in the old bookkeeping system and prepare input data that is compatible with the data structure of the Viindoo system.

In the Accounting software, navigate to Configuration > Chart of Accounts to see the existing chart of accounts list in your system. From here, you can use the export data feature to download the data structure of the account in the Balance Sheet.

Export the following fields:

• Account Code;

• Account External ID;

• Account Name;

• Opening Debit;

• Opening Credit.

Import opening balance

Import opening balance in Chart of Accounts

First, you navigate to Accounting > Accounting Dashboard > Chart of Accounts, select Review.

Here, you choose any account and fill in the balance in the field Opening Debit for Accounts with a balance on the Debit side and fill in Opening Credit for Accounts with a balance on the Credit side.

After filling in the opening balance for the Accounts, you navigate to Accounting > Journal Entries, select the entry with Reference as Opening Journal Entry.

You press Post to post the fill in the opening balance entries.

 Note

When posting the the fill in the opening balance entries, the Opening Debit and Opening Credit fields in the Chart of Accounts will be hidden. Therefore, you need to add the opening balance of the accounts and then Post entries.

After posting, you navigate to Accounting > Accounting Dashboard > Chart of Accounts and choose Chart of accounts set, press Setup in each Account to see it’s balance.

Import data in bulk

On the data template exported from the system, add the opening debit and credit for each account.

The opening balance of each account should be the total balance until right before the moment your business officially starts using the iSuite Accounting system. On the other hand, pay attention and review the difference between the opening debit and credit, and make sure that Total Debit Balance = Total Credit Balance.

Tips for the data input process:

• If your business possesses various bank accounts, you can create one accounting account for each bank account and import the opening balance with the data template.

• For aged payable/receivable accounts related to various partners (such as 141 - Advance, 334 - Employee Payables, 131 - Accounts Receivable, etc.), the accountant can add the opening balance of the account, then create a journal entry to register the debit/credit amount of each partner.

• The opening balance of inventory accounts (such as inventories in transit, materials, etc.) needs to be imported into the system from the Inventory software.

 Note

• Any difference between Opening Debit and Opening Credit will be registered in the 911- Income Summary by default. However, if you don’t want to use this account, create a new account named 999 to record this difference.

• Account 999 will be reconciled with journal items created from the inventory adjustment and won’t be displayed on accounting reports.

After validating the data quality, from the Chart of Accounts view, upload the final opening balance data file to the system by using the import data feature.

Once finish importing the opening balance to the system, a journal entry with all the journal items is automatically created with an Opening Journal Entry label. To view this entry, navigate to Accounting > Accounting > Journal Entries.

Adjust opening journal entry data

On the opening journal entry, journal item of each receivable/payable account is automatically created with the total balance of that account according to your input data. For accounts that involve various partners at the same time, you need to split the total balance into different journal items, one partner per item with the respective opening balance.

In case there are many accounting transactions related to various vendors, customers, or employees, use the import data input feature to save time.

To accurately import data, include the following fields in the data structure template:

• Partner External ID;

• Journal items External ID;

• Journal External ID;

• Journal items/Debit;

• Journal items/Credit;

• Journal entry reference.

After reviewing the Opening Balance Entry with your real accounting data, press Post to finish the importing opening balance process.

 Note

• Accounts involving employees (for example 334 - Employee Payables, 138 - Other Receivables, etc.): Use the employee’s personal account as partner information.

• Account 141 - Advance: Select the Employee Advance Journal.

 See also

Related article

• Steps to import opening balance for Asset

• Accounting reports available in iSuite

• Process of customer invoicing, payment and reconciliation

Process of customer invoicing, payment and reconciliation

Each company has its own invoicing and payment policies and there might be even more policies applied flexibly on each product or service type. Therefore, in order to facilitate the process, Viindoo offers a versatile flow of invoicing and payments. You can choose to have:

• Issue an invoice before delivering products;

• Deliver products then issue an invoice;

• One order per invoice;

• One order split into various invoices;

• One order per payment;

• One order split into various payments;

• One payment for multiple invoices;

• etc.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• Account bank statement import

Configure invoicing policies

iSuite Accounting app supports two invoice issuing methods:

• Invoice what is ordered : Customers will be invoiced once the sales order is confirmed.

• Invoice what is delivered : Customers will be invoiced only when the delivery is done.

Create a draft invoice

You can create a draft invoice in 2 ways:

• Salesperson can create draft invoices right from the sales order interface . In this case, the created draft invoices will inherit all necessary information for payment such as information about the ordered product/service and delivery, information regarding payment terms, etc. from the sales order.

• The accountant can also create a draft invoice by navigating to Accounting ‣ Customers ‣ Invoices ‣ Create.

 Note

If you create a draft invoice from Accounting app, you can’t link invoice with the sales order.

Confirm an invoice

When an invoice is confirmed, a unique invoice number is created in Viindoo. On the other hand, you can also use the invoice number that is registered with your tax authority in order to reflect the transactions on tax reports:

A single journal entry related to this invoice will also be posted once the invoice is validated. You can see more details of the entry from the tab Journal items on the invoice form view.

 Note

Invoices in draft state will have no impact on the accounting system numbers. Only when these invoices are validated then the new data is recorded and updated in accounting journals.

Send invoices to customer

After validating customer invoices, you can send those to your customer directly using Send & Print function from the invoice interface:

From here, you can write or edit the email message (you can also save it as a new email template if you would want to reuse it in the future) and hit Send & Print button to send the message via email with the PDF version of the invoice as an attachment to your customer.

 Note

When an email message is generated, the software recognizes customers’ preferred languages set up on their contact details and updates the email template language accordingly.

Payments

There are two ways to register payments:

• Directly from the invoice;

• Create a stand-alone payment .

Register bank statement & payment reconciliation

Register bank statement

With Viindoo, you can register bank reconciliation manually or import them in bulk from CSV or RJE files. To do so, navigate to Accounting ‣ Dashboard, choose journal of the bank that needs to be reconciled and record the bank statement:

Payment Reconciliation

After validating the statement, you can reconcile the amount of money received from payments with this bank statement:

Keep track of a payment

In preparation for reducing the delay of customers’ payments, as a liabilities accountant, you need to closely monitor and regularly stay in touch with customers. With Viindoo, you can track due debt directly on customer’s contact. Navigate to Contacts, then choose a customer’s contact and you can see the due of the customer:

Reporting

Payments due can be monitored by navigate to Accounting ‣ Reporting ‣ Aged Receivable:

In each report, you can click on the customers’ names to see the details of each transaction.

 See also

Related article

• Configure Cash Rounding method

• Configure Payment Terms

• Process a cash discount

Set up Payment Service Providers in iSuite

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• MoMo payment acquirer

Introduction

In the current context, most economic transactions can be processed online. iSuite Enterprise Management Software provides many online payment methods to help you close sales orders faster, providing more efficient and convenient tools for customers. There are two main types of payment methods: Payment through a third party service (the payment will be kept at the intermediary’s account, then transferred back to your bank account) and the bank transfer (the payment will be transferred directly to your bank account).

Bank transfer

This is the default method when you use online payments. With this method, you will need to provide detailed information on bank accounts on the website and the payment gateway. Then, customers will transfer money directly to your account via internet banking.

Payment via Payment acquirers

Using this payment method, your customers will be navigated to the payment acquirer interface and proceed to pay. Viindoo has integration with many payment acquirers such as:

To use these payment services above, you go to iSuite Apps, turn off the Apps filter, and then use the filter tool to search for the suitable payment apps and install:

Payment acquirer configuration

To configure a payment acquirer, navigate to Accounting ‣ Configuration ‣ Payment Acquirers:

Head to the needed payment acquirer to use, then click on the Activate button.

Now the payment acquirer view is opened for you to configure the information:

• State: Select the options below to change the payment service provider’s status:

  • Disabled: This payment acquirer cannot be used;

  • Enabled: When you want to use this payment acquirer;

  • Test Mode: Choose when you want to test this payment acquirer.

• Credentials tab:

  • A place for declaring the affiliate information that the payment acquirer provides to you;

  • Click on the link for navigating to the payment acquirer’s instruction page.

• Configuration tab:

  

  • Payment Form:

    • Displayed as: Declare the display name of the payment method. If not, the system will use the name of the payment acquirer;

    • Supported Payment Icons: Choose from the list of the payment symbols so that customers can see what payment types this acquirer supports.

  • Payment Followup:

    • Payment Journal: Select a journal to record the payments from this acquirer.

  • Availability:

    • Country: Select the countries in which you want this acquirer to apply.

• Unsupported Currency Conversion tab:

  

  To add a currency that is supported to payment with this acquirer, click on Add a line and choose from the list of supported currencies (Note: you need to enable the Multi-currencies system to apply multiple currencies to payments).

  • Default Converted Currency: When occurring the currencies which differ from those supported by the acquirer, the system will convert them to the default currency that is being configured here.

  For instance: Your bill is calculated in VND (Vietnamese Dong) while it is not supported by the acquirer. During the online payment process, this currency will be converted to the default currency.

• Fees tab:

  When enabling the Add Extra Fees feature, the system will allow you to declare the money exchange fees from the payment acquirer to your company’s account.

• Message tab:

  A place to declare the messages which are:

  • Help Message;

  • Pending Message;

  • Complete Message;

  • Cancel Message.

Accounting reports available in iSuite

 Requirements

This tutorial requires the installation of the following applications/modules:

• iSuite Accounting & Finance

In the iSuite system, you can use a couple of general reports in various countries.

Some featured general reports in iSuite Accounting app:

• GAAP Statements:

  • Profit and Loss;

  • Balance Sheet;

  • Cash Flow Statement.

• Partner Reports:

  • Aged Payable;

  • Aged Receivable;

  • Partner Ledger.

• Business Statements:

  • Executive Summary.

• Audit Reports:

  • Tax Report;

  • General Ledger.

  • Trial Balance
    

• etc.

General characteristics of the reports

You can add content to the footnotes of report pages and print them to PDF or Excel files. To view specific data, you can click on an item in the report and see details in General Ledger or Journal Items.

You can compare data between different periods of time such as comparing with the previous one, with the same period of last year, or view data of a determined period. It’s a useful tool that helps you compare the fluctuation of each financial indicator, by selecting a certain time period.

General reports in iSuite

To view reports, navigate to Accounting > Reporting and select a report according to your needs:

Balance Sheet

Balance Sheet shows a quick view of assets data, liabilities, and owner’s equity of your business at a certain time.

 Note

See details about Balance Sheet according to Vietnam Accounting Standard.

Profit and Loss

The profit/loss statement shows the balance between revenue and expenses in each accounting period. This report is a tool to present the profitability and business operation status of the business.

 Note

See details about Profit and Loss according to CEMAC Accounting Standard.

Cash Flow Statement

The Cash Flow Statement is a report that shows the cash inflows and outflows of a business in a determined period. This statement helps managers control the cash flow, balance the revenue and expenditure, and be proactive in finance.

 Note

See details about Cash Flow Statement according to CEMAC Accounting Standard.

Tax Report

This report allows you to see the net amount and tax amount grouped by type of purchase and sale.

Aged Payable/Receivable reports

This is a type of payables/receivables report , used for tracking the payables/receivables of each customer and vendor by time purpose. There are two types: Aged Receivable and Aged Payable. These reports help businesses understand the due time of each debt for each partner. From there, businesses can come up with a reasonable method to collect the debt from each customer or pay the provider on time. This is the noticeable difference of the aged payable/receivable report compared to other payable/receivable statements.

Aged Receivable

Aged Payable

In which, at a specific time that you configured in this report:

• Not due + a specific time: Undue payables/receivables.

• 0-30: Overdue payables/receivables overdue from 0-30 days ago.

• 30-60: Overdue payables/receivables from 30-60 days ago.

• 60-90: Overdue payables/receivables from 60-90 days ago.

• 90-120: Overdue payables/receivables from 90-120 days ago.

• Older: Payables/receivables overdue for more than 120 days.

General Ledger

On General Ledger, each account will be displayed on a line and you can see details of each line by clicking on that journal entry.

 See also

Related article

• Reports according to Vietnam Accounting Standard

• How to exclude journal items from Financial Reports

Optional module

• Accounting Analysis

• Accounting Reports

• Assets Management

• Account Balance Carry Forward

• Account Counterparts

Cash on hand management

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

Cash statement creation

On the view Accounting Dashboard of the Accounting app , go to Cash section and hit New transaction.

Alternatively, also in Cash section, hit on the Kebab menu icon (ie. three vertical dots icon) and select Statement on the New column.

Recording on the cash statement is similar to recording cash receipts and cash payments in the cash journal. On this new view, enter the following information:

• Reference: for information search purposes. There should be information of the time (e.g. date) so that it is easy to find and easy to read.

• Journal: select the accounting journal in which you keep track of each cash on hand fund.

• Date: the date the statement was created.

• Starting balance: enter the actual balance in the cash on hand fund when the recording of the statement is started.

• Ending balance: enter actual balance in cash on hand fund when the recording of the statement is stopped.

• Computed balance: the formula is: starting balance + all the amounts of cash in/out transactions. This balance will be compared with the ending balance. When this balance is posted, a journal entry will be created to record the difference, if any.

• Transactions tab: enter the details of cash transactions during the day.

 Note

• Use negative numbers to record the money out. Use positive numbers to record the money in.

• On the statement, the partner information must be filled in correctly and completely (the payer/receiver) for monitoring and reconciliation.

Cash on hand Counting

On the view of creating a statement, hit Count to perform an actual cash counting in the fund, which is based on the face value and the quantity.

Hit Confirm to complete the cash on hand counting.

Cash receipts/payments reconciliation

As you know, the reconciliation of the cashier’s statement with the accounting journals is necessary to make the funds transparent.

After entering the statement entry is completed, hit Post.

Hit the Reconcile button. The system will automatically identify and suggest the corresponding arising amounts.

Check the information and hit Validate.

At this step the behaviors of the system will be:

• For a transaction that has a payment slip, the system will generate a matching code to identify this transaction as completed.

 Note

• To see the Journal Item and the matching codes, you must enable the developer mode in the system.

• For a transaction that has not yet issued a payment slip but has a Vendor bill, the status of the invoice will be changed to Paid and the debt will be 0. A journal entry will be automatically created to register payment .

After the reconciliation and counting is completed, then do the saving and validation.

The status of the statement has been changed from Processing to Validated. On the view of the Accounting Dashboard, in the cash journal you will see the balance recorded in the General Ledger and the actual balance of the latest statement. If there is a difference you will also see the information here.

Cases occurring when counting cash on hand

Counting of excess funds

The ending balance after counting in the fund exceeds the computed balance. After saving and posting, the system will automatically generate a statement line recording the amount in excess with the content Cash difference observed during the counting (Profit).

Another accounting entry is generated, recording this cash difference as increase in the cash journal and the status of this entry is now Posted.

Counting of shortage of funds

Similarly, when there is a shortage of funds, the system also automatically generates a statement line recording the missing amount with the content Cash difference observed during the counting (Loss). An accounting entry, which is also automatically generated, records this amount missing in the cash journal.

The difference between the starting balance of this period and the ending balance of the previous period

Normally, the system will automatically convert the ending balance of the previous period to the starting balance of the new statement. However, these data can be adjusted and if you do it, it will lead to data heterogeneity (mismatch). The system will display a warning as shown below.

 Note

If you want to deactivate the warning, you must find the mistake and solve it by filling the matching starting balance.

 See also

Related article

• Foreign currencies management

Assets of an enterprise are both tangible and intangible resources owned, controlled, and distributed by that enterprise, to create economic value.

iSuite brings to customers different ways to create an asset:

• Create assets directly at the Assets menu;

• Create assets from Vendor bills;

• Create assets from Stock receipts - Stock deliveries.

Whatever the approach you choose, you still need to create an Asset Category first. This is the place to classify and track an asset. An asset belonging to this Asset Category will inherit all configurations of that category. Each asset might have its own characteristics that need to be configured differently from the settings of the asset category. This topic will be explored in other articles. In this article, we will focus on how to set up an Asset Category.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Assets Management

• Accounting & Finance

• Chart of Accounts

Configure Asset Category

To reduce time in creating a new asset, you can create an asset category beforehand. Having a dedicated asset category is very useful when your company frequently uses one asset type or assets have similarities such as: being used by one department, having similar depreciation period, etc. Normally, the person that can create a new asset category in the system is the Administrator of the Accounting app.

To create a new asset category, navigate to Accounting ‣ Configuration ‣ Asset Category ‣ Create.

Then, you need to configure information for this newly created asset category.

Above is the example to set the information of Asset Category.

Asset Category

In this field, you have to put a suitable asset category name for management and monitoring purposes.

Accounting

In this section, you need to add the following required information:

• Journals: Choose the appropriate journal which will be used to record the entries.

• Asset Account: An account to record the purchase or use of the asset at its original price.

• Depreciation Account: An account that holds the depreciation amount of the asset.

• Expense Account: An account to record depreciation amount as expense periodically.

• Decrease Asset Account: An account to record the decreasing value in the revaluation of the asset.

• Increase Asset Account: An account to record the increasing value in the revaluation of the asset.

 Note

This information can be adjusted for each Asset to suit different purposes.

 See also

• Manually create an Asset in iSuite

Periodicity

In this section, you need to add the following information:

• Time Method Based on: Select one of the two options to depreciate an asset by the Number of entries or Ending date.

  • Number of Entries:

    • Number of Entries: Enter the number of depreciation times needed to depreciate an asset.

    • One Entry Every (Period Length): The time measured by month(s) between two periods of depreciation.

  • Ending date:

    • One Entry Every (Period Length): Similar to the Number of Entries, it’s the time measured by month(s) between two periods of depreciation.

    • Ending date: Enter the day that the depreciation stops.

Depreciation Methods

• iSuite provides 3 depreciation methods:

  • Linear method;

  • Degressive method;

  • Accelerated degressive method.

• Prorata Temporis:

  • Enabled: Indicates that the first depreciation entry for the assets belonging to this asset category is calculated from the asset date instead of the first day of January or the start date of the Fiscal Year.

  • Disabled: Indicates that the first depreciation entry for the assets belonging to this Asset Category is calculated by dividing evenly according to the number of depreciation, starting on the first day of January/Start date of the Fiscal Year.

 See also

• Asset Management

Additional Options

• Auto-Confirm Assets: If enabled, the system will automatically confirm the assets of this category when created by invoices.

• Use Company Currency: If enabled, the value of assets generated from invoices for this category will always be converted to the company’s currency.

• Depreciation Dates:

  • Based on the last day of the month: The depreciation entry will be colligated and displayed on the last days of the month.

  • Manual: Depreciation entry will be displayed depending on the manually configured date of the accountant.

Clicking on the Save button, the process of creating Asset Category is completed.

Furthermore, you can use this function in managing a group of assets related to instruments, tools, and prepaid expenses.

 See also

Related article

• Buying and stocking assets

Optional module

• Inventory Assets

• Stock Asset Equipment

Visual Accounting Analysis (with Pivot and Graph)

iSuite Accounting app provides you with a set of dynamic accounting analysis reports with intuitive visualization in pivot or graph, giving you a more in-depth analysis of financial accounts and management accounting accounts.

 Requirements

This tutorial requires the installation of the following applications/modules:

• iSuite Accounting & Finance

Entries Analysis Report

The journal entries analysis report is built based on the analysis of journal entries generated in the accounting system through measures and filtering/grouping criteria. From this analysis, you can get the best overview of the company’s accounting situation.

To view the journal entries analysis report, navigate to Accounting ‣ Reporting ‣ Entries Analysis:

• Depending on your needs, you can flexibly use the following measures:

  

  • Credit;

  • Debit;

  • Balance;

  • Amount Currency;

  • # of Items;

  • Products Quantity;

  • Count.

• Besides, depending on the purpose, you can use the filter and grouping tools to view the report in other criteria.

• You can save the report as favorites to use as default later on or share it with other users:

  

• Supported report types:

  • Dynamic pivot report, user-friendly and can be downloaded to an excel file. You can click on the “+”/”-” icon to extend/close the evaluation criteria:

    

  • Report visual graph can be viewed in various types such as bar, line, or pie chart:

    Bar chart

    

    Line chart

    

    Pie chart

    

Analytic Entries Analysis Report

The Analytic Entries Analysis Report provides you with a tool to analyze analytic entries, which gives managers a multi-dimensional overview of the analytic entries.

To see this report, you need to go to Accounting > Configure > Settings, turn on Analytic Accounting feature then press Save.

Navigate to Accounting > Reporting > Analytic Entries Analysis:

Similar to the journal entries analysis report, with the analytic entries analysis report, you can:

• View reports in pivot or graph format with different chart types.

  Pivot report:

  

  Graph report:

  

• Flexible use of measures to generate reports tailored to each need:

  • # Entries;

  • Quantity;

  • Amount;

  • Count.

• Save the report to the favorites filter for later use.

 See also

Related article

• Accounting reports available iniSuite

Chart of Accounts

When installing the iSuite Accounting & Finance Management , based on the country that you have chosen when initializing the system, iSuite will automatically recognize and install the corresponding Fiscal Localization Package. For example, if the selected country is Equatorial Guinea, then the SYSCOHADA Chart of Accounts is installed; if the country is China then the Chinese Chart of Accounts is implemented; etc.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• SYSCOHADA Chart of Accounts

Select Chart of Accounts

As mentioned above, if the system is informed that the company is in Equatorial Guinea then iSuite Enterprise Management Solutions will automatically recognize and install the fiscal localization and chart of accounts based on SYSCOHADA accountancy law. 

Navigate to Accounting ‣ Configuration, move to Fiscal Localization section, and select:

• SYSCOHADA- Chart of Accounts

 Warning

You will not be able to change the chart of accounts for a company if there are already accounting entries existing in the company.

Configure Account

By default, when you select a Chart of Accounts, iSuite will install a few main accounts base on fiscal localization. Access Accounting ‣ Configuration ‣ Chart of Accounts:

You can use the Group by function to group the account by Account types/Account groups, etc. depending on your purpose of use. More details about group by or filter function at Filter, Groups and Search use cases.

Each account has its own setup, you can access it by clicking on the Setup button at the end of each line.

In which:

• Code: An account number according to the regulation of your Country´s Ministry of Finance.

• Account name: An account name corresponds to the code.

• Type: Choose a suitable type to use for information purposes to generate financial reports, set the rules to close the fiscal year, and generate opening entries.

  
• Group: Account group will change depending on the chosen Type.

• Allow Reconciliation: If checked, the system will automatically recognize and reconcile the transactions of this account. This field is displayed depending on the chosen account Type above.

• Deprecated If checked, the account will not be used in the system.

• Default Taxes: The chosen tax will automatically show up whenever this account is used.

• Allowed Journal: Allows using this account on the chosen journals.

• Tag: Select the most suitable tags for this account so that you can filter it more easily on reports such as Cash Flow Statement. To configure a tags, see on Tax reports using tax grids.

You can also create new accounts if needed by clicking on Create at the Chart of account home screen and then filling in the mentioned information.

 See also

Related article

• Main concepts of Accounting and Invoicing in iSuite

How to apply cut-off in iSuite Accounting

Viindoo provides the Cut-off feature that helps you to separate the total revenue/expense on a Customer Invoice/Vendor Bill at different times. In this article, I will write about the case when you need to separate the expense, you can do the same with the revenue.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting

• Accounting Reports

 Tip

In order to implement the following steps, make sure you understand the operations of the Vendor Bill on the iSuite system.

Firstly, go to Accounting > Vendors > Bills and select the bill that needs to be adjusted.

 Note

This feature is just available on the posted journal entries and the journal items of the Profit and Loss type.

In the Journal Items tab, at the recorded value of the expense account, you click on the Cut-off button.

A pop-up window will appear for you to enter the parameters of the auto-generated entries which will separate the expense.

You enter the following parameters:

• Recognition Date: the time at which the expense is separated from the bill is considered as valid.

• Accrued Account: the temporary account to transfer the amount to be separated from the expense before re-recording to the expense account at a valid time.

• Adjusting Amount: the amount needs to be separated from the expenses.

• Journal: journal applied on auto-generated entries.

You can preview the entries that will be generated by this setting under The following Journal Entries will be generated.

The entries generated after you select Create Entries are as:

The first entry will reduce the amount recorded on the expense account (the amount you entered in the Adjusting Amount field) and move it to the Accrued Account.

The second entry will transfer the amount recorded on the Accrued Account to the expense account at the due date established on the Recognition Date field.

If Recognition Date is in the future, the entry will be configured to be automatically posted on that date, and if it is in the past, the entry will be posted immediately.

Now check the Profit and Loss report, you can see that the expense recorded on the original Vendor Bill has been split in two, one is recorded at the accounting date and the other is recorded at the Recognition Date.

 See also

Related article

• Pay various distinctive bills at the same time

Online payment activation and usage

 Requirements

This tutorial requires the installation of the following applications/modules:

Accounting & Finance

For the purpose of having a fast and convenient payment process, and also to facilitate the deal closing process, iSuite Enterprise Management Software offers various online payment methods, supported by common services such as Internet banking, MoMo wallet, ZaloPay, VNPAY, etc.

Activate Invoice Online Payment

To activate the online payment feature, navigate to Accounting ‣ Configuration, go to the Customer Payments field, and activate Invoice Online Payment.

At the customer invoice, click the Preview button to preview the invoice directly on the website.

When pressing this button, you will be able to preview the details of the invoice before sending it to your customer:

Customer online payment view

When the customer receives an email with the invoice that you send via email, they can see the invoice content by pressing the View Invoice button on this email:

They can process the payment for this invoice accounting with Pay Now:

At this stage, the customer can choose theirs prefer Payment Acquirer such as ZaloPay, VNPAY or bank transfer, etc.

On the other hand, you can also create a payment link right from the Invoice by navigating to Action ‣ Generate a Payment Link:

You can send this payment link to your customer via messages or other communication methods by copying the URL:

 Tip

You can also create a payment link by sending an email from a quotation. More details on Activate online payment in Viindoo.

 See also

Related article

• How to make a payment with Momo

• How to make a payment with NganLuong

• How to make a payment with Paypal

How to make a payment with Paypal

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• Paypal payment acquirer

• Paypal - Unsupported currency support

Paypal payment configuration

Currently, Paypal payment is very popular in the world, it helps customers pay for online transactions. iSuite Enterprise Management Software provides an online payment solution to integrate Paypal with the Sales app to make it more convenient for the customers during the payment process.

Enter Apps, type and search the Paypal Payment Acquirer using the “paypal” keyword. Select the module and press Install.

If you are using a currency that is not supported by Paypal, you can install the Paypal - Unsupported Currency Support module to change your currency into a currency that is supported by Paypal before sending the payment data to Paypal.

After installing, start setting up the Paypal configuration. Navigate to Accounting > Configuration > Payment Acquirers, select Paypal to set up the confirmation information. In this article, we will use a Sandbox Paypal account and install the Paypal - Unsupported Currency Support module to proceed with the payment.

 Note

You need to create a seller, buyer account on Paypal before configuring on the Viindoo system.

At the Paypal payment configuration view, select a state:

• Disable: Select if you don’t want to use Paypal for online payment.

• Enable: Activate for using on the real enviroment.

• Test Mode: Test before moving into the real enviroment

 Warning

If you use Paypal in a test mode and use a Paypal Sandbox account, change the state to Test mode. You can activate on test data before moving to your real data.

At the Credentials tab, enter the confirmation information:

• Email: The seller’s Paypal-registed email address.

• Merchant Account ID: Paypal will provide you this information when you register an account.

• PDT Identity Token: Allow you to receive a successful payment notification after the payment is made.

• Use IPN: If enabled, the payment transaction’s status is updated automatically according to the messages receiving from Paypal.

After fulfil the information, press Save to finish the setup.

Pay with Paypal

Suppose you are a customer on an E-commerce website using the Paypal payment with the above setting.

When you make an order. On the payment view, select the Paypal payment and press Pay Now.

The system will navigate to the Paypal page so you can proceed with the payment. Log in to your Paypal account and proceed with the payment.

If the currency used on the E-commerce page is not supported by Paypal, the system will auto-exchange the payment amount to a supported currency. For example, exchange VND to USD with the rate: 1 USD = 22.000 VND.

After finishing the Paypal payment, the system will navigate you back to the E-commerce site where you made the order to confirm the payment.

The seller’s system will also record your transaction at Accounting > Configuration > Payment Transactions.

 Note

To see this menu, you need to activate the developer mode.

The order detail will also appear on the payment history.

 Tip

With the above steps, you can also pay with Paypal in case the invoice is sent by the seller.

 See also

Related article

• How to make a payment with VNPay

• How to make a payment with Zalopay

Process of vendor invoicing, payment and reconciliation

Each vendor has its own pricing, invoicing, and payment policies. With the iSuite system, you can not only set up various purchasing prices from different vendors but also proceed with the payment more effectively (not too late or too soon from the payment deadline). Besides, the iSuite Accounting app also provides tools that help you keep track of the Aged payables to the vendor.

 Requirements

This tutorial requires the installation of the following applications/modules:

• iSuite Invoicing

• iSuite Accounting & Finance

Create a Vendor bill

When receiving a vendor bill, you can record this data by accessing Accounting ‣ Vendors ‣ Bills or go directly from Dashboard ‣ Vendor Bills ‣ Create Manually. For more details, you can also read the article How to create and manage vendor bills.

Confirm Vendor bill

When a bill is confirmed, all the journal entries related to that bill will be posted. To view the Journal Items, select the Journal Items tab:

Then, you can check the reports on Profit and Loss , Balance Sheet , and Trial Balance to see how these journal items affect the accounting data.

Create Payment

You can create a payment directly on the bill by clicking on Register Payment:

 See also

How to record customer payments

Register bank statement & payment reconciliation

With Viindoo, you can register bank reconciliation manually or import them in bulk from CSV or RJE files.

Once everything is done, you can reconcile the amount of money received from payments with this bank statement:

Accounts Payable Reports

To keep track of payable and payment due of vendors, you can check the Partner Ledger report or the Aged payable report by navigating to Accounting ‣ Reporting ‣ Partner Ledger or Accounting ‣ Reporting ‣ Aged Payable:

On each report, you can select the vendor name to see the journal items attack to the vendor’s payable. You can also print the reports in PDF or Excel to serve your work.

 See also

Related Article

• How to create Purchase Receipts

Vendor Bills Management

Vendor bills management in the iSuite Accounting app is integrated and linked to the Purchase app (in case this app is already installed) or can also be used independently. Therefore, the feature is accessible from both the Purchase and Accounting modules.

 Requirements

This tutorial requires the installation of the following applications/modules:

• iSuite Invoicing

• iSuite Accounting & Finance

• iSuite Purchase

Manage Vendor bills in the Purchase app

Vendor bills created from a purchase order will inherit all the data such as product, price list, tax, payment terms, etc. of the original purchase order. For more information, have a look at the How to create vendor bills from purchase order article.

Manage Vendor Bills in the Accounting app

You can create a vendor bill by navigating to Accounting ‣ Vendors ‣ Bills ‣ Create or from Dashboard ‣ Vendor Bills ‣ Create Manually:

A bill view with all the details is shown below:

In which:

1. Vendor bill number is automatically created by the system;

2. Legal Number: The VAT number used for legal invoice identification purposes.

3. Vendor information:

   • Vendor: Choose one from your Vendor list.

   • Bill Reference: Add the serial of the VAT number.

   • Payment Reference: The payment reference shown on the label of the account payable on the General Ledger, Account Detail Sheet, etc.

   • Recipient Bank: The vendor bank account number configured on the contact.

   • Auto-Complete: Select a purchase order or an old bill of the same vendor if you want to use the details of the previous bill on the current one.

4. Bill date information:

   • Bill Date: The real bill date.

   • Accounting Date: The date when this bill is recorded in a journal.

   • Due Date: The payment date or choose a Payment term.

   • Journal: Choose a journal to record this vendor bill.

   • Currency (available if the Multi-currencies feature is activated).

5. Invoice Lines tab: Record details about products provided by the Vendor:

   • Press on Add a line to choose:

     • Product: Choose one from the products, services list or you can create a new one.

     • Account: The account where the vendor bill is recorded once confirmed. (See more on Configure account on Product categories.)

     • Quantity: The quantity of the product/service.

     • UoM: The Purchase Unit of Measure of the product/service.

     • Price: Price of the product/service.

     • Taxes: Taxes applied on this bill. You can choose from the list of existing taxes.

     • Subtotal: Total value of the bill line before taxes.

     • Purchase Order: Information of the related purchase order if this bill is created from the purchase order view. Press on the purchase order to see detailed information.

     

   • When the price list of the products/services and taxes are applied, the untaxed amount, taxes amount, and the total value of the bill will be automatically calculated.

   • Besides, you can also record other terms such as delivery, storage, etc. in Terms and Conditions.

6. Journal Items tab: See all the journal items created from the bill:

   

7. Other Info tab: Other accounting information:

   
   • Incoterm: Choose one of the Incoterm if this is an importation bill.

   • Fiscal Position: Select the fiscal position applied for this vendor’s bill.

   • Cash Rounding Method: Select the configured rounding method. This option shows only when you activate the Cash Rounding feature. Find more details in the Configure Cash Rounding method article.

   • Post Automatically: Once activated, the bill will be automatically recorded on the accounting date.

   • To Check: In case you are not sure about the information on the bill, you can activate this feature to mark it for a later check-up.

   • Manual Direct Entry: If you duplicate a journal entry of vendor bill from Accounting ‣ Accounting ‣ Journal Entries then this field is automatically activated.

8. Counterparts Mapping tab:

   
   • Provide information about counterparts of accounts in the vendor journal entries to get data on the targets in future reports.

   • Countered Status: This is the state of the counterpart status of this journal entry. When the invoice is confirmed, the system automatically generates the counterparts and the countered status is Fully Countered.

 See also

Related Article

• How to create Purchase Receipts

• Prepaid expense management

How to refund in iSuite Accounting

 Requirements

This tutorial requires the installation of the following applications/modules:

• iSuite Invoicing

• iSuite Accounting & Finance

• iSuite Purchase

A refund is a sum of money from suppliers which is returned to you in the following cases:

• Return of defective/damaged products;

• The vendor registers the wrong price/quantity of goods, etc.

To create refunds, navigate to Accounting ‣ Vendors ‣ Refunds:

Or you can also create directly in the supplier’s invoice by clicking the button Add Credit Note. Then do the same operations as with Credit notes.

When validating invoices with refunds, the account 331 - Trade payables, product value, and taxes will be reduced, you can view the entries at the Journal Items tab or the Partner Ledger Report (Accounting ‣ Reporting ‣ Partner Ledger).

 Note

• Actually, both credit notes and refunds are documents recording debt reduction, but with two different objects: Credit notes for customers and Refunds for suppliers.

 See also

Related article

• Pay various distinctive bills at the same time

How to apply cut-off in iSuite Accounting

iSuite provides the Cut-off feature that helps you to separate the total revenue/expense on a Customer Invoice/Vendor Bill at different times. In this article, I will write about the case when you need to separate the expense, you can do the same with the revenue.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting

• Accounting Reports

 Tip

In order to implement the following steps, make sure you understand the operations of the Vendor Bill on the Viindoo system.

Firstly, go to Accounting > Vendors > Bills and select the bill that needs to be adjusted.

 Note

This feature is just available on the posted journal entries and the journal items of the Profit and Loss type.

In the Journal Items tab, at the recorded value of the expense account, you click on the Cut-off button.

A pop-up window will appear for you to enter the parameters of the auto-generated entries which will separate the expense.

You enter the following parameters:

• Recognition Date: the time at which the expense is separated from the bill is considered as valid.

• Accrued Account: the temporary account to transfer the amount to be separated from the expense before re-recording to the expense account at a valid time.

• Adjusting Amount: the amount needs to be separated from the expenses.

• Journal: journal applied on auto-generated entries.

You can preview the entries that will be generated by this setting under The following Journal Entries will be generated.

The entries generated after you select Create Entries are as:

The first entry will reduce the amount recorded on the expense account (the amount you entered in the Adjusting Amount field) and move it to the Accrued Account.

The second entry will transfer the amount recorded on the Accrued Account to the expense account at the due date established on the Recognition Date field.

If Recognition Date is in the future, the entry will be configured to be automatically posted on that date, and if it is in the past, the entry will be posted immediately.

Now check the Profit and Loss report, you can see that the expense recorded on the original Vendor Bill has been split in two, one is recorded at the accounting date and the other is recorded at the Recognition Date.

 See also

Related article

• Pay various distinctive bills at the same time

Pay various distinctive bills at the same time

In reality, with payments, we don’t always pay one bill at a time. There are many situations where accountants need to make one payment for multiple bills to save time and the transaction fees. To simplify your work, iSuite Accounting Software supports paying multiple bills all together in one payment while still being able to track the receivables and payables of each bill.

 Requirements

This tutorial requires the installation of the following applications/modules:

• iSuite Invoicing

• iSuite Accounting & Finance

To create a payment for various customer invoices or vendor bills all at once, navigate to Accounting ‣ Customers ‣ Invoices for customer invoices, or Accounting ‣ Vendors ‣ Bills in case of vendor bills:

In the bills list, choose the bills of the same vendor that you need to register payment:

In case you want to choose all the unpaid bills of the same vendor, you can use the filter and group feature to search, then choose all bills by checking the square box on the header:

 Warning

• You can register payment for bills that are in the Posted Status and the Payment Status is Not Paid or Partially Paid.

Once selected, press Register Payment. The Register Payment window will pop up where you can fill in the following information:

• Journal: Select the journal of the payable or receivable account.

• Payment date: Record the date of receipt or payment.

• Group Payments: If disabled, a payment slip will be generated for each selected invoice/bill respectively. If this feature is enabled, a unique payment slip will be generated with a value equal to the total value of selected invoices/bills and the following fields will also be displayed:

  • Recipient Bank Account;

  • Amount: The total amount of selected invoices;

  • Currencies: You can select another currency for this payment aside from the company’s main currency.

    

After filling in the above information, press Create Payment and you will be redirected to the payment interface:

You can see all the bills linked to a payment by going to the Bills button on the top right corner of the screen. When payments are registered by this method, the bills will be automatic Confirmed. Besides, each bill is automatically reconciled with this payment:

If your invoices/bills have a different due date, then when you Register Payment, the Group Payments field is also be displayed. The reconciliation will then be done in the due date order.

When the total paid amount is different with the invoices/bills total value, the Payment Difference field will appear on the Register Payment panel to display the difference amount.

The system suggests the two following options:

• Keep open: If the amount is smaller than the invoice value, the payment status will be changed to Partially Paid. If the amount is higher than the invoice value, the payment status will be changed to Paid accordingly.

• Mark as fully paid: If enabled, you need to select the corresponding accounting accounts to post this payment difference.

  

Press Create Payment and review the automatically posted journal entries.

 See also

Related Article

• Taxes and tax rules configuration

Time deposit transactions

This article will guide you through the process of creating a time deposit transaction, and record the time deposit interest and the final settlement.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

Make a time deposit

To record a time deposit transaction, you need to do the following steps:

Create a cash-out payment

Navigate to Accounting ‣ Vendors ‣ Payments to create a payment:

In which:

• Payment Type: Send;

• Vendor: Choose your company’s contact;

• Amount: The value of this time deposit (This amount will be updated automatically according to the value that you add to the Payment Details area);

• Journal: Choose the journal of the cash-out account;

• Recipient Bank Account: Select the receiving bank account number. Refer to How to create a bank account;

• At the Payment details tab, press Add a line to enter the payment details:

  • Label: Enter the payment description;

  • Countered Account: Choose the account that records the Short term investment until the due maturity date (For example 1281 - Time deposit);

  • Amount: Record the value of this time deposit.

  Press Confirm. Select Journal Entry to see the generated entries:

  

Create a bank statement and reconciliation

Navigate to Accounting ‣ Dashboard, select the bank account where you deposited the money, create a bank statement. Fill in the information about the partner and the amount:

Click Post > Reconcile, the system will automatically check and compare it with the previously created payment slip. Back to the statement, select Journal Entries to see the generated entries:

Now, you have completed the recording of a time deposit transaction process in Viindoo Enterprise Management Solutions .

Recording deposit interest

Receive the principal amount together with interest

When you receive the time deposit interest document from the bank, navigate to Accounting ‣ Accounting ‣ Journal Entries, press Create to create a new journal entry recording this time deposit interest. Press Add a line to enter the details of journal items:

In which:

• Reference: Enter the internal reference number for tracking such as the time deposit passbook or the time deposit account certificate, etc;

• Accounting Date: The date that this transaction is recorded;

• Journal: Choose the Miscellaneous journal;

• Account: Select an account to record the increment of the Short term investment (e.g. Account 1281) and the increment of the Financial activities income (e.g. Account 515);

• Partner: Choose your company’s contact;

• Label: Descriptions for the journal items;

• Debit/Credit: Enter the corresponding amount;

Receive only interest on maturity date at the current bank account

Follow the steps at Record the demand deposit interest.

Time deposit settlement

With the final settlement business, you will do the against steps with making a time deposit business.

Create a cash-in payment

Following the below steps:

Navigate to Accounting ‣ Customers ‣ Payments, press Create to create a payment:

In while:

• Payment Type: Receive;

• Customer: Choose your company’s contact;

• Amount: The amount of settlement (This amount will be updated automatically according to the value that you add to the Payment Details area);

• Journal: Choose the journal of the recipient bank account;

• Recipient Bank Account: The bank account number will be suggested automatically based on the chosen journal above;

• At the Payment Details tab, press Add a line to enter the details of payment:

  • Label: Enter the payment description;

  • Countered Account: Choose the account that records the Short term investment until the due maturity date (For example 1281 - Time deposit);

  • Amount: The amount of settlement.

  Press Confirm after adding the above information.

Create a bank statement and reconciliation

When you receive the bank statement, you also need to create a statement and do the same reconciliation process as when you deposit your money.

 See also

Related article

• Manage Bank Statements

• Steps in the bank reconciliation process

• Create reconciliation model for deposit interest and bank fees

Manage Bank Statements

There are 2 methods to create a bank statement in the iSuite accounting app:

• Create manually in the app;

• Directly import with statements files.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• Account bank statement import

• Import RJE bank statement

Manually create a bank statement

In Viindoo Accounting & Finance Management , you can choose one of the following two methods to create a bank statement manually:

• Method 1: Navigate to Accounting ‣ Dashboard, choose the desired bank journal then click Create.

• Method 2: Navigate to Accounting ‣ Dashboard, choose the desired bank journal, click on the Three dots icon at the right corner, choose Statement under the New section.

You need to fill in the information as follows:

• Reference: Bank statement reference code that you received from the bank;

• Date: The system shows automatically creation date but you can choose another day;

• Starting Balance: Amount of starting balance on bank statement;

• Ending Balance: Amount of ending balance on bank statement;

• Transactions Tab: Add the respective statement line of each transaction, including information for Date, Label, Partner, Amount fields to speed up the reconciliation process.

 Warning

Before posting the bank statement, you should ensure that the computed balance is equal to the ending balance.

Import a bank statements file

To use this feature, you can also choose from one of the following two methods:

• Method 1: Navigate to Accounting ‣ Dashboard, choose the Bank journal then press Import.

• Method 2: Navigate to Accounting ‣ Dashboard, choose the Bank journal , click on the Three dots icon at the right corner, choose Import Statement under the New section.

The system will inform you about the supported file formats such as Comma Separated Values (.csv), Excel (.xlsx), or Remote Job Entry (.RJE). By using Select files you can upload files in one of the above formats into the software.

Below is an example of data imported from a Remote Job Entry (.RJE) file.

Press Upload to complete the data importing process, check and add missing information such as statement description, partner, etc. to finish the reconciliation.

 Note

• With files in RJE format, the bank account number on the file must match with the bank account number on the chosen journal.

• Files in Excel and CSV format must have all the information of the partner and label.

 See also

Related article

• Create reconciliation model for deposit interest and bank fees

• Cash on hand management

Create reconciliation model for deposit interest and bank fees

The bank statement reconciliation feature of Viindoo Enterprise Management Solutions makes checking and controlling money data simpler. In this process, there are transactions that often arise or are repetitive, which makes the accountant spend extra time on picking up data for accounting such as Bank fees, Deposit interest , etc. Setting up the Reconciliation model beforehand will speed up these tasks for the treasurer.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• Account counterparts

Reconciliation models

1. Button to generate counterpart entry.

2. Rule to suggest counterpart entry.

3. Rule to match invoices/bills.

Button to generate counterpart entry

To create a new reconciliation model, on the Accounting app with the Administrator right , you can navigate by two methods:

• Method 1: Accounting ‣ Dashboard, on the Bank Journals or the Cash one , click on the Three vertical dots icon and choose Reconciliation Models.

• Method 2: Accounting ‣ Configuration ‣ Bank ‣ Reconciliation Models.

Press Create button and add the following required information:

1. Reconciliation model information:

   • Name: Add a short and comprehensive name.

   • Type: Select Button to generate counterpart entry.

   • To Check: If checked, the journal entry created from this reconciliation model will be added to the To Check field in the Other info tab to mark waiting for the user to check all the information.

2. Conditions on Bank Statement Line:

   • Journals Availability: The reconciliation subject will be displayed with the chosen journal.

3. Counterpart Entries:

   • Account: Select the counterpart account of the money account.

   • Amount Type: Select the suitable type.

     • Fixed: Used in case you usually have a fixed amount of transactions;

     • Percentage of balance: Used in case the system calculates a defined percentage of total bank transactions;

     • Percentage of statement line: Used in case the system calculates a defined percentage of statement line;

     • From label: Used to get value according to certain criteria in statement label (Example: Get numeric values ​​(Amount) found on bank statement label). To write this formula you need to have knowledge of Regex.

• Analytic Account: This can be used for analyzing and managing according to the needs of the administrator.

• Analytic Tags: This can be used for grouping and searching purposes.

• Journal Item Label: The content of the generated journal entries.

Press Save and the reconciliation model is now created.

When you reconcile a bank statement, you can use the available buttons in the Manual Operations tab to automatically add pre-configured information from the reconciliation models.

Do the final check for the starting and ending balance on the bank statement then press Validate. The bank statement status will be changed from Processing to Validated.

Rule to suggest counterpart entry

This reconciliation model suggests right away the counterpart values need to be confirmed. The automation is done based on the set of conditions configured on said model.

1. Reconciliation model information:

• Name: Add a short and comprehensive name.

• Type: Choose Rule to suggest counterpart entry.

• Auto-validate: If checked, when reconciling a bank statement, the reconcile action is automatically confirmed and journal items will be created based on the configuration of the reconciliation model.

1. Tab Bank Transactions Conditions:

• Journals Availability: The reconciliation subject will be displayed with the chosen journal.

• Amount Type: The reconciliation is applied for the following transaction types:

  • Amount Received: Applies to received money only.

  • Amount Paid: Applies to the paid money only.

  • Amount Paid/Received: Applied for both types.

• Amount Condition: The reconciliation will be applied when the amount of money is smaller, bigger, or in a determined range.

• Label: The reconciliation will be automatically confirmed if the transaction’s description:

  • Contains: The description must contain the value written in this field.

  • Not Contains: The description does not contain the value written in this field.

  • Match Regex: Determine the content based on your own rules.

 Note

• Regex is the abbreviation of Regular Expression. Regular Expression is extremely useful in extracting information from a piece of text. It looks for characters in the text that match a specific rule.

• Note: The reconciliation is applied only on transactions that satisfy the conditions on the note (similar to the Label field).

• Transaction Type: The reconciliation model is applied only on transactions that satisfy the conditions (similar to the Label field).

• Partner should be set: If checked, the reconciliation mechanism is applied to Customers/Providers. These subjects can be reduced with the following conditions:

  • Only Those Partners.

  • Only Those Partner Categories.

• Counterpart Entries: Refer to the settings of the Button to generate counterpart entry model for more information.

1. Tab Partner Mapping: You can create multiple conditions for partner mapping, each line is a corresponding partner with the find conditions in the Label and Notes fields.

Press Save. With the above example, the conditions set for the reconciliation model are:

• Label contains: fee.

• Counterpart Entries:

  • Account: 6425

  • Amount Type: Percentage of balance.

  • Amount: 100

When you create a bank statement and select Reconcile, the system will automatically search and match each journal item with the bank statement as in the image below.

Finally, you have to validate the bank statement to finish the reconciliation process.

Rule to match invoices/bills

This type of reconciliation model will automatically choose the right customer invoice or vendor bill that matches the payment amount. The configuration for this model is similar to the one for the Suggestion counterpart values model. However, you need to pay attention to the following fields:

1. Reconciliation model information

• Past Months Limit: Number of months in the past to consider accounting incursions when this condition applies.

• Matching Order: Choose the transactions matching order, there are 2 options:

  • Oldest first.

  • Newest first.

1. Tab Bank Transactions Conditions

• Same Currency: If checked, only the journal items in the same currencies can be reconciled.

• Payment Tolerance: The acceptable payment amount difference in percentage or in absolute amount. This will be used in case of underpayment.

• Match Invoice/bill with: If checked, it will increase the ability to find the exact invoice that matches the payment.

1. Tab Partner Mapping: Fill the information to map partner.

Click Save. You need to add the full name of the customer or provider when reconciling from a bank statement. The system will search and match the invoice that was created earlier.

Then press Validate to proceed with the reconciliation and also Validate the bank statement.

 See also

Related article

• Cash on hand management

• Foreign currencies management

Accounting configuration for salary rules

To record salary costs, employee liabilities, insurance liabilities, labor union fees, etc., and other related payments, Viindoo provides integration between the Payroll app and the Accounting app when installing the iSuite Accounting & Finance app.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• Payroll

General settings

Navigate to Payroll ‣ Configuration ‣ Settings then go to the Accounting section:

From here, you can enable the following features:

• Payroll Entries: Post payroll entries in accounting automatically;

• Payslip Batch Journal Entry:

  • If enabled, a single journal entry will be generated for all payslips when you don’t want to manage the details of each employee.

  • If not enabled, each payslip will generate a journal entry for each employee.

• General Employee Payable Account: Select a payable account to record employee payable accounting entries.

Configure salary rules

To configure a salary rule, navigate to Payroll ‣ Configuration ‣ Salary Rules, check off the Structure filter then find the salary rule that you need to work on. You go to the Accounting tab and press Edit:

• Generate Journal Item: Enable if you want to create journal items for the salary entries.

• Force Encoding with Employee: If enable, accounting journal items generated by this rule will always be encoded with the private address of the employee as accounting partner, no matter the company’s Payslip batch journal entry mode is enabled or disabled.

• Debit Account: Select the debit account for accounting entries.

• Credit Account: Select the credit account for accounting entries.

You need to configure an expense account on each salary rule when you don’t distinguish salary costs for each department or each employee. In case you want to distinguish salary costs for each department or each employee, you need to configure an expense account on each department/labor contract.

• Record the salary costs on each department: Configure the expense account on the department’s settings.

  To set up an expense account for each department, navigate to Payroll ‣ Configuration ‣ Departments and configure the accounting account on the Expense Account field:

• Record the salary costs on each employee: Configure the expense account on the labor contract settings.

  To set up an expense account for each employee contract, navigate to Payroll ‣ Employees ‣ Contracts, find the contract that you need to configure, and select an account for the Expense Account field:

 Note

In case all three places have an expense account configured, the software will prioritize in order: salary rules, contract, and the last one is department.

Salary rules examples

1. Gross salary rule

For the Gross salary rule, configure the accounting accounts as follows:

• Debit Account: Select a debit account for the expenses entries of your company. Leave empty if you want to record salary costs for each employee or department.

• Credit Account: Select the Payables to staff account.

2. Salary rules for employee insurance, labor union fees, personal income tax

For salary rules related to employee contributions such as insurances, including social insurance, health insurance, unemployment insurance, labor union fees or personal income taxes, etc., configure the accounting accounts as below:

Because the Employee Insurance (by employee) on payslip is “-” amount:

Therefore, you need to enter the following information:

• Debit Account: Select an accounting account to record the employee’s contributions.

• Credit Account: Select the Payables to staff account.

When there is a journal item, the system registers Debit 3341/Credit 3383.

 Note

• For journal items related to the Payables to staff account, if this account is not configured on salary rules, the General Employee Payable account will be used instead. In this case, the Payables to staff account will be reconciled automatically between debit and credit.

3. Salary rules related to company expenses

You can configure accounting accounts for salary rules related to company expenses such as social insurance, health insurance, unemployment insurance, labor union fees, etc. as follows:

• Debit Account: Select the debit account that records the company’s expenses entries. Leave empty if you want to record expenses on each department’s account.

• Credit Account: Select the reciprocal account of the company’s expenses account.

 See also

Related article

• Salary and the deductions payments

Analytic account in iSuite

Management accounting has an important role in corporate management. Based on the information provided by the management accountant, managers can plan strategies, make decisions and control the operations of the business. 

 Requirements

This tutorial requires the installation of the following applications/modules:

Accounting, Payroll, Manufacturing

With administrator permission, you can activate the Analytic Accounting feature by navigating to Settings ‣ Accounting ‣ Analytics:

Once done, go to the Accounting app and create new analytic accounts according to the purpose of your Analytic Report. Navigate to Configuration ‣ Analytic Accounts.

• Analytic Account: analytic ccount’s name. For example: ABC project, XYZ department, etc.

• Reference: sources, documents leading to this Analytic Account or Analytic Account code.

• Customer: customer you want to follow cost, revenue by this Analytic Account, you can leave it blank if you don’t allocate to any specific customer.

• Group: select the group that will help you easily find and classify Analytic accounts. If there is no suitable group, you can go to Accounting ‣ Configuration ‣ Analytic Account Group ‣ Create to create.

• Currency: the currency that will be shown in Analytic Report, configured according to the company’s currency.

• HR - Department: when you choose this Analytic Account in a department, it will be recorded here.

To a better understanding of the Analytic Accounting feature in Viindoo, we will look into the following two use cases:

1. Production costs analysis of each department in an industrial company.

2. Performance analysis of employees in an ERP software consulting company.

Case 1: Production costs analysis of each department in an industrial company

In a tea production company, you will encounter production costs analytic reports structured into departments. The goal of these reports is to compare the revenue, costs, and profit margin of each department.

We will create a report to analyze the tea production cost of each department with the corresponding Analytic Account allocated as follow:

1. Sales department;

2. Dried Tea production line;

3. Fresh Tea production line;

4. Production management department.

The following table contains some examples of accounting entries allocated to the Analytic accounts above:

In preparation for using the Viindoo Analytic Accounting feature efficiently to analyze the table above, it’s necessary to choose Analytic Account right on each:

• Vendor Bills Management;

• Steps to create customer invoices;

• Employee payroll journal entry: You can configure accounting for salary rules to record expensive for department or employee on Accounting configuration for salary rules.

• Etc.

You can also Creating Default Analytic Account so the system will automatically attach the analytic account.

When an invoice or an item is registered in journals, journal entries and respective analytic accounting entries will be created. For each journal entry, there is at least one journal item to register costs that are allocated to each chosen Analytic account.

• Go to Accounting > Reporting > Analytic Report. You can see the report about each analytic account.

  

• Click on the icon besides analytic account, and choose Analytic Entries to see all analytic entries.

  

• You can also click on the View pivot/View graph icon to see other types of reports. Click on each Analytic Entries to see details.

  

Case 2: Performance analysis of employees in an ERP software consulting company

Consulting companies tend to pay attention to the actual working hours that their employees spent on different contracts. The collected information then will be used to compare with the planned hours on the contract in order to analyze the efficiency in the implementation of said contract.

 See also

• Track employee costs in project management

This example sheet below is about ERP implementation consultants for customers Little Pi and Big Spa. We will see the profit efficiency of this project:

In the example above, employees spent more time on the contract of Big Spa than on the one of Little Pi, which leads to a higher labor cost for Big Spa implementation than for Little Pi. However, the price of ERP Consulting and Implementation service on the Big Spa contract is lower than Little Pi’s. From this observation, it’s clear that the expense/revenue ratio of Little Pi is smaller.

Conclusion

You can use the Viindoo Analytic accounting feature in different modules such as Sales, Purchase, Projects, Budget Management, etc. for management purposes.

Especially, it’s possible to record analytic line which is not related to any financial transaction. Have a look at the instruction video below.

 See also

Related article

• Creating Default Analytic Account

• Expenses and revenue management in Viindoo Accounting

• Track employee costs in project management

Invoice delivery notes

A delivery note is a document that accompanies a shipment of goods. It provides a list of the products and quantity of the goods included in the delivery. A delivery note is also known as a 'dispatch note' or a 'goods received note'. iSuite allow you to print this document directly from invoice form.

required app: acs_invoice_delivery_note

The document is printed in the excel format, giving the flexibility to add changes

 For technical assistance, contact support@isuite.cloud

Current Year Earnings

In Odoo Accounting, the "Current Year Earnings" account type is a specific type of account used to reflect the net result of the company's operations (i.e., the total profits or losses) for the current fiscal year. This account type is automatically calculated and managed by Odoo to represent the sum of all profit and loss accounts (revenue and expenses) for the current year.

How the "Current Year Earnings" Account Type Works

1. Automatic Calculation:

   • Odoo automatically calculates the "Current Year Earnings" as the difference between the total revenues and total expenses for the current fiscal year.
   • This calculation is dynamic and updates in real-time as transactions are posted to revenue and expense accounts.

2. Location in the Financial Reports:

   • The "Current Year Earnings" account typically appears in the equity section of the balance sheet report, reflecting the net income or loss for the year.
   • In the trial balance, it serves as a summary figure that offsets the balances of all income statement accounts (revenues and expenses).

3. No Manual Entries:

   • You do not manually post entries to the "Current Year Earnings" account. Instead, it is a system-generated figure based on the performance of your income and expense accounts.
   • At the end of the fiscal year, when you close the books, the balance of the "Current Year Earnings" is transferred to a retained earnings account or another equity account as part of the year-end closing process.

4. End-of-Year Closing:

   • When you perform the fiscal year-end closing process in Odoo, the "Current Year Earnings" is zeroed out, and its balance is transferred to a retained earnings account or another designated equity account. This process ensures that the net income or loss is carried forward appropriately and the earnings are reflected in the equity section of the balance sheet for the new fiscal year.

5. Role in the Balance Sheet:

   • On the balance sheet, the "Current Year Earnings" account helps ensure that the financial statement balances. It is the link between the income statement and the balance sheet, summarizing the company's profitability within the equity section for the current fiscal year.

Example of "Current Year Earnings" in Practice

• Scenario: Suppose your company has $100,000 in revenue and $60,000 in expenses during the fiscal year.
  • The "Current Year Earnings" account will show a balance of $40,000.
  • This $40,000 represents the net income for the year and is displayed in the equity section of the balance sheet as "Current Year Earnings."
  • At the end of the year, this amount will be transferred to a retained earnings account, and the "Current Year Earnings" account will reset to zero for the new fiscal year.

Key Points to Remember

• The "Current Year Earnings" account is an automatic system-generated account, not meant for direct journal entries.
• It dynamically updates based on the financial performance (revenue and expense) of the company within the current fiscal year.
• The account helps bridge the income statement and balance sheet, ensuring that the company's profitability is accurately reflected in financial reports.

By understanding how the "Current Year Earnings" account type works, you can better interpret your company's financial statements and manage the year-end closing process in Odoo.

General concept

Depreciation of an asset refers to an accounting method used to allocate the cost of an asset to its production and business expenses during its depreciation period.

Enterprises can actively decide the time to calculate the depreciation of Assets. However, Enterprises must comply with the time frame for depreciation issued by the authorities.

In Equtorial Guinea, you can see more details of the time frame for depreciation in Circular 45/2013/TT-BTC on the regime of management, use and depreciation of fixed assets.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• Assets Management

• Chart of Accounts

Depreciation of Assets

In previous articles, we showed you how to create a new Asset, and Asset Categories. In this article, we will show you how to check, configure information for each asset, and how to activate the asset depreciation.

Navigate to Accounting > Accounting > Assets.

The image above shows a list of Assets that have been created in Viindoo. The Status column shows whether the Asset has begun to depreciate.

 See also

• Configure charts of accounts and depreciation method for Assets Category

Check the depreciation of assets

Click on each Asset that is in Draft status then check each displayed information.

 See also

• Asset Revaluation

In this guideline, we will show you how to set up and calculate linear depreciation in Viindoo software. You can easily do the same with the other two methods: Degressive and Accelerated Degressive.

On the Depreciation tab, choose Computation Method is Linear. You need to care about Prorata Temporis: Ticking or not ticking this field will directly affect the depreciation calculation.

• Case 1: Prorata Temporis is not ticked.

  

  • By setting as the example above:

    • Number of Depreciations is 60

    • Depreciation Board with 60 created depreciation entries.

    • Value of each depreciation entry: Calculated by dividing the Original Value by the Number of Depreciations:

      2.000.000.000 / 60 = 33.333.333.

      

• Case 2: Prorata Temporis is ticked.

  

  • With the same setting as case 1, but Prorata Temporis is ticked:

    • Depreciation Board with 61 created depreciation entries.

    • First depreciation entry value: Calculated from Date in Asset Information.

    • According to the example above, the field Date is 10/10/2021, then the first depreciation entry value is calculated as:

      (2.000 000.000 / 60 / 31 ) * 22 = 23.655.914.

      In which:

      • 60 is the Number of depreciation entries.

      • 31 is the number of days in October.

      • 22 is the number of days from 10/10/2021 to 31/10/2021.

  

Start to depreciate

After you enter all the information, click Confirm. The asset will move to the Running status.

On the Asset form, the Entries button is displayed. Click on the Entries button, you will see all of the depreciation entries of this Asset. In the Depreciation Board tab, the Depreciation Entry Status column shows when the Asset is depreciating, what is the Cumulative Depreciation and the Residual Value of the Asset.

You can record the depreciation value of an asset by clicking on and posting each Draft entry.

 Note

On top of that, Viindoo software supports users by periodically checking the Depreciation entries in Draft status that meet the date condition to posting them automatically.

 See also

Related article

• Asset disposal

• Asset liquidation

Optional module

• Stock Asset Equipment

• Stock Asset

• Assets Purchase

Asset disposal

When an asset is put in use and the depreciation process already started, you still can perform other activities such as Sell, Dispose or Modify according to your needs. In this article, iSuite will introduce you to the Asset Disposal feature.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• Assets Management

• Chart of Accounts

Case 1: Dispose a depreciated Asset

On the depreciated Asset view, its stage is set as Close, press on Dispose.

Here is where the system asks for the Disposed Date.

 Note

The Disposed Date must be after the accounting date of the last journal items.

Press Dispose. The Asset stage will be changed from Close to Disposed. At the same time, the system will suggest a Journal entry for the Asset disposal in the Draft stage. To see this entry, go to Entries.

Below is an example of the Depreciated Asset disposal entry.

 See also

• Configure charts of accounts and depreciation method for Assets Category

Case 2: Dispose an Asset while being depreciated

On the Asset form which has the depreciation in the Running stage. Choose Dispose.

Similar to the first case, the system asks for a Disposed Date.

• Dispose asset at the beginning of the next depreciation period.

  • In this example, the nearest depreciation date is 04/30/2022, change the Disposed Date to 05/01/2022 then press Dispose, and the Asset stage will be changed from Running to Disposed. This Asset will stop being depreciated at this time.

  

  • The system will then suggest an Asset disposal entry in stage Draft. To see this journal entry, choose Entries similar to the previous example.

  

• Dispose asset on a day different with the beginning of the next depreciation period.

  • In this example, the nearest depreciation date is 04/30/2022, change the Disposed Date to 05/06/2022 then press Dispose, and the Asset stage will be changed from Running to Disposed. The system will calculate the depreciated value of the last period and a Journal entry will be created to adjust the depreciated value of said period to stage Posted.

  • To see this Journal Entry, press on Entries.

    • Wipe out Asset entry:

    

    • Adjust the depreciated value Asset entry:

    

 See also

Related article

• Asset liquidation

• Asset Revaluation

Optional module

• Stock Asset Equipment

• Stock Asset

• Assets Purchase

Asset Revaluation

In reality, some common reasons for an asset revaluation are:

1. Upgrade an asset.

2. Dismantling one or some parts of an asset.

3. Revaluate tangible assets to determine business value.

4. Asset revaluation for purpose of a joint venture, capital contribution, division, consolidation, or dissolution.

5. Revaluation at the request of the authority.

This article will show you steps to revaluate an asset in the Viindoo Accounting app.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

• Assets Management

• Chart of Accounts

First, go to the asset view. The Asset you want to revaluate now has the Running stage.

Press on Revaluation of Asset. A pop-up window appears where you need to add the following required information:

• Method:

  • Increase.

  • Decrease.

• Value: Add the increasing or decreasing amount from the value of the asset.

• Date of Revaluation: The date when the asset revaluation is recorded.

• Reason: The purpose of revaluating the asset.

Once you press on Revaluation, the system will re-calculate data of some fields on the asset as follows:

Asset information

• Revaluation Value: Displays the increased or decreased value of the revaluated asset.

• Residual Value: Recalculated as the Original Value plus (or minus) the Revaluation Value minus the Cumulative Depreciation value.

Revaluation Board

The system records an entry for each corresponding revaluation.

• By pressing on each line, you can review the details of each asset revaluation operation.

  

• From here, you can post entries to the asset journal.

  

• Depending on the increased or decreased value, the system adjusts the amortized value of the periods that have not been depreciated. The entries for the previous amortized periods are unchanged. To check this information, you can go back to the Depreciation Board tab.

Depreciation Board

Adjusted information are:

• Depreciation: The Depreciation value of each amortization period is recalculated, starting from the adjusted month.

• The Cumulative Depreciation and Residual columns are also recalculated according to the respective increased and decreased value.

 See also

Related article

• Asset disposal

• Accounting configuration for salary rules

Optional module

• Stock Asset Equipment

• Stock Asset

• Assets Purchase

How to exclude journal items from Financial Reports

 Requirements

This tutorial requires the installation of the following applications/modules:

• Viindoo Accounting & Finance

• CEMAC Chart of Accounts - Circular 200 and 133

In reality, companies may have internal journal entries that they don’t want to show on financial reports.

To assist accountants in accurately tracking the incurred costs of the company and preparing financial reports by the law, Viindoo provides a fairly simple and convenient tool.

First, navigate to Viindoo Apps, remove the Apps filter and search for module Accounting Reports - Report Exclusion ‣ Install:

After installing the module, navigate to Accounting ‣ Accounting ‣ Journal Entries, there will be a field available to exclude the journal entries of legal reports:

On financial reports in accordance with the law such as Profit and Loss, Balance Sheet, etc., there will be an additional filter for entries marked as excluded from legal reports:

By using this feature, you can both view reports with the actual incurred expenses and view reports according to the accounting law easily and accurately.

 See also

Related article

• Visual Accounting Analysis (with Pivot and Graph)

Main concepts of Accounting and Invoicing in iSuite

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

Double-entry bookkeeping

The iSuite Accounting & Finance Management app was built based on the rules of double-entry bookkeeping, also known as double-entry accounting. With this method, every single transaction must be recorded in at least 02 accounts with a reciprocal relationship, resulting in 01 debit account, and 01 credit account at the minimum, and all accounts must be balanced.

With appropriate account settings on the Viindoo system, each economic transaction incurred such as sales to customers, purchase from a supplier, employee advance, advance refund, etc. creates respective journal entries that ensure the principle: Sum of Debits = Sum of Credits.

Accrual Accounting and Cash Basis Accounting

iSuite Accounting app supports both accrual and cash basis reporting methods.

Accrual and cash basis accounting are methods to record assets, liabilities, equity, revenues, and costs in accounting. The accrual accounting method records revenues and costs based on the principle of expected revenue - expected costs; while cash basis accounting records revenue and costs based on the real-time revenue - real-time costs principle.

Definition of Accrual Accounting method according to Ohada Accounting Standards (VAS 01): “All economic and financial operations of enterprises, which are related to assets, liabilities, owners’ equity, revenues, and costs must be recorded in accounting books at the time they arise, not at the time of the actual receipt or payment of cash or cash equivalents.”

Cash Basis Accounting: Revenue and costs are recorded when cash is received or paid, regardless of the moment the revenue or costs are incurred. In other words, revenue and costs are recorded based on the principle of real-time revenue - real-time costs.

Multi-companies

iSuite allows managing multiple companies within the same database. Each company can have its chart of accounts and set of rules. You can see consolidated reports based on your pre-defined rules.

Apart from accessing and processing tasks in one company, you can access the database of several companies at the same time.

Multi-currencies

iSuite enables the procedure and converts the company’s default currency to other foreign currencies. With the multi-currencies feature, iSuite can:

• Records the value of a transaction in both foreign and default currency of the company.

• Facilitates the conversion and reconciles to auto-generate journal entries for currencies gains/losses.

Currency rates are systematically updated every day based on the exchange rate published on the website of Asia Commercial Bank (ACB) or Vietcombank (VCB) or could be manually configured.

International Accounting Standards

iSuite Accounting develops localization modules to support the accounting system of more than 50 countries, those that have their own particular module cluster such as chart of accounts, taxes or banking systems, etc.

Notably, the iSuite Accounting app also supports:

• Anglo-Saxon Accounting (U.K, U.S, or other English-speaking countries such as Ireland, Canada, Australia, and New Zealand): This approach records cost of goods sold immediately when the sales invoice is confirmed. It means that with Anglo-Saxon mode, the value of goods on delivery is recorded to an intermediary account which will be reconciled as soon as the invoice is confirmed. In addition, if there is a difference between the actual purchase price (the price on the invoice) and the purchase price on the purchase order, this difference will be recorded in a separate account and displayed on the Balance Sheet.

• Features and reporting tools following the International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).

Account Receivables and Payables

With iSuite, an account is used to keep track of receivables (e.g., 131 - Receivables from customers; 138 - Other receivables; etc.) or payables (e.g., 331 - Trade payables; etc.) by default. Each receivable and payable transaction will be attached to a specific customer or vendor. Therefore, there’s no need to create an account for each of your customers or vendors and still have a useful tool to consolidate and analyze financial reports instantly, effectively, and accurately.

Broad-range of financial reports

In iSuite, you can see financial reports instantly. Basic and advanced financial reports available in iSuite are:

• Performance reports (e.g., Profit and Loss , Budget Variance, etc.).

• Position reports (e.g., Balance Sheet , Aged Payables/Receivables, Cashflow Statement , etc.).

• Detail reports (e.g., Trial Balance, General Ledger, etc.).

• Management reports (e.g., Budget, Executive Summary, etc.).

The reporting tools in iSuite allow you to modify and customize reports based on your own formulas.

Automated bank reconciliation

Bank reconciliation is a process of matching bank statements with accounting transactions registered in the system. You can import bank statements with files in CSV, RJE, or Excel format periodically.

iSuite accelerates the reconciliation process by matching your imported bank statement lines with accounting transactions already in the system. Viindoo also considers the way you processed other bank statements and suggests the most frequently used journal entries.

On the other hand, the iSuite Accounting app also supports reconciliation for receivable accounts such as 131, 331, etc. These processes happen when you reconcile a customer’s invoice or vendor bill with payments received or paid for that invoice/bill.

Inventory Valuation methods

iSuite supports both manual and automatic inventory valuation. The available methods are:

• Standard price;

• Average price;

• Specific Identification;

• First In First Out - FIFO.

Retained earnings

Retained earnings are the portion of income retained by your business after fulfilling tax obligations and dividends paid to its shareholders. iSuite automatically calculates the current year retained earnings of your company in real-time with no required year-end journal or rollover, and this information is spontaneously calculated and reflected on the Profit and Loss report.

 See also

Related article

• How to configure iSuite Accounting and Invoicing before using

Optional module

• Account counterparts

• Account bank statement import

How to configure iSuite Accounting and Invoicing before using

This article guides you through the initial configuration when you first start using Accounting & Finance app on iSuite.

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

Install Accounting module

Access iSuite Apps, use the filter to search for Accounting & Finance app (to_account_accountant) and click Install.

Configure Fiscal Localization

You can choose a fiscal package for the local country by accessing Accounting & Finance ‣ Configuration and going to the Fiscal Localization section:

On the other hand, you can install another fiscal package by clicking on Install More Packages.

 Warning

This feature can be configured as long as you haven’t posted any entry to your accounting system.

Configure Company’s information

Go to Settings ‣ General Settings ‣ Companies ‣ Update Info:

Now you can fill in the company information:

 See also

Setting up for company and multi-company

Configure User access right

You need to configure access rights based on job positions for each individual to make sure that this person has enough access to work. Navigate to Settings ‣ Users & Companies ‣ Users, select the user account to set up, click Edit and move to Invoicing.

There are 4 access rights:

• Auditor - Read-only: Only has the right to view all information related to customer/vendor invoices and payments, journal entries, bank statements, etc., and check some reports such as VAT Declaration , Profit and Loss, Balance Sheet , Cash Flow Statement and Invoice Analysis.

• Billing: Can create/edit operations related to customer/vendor invoices and payment.

• Accountant: Has full access right from the Billing access right, can create/import the statement and check all reports in the system.

• Administrator: Has the full access right from the Accountant access right and can configure settings in the Accounting app.

Configuration Tips panel

Navigate to Accounting, you can see a Configuration Tips panel. If you don’t use this panel, you can click on the X icon to hide it away. Once hidden, it won’t be shown again.

Create the First Bill

Here, you can try the system-created sample vendor bill following the instructions, upload your first bill or try to send a sample vendor bill.

 Note

To check the sample vendor bill, navigate to Accounting ‣ Vendors ‣ Bills. See more at Vendor Bills Management.

Add a Bank Account

To add the information of a new bank account for your company, click on the Add a bank button on the Configuration Tips panel then configure your bank account on the form with the following information:

 See also

Configure Bank Accounts

Accounting Periods

Click on Configure at Accounting Periods, you can define the fiscal years of your company.

 Note

You can change the last day of the fiscal year by navigating to Accounting ‣ Configuration and going to the Fiscal Periods section. You can read more details on Define your Fiscal Years.

Chart of Accounts

Click on Review in the Chart of Account section to view the chart of accounts in the system.

Here you can:

• Configure your chart of accounts by clicking on the Setup button on the account that you want to edit.

• Record initial balances for each account by modifying the Opening Debit or Opening Credit column.

 See also

Related article

• Chart of Accounts

Configure Cash Rounding method

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

There are various situations in accounting and payment where you have to round cash to the smallest currency, for example, summing sales order amount, taxing, etc. Each country has different rules in cash rounding. Viindoo Accounting application offers two strategies (modify as tax amount and add a rounding line) with three methods (half-up, up, and down).

Cash rounding configuration

To configure Cash rounding, go to Accounting ‣ Configuration ‣ Settings then activate the Cash rounding feature by checking the Cash Rounding option and pressing the Save button.

Next, back to Accounting application, access to Accounting ‣ Configuration ‣ Cash Roundings:

Select Create and fill in the form:

• Name.

• Rounding Precision: Define the non-zero smallest value of coinage that you want to round.

• Rounding Strategy: Viindoo offers two strategies:

  • Add a rounding line: A line is automatically created to record the rounding. The different value after rounding is recorded in the profit or loss Account.

    • Profit Account: Records profit made from roundings, like Financial income.

    • Loss Account: Records loss from roundings, like Financial expenses.

  • Modify as tax amount: The tax amount will be rounded the value based on the below rounding methods and there is no rounding line created.

• Rounding methods: Viindoo offers three methods

  • Up: The value is rounded up based on the rounding precision.

  • Down: The value is rounded down based on the rounding precision.

  • Half-up: This method is used in case of the fractional values. If the value is greater than or equal to half, round up. Otherwise, it will be rounded down.

Click Save to save information.

Apply cash roundings on invoices

On the draft invoice interface, open the Other info tab to select the Cash rounding rule:

Examples

A sales invoice with information below:

• Case 1: Create a cash rounding rule by adding a rounding line:

  • Rounding precision: 0,1.

  • Rounding strategy: Add a rounding line.

  • Rounding method: Up.

Apply the rounding rule to invoice:

A line will be added to the invoice, rounding up the total invoice amount from 110,24 USD to 110,30 USD:

 Note

The total is rounded to the nearest multiple of the smallest denomination, which may be higher or lower than the initial total.

• Case 2: Create a rule which is rounded up by modifying as tax amount:

  • Rounding precision: 0,1.

  • Rounding strategy: Modify as tax amount.

  • Rounding method: Up.

Apply the rounding rule to invoice:

The tax amount on the invoice is adjusted from 10,02 USD to 10, 06 USD in order to round up the total value of the invoice from 110,24 USD to 110,30 USD.

We hope that the above examples help you understand better the difference between the two cash rounding strategies in the Viindoo Accounting app.

 See also

Related article

• Configure Payment Terms

• Process a cash discount

Configure Payment Terms

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

Payment terms are the determination of the payment value and due date for each purchase and sale transaction to ensure that payments are made on time and correctly. Using iSuite accounting software, you will only need to declare the payment terms once, and apply them to sale orders and invoices, then the payment schedule will be automatically computed.

The automatic calculation of due date and payment value is very useful in tracking the payment schedule of installment plans, paying in installments if your company applies these two forms of payment.

Configure Payment Terms

Payment Terms should be configured only by the person with the highest level of access in the Accounting app. Navigate to Accounting ‣ Configuration ‣ Payment Terms:

Press on Create and fill in the following information:

• Payment Terms: Choose a name for your payment terms.

• Description on the Invoice: Payment terms explanation for the customer will be displayed on the Description of invoices or vendor bills.

• Terms: To add a rule for your payment terms, select Add a line and a window will be displayed where you can define the details of the rule:

• On this window, you need to add the following information:

  • Term Type: define the kind of valuation related to this payment terms line.

    • Percent: Percentage of invoice value needs to be paid.

    • Fixed Amount: The fixed amount of money needs to be paid if this payment term is chosen.

    • Balance: The leftover value of the invoice.

  • Due Date Computation:

    • Due: There are various options available for you to define the due date of the chosen value above:

      • Days after the invoice date;

      • Days after the end of the invoice month;

      • Of the following month;

      • Of the current month.

    • You also can define a specific date in the On the… of the month field with the Days after the invoice date option.

 Note

• Terms are calculated in the order they are established.

• The rules of Balance should always be set up as the very last line.

An example of payment terms configuration: Pay 20.000.000 VND when the invoice is confirmed, 50% is due after 30 days, and the balance is due after 60 days.

First, pay 20.000.000 VND when the invoice is confirmed:

Next, 50% is due after 30 days:

Finally, the balance:

Payment terms usage

You can apply payment terms in different places such as:

• Quotation:

 Note

• When payment terms are applied on a sales quotation, invoices created from this quotation will have these payment terms applied by default.

• Customer Invoice/ Vendor Bill:

You can see the value and due date of the invoice by going to tab Journal Items:

• Contacts:

You can set up Payment Terms for each customer or vendor by default when navigating to the Contacts app, choose the contact in question then go to tab Sales & Purchase:

 See also

Related article

• Process a cash discount

Process a cash discount

 Requirements

This tutorial requires the installation of the following applications/modules:

• Accounting & Finance

With Viindoo accounting software , you can easily give and register cash discounts to your customer. Discounts can be given when the customer proceeds with the payment or after that.

To have a better idea of how to apply a cash discount on a customer payment, let’s take a look at the following example: When your customer pays within 10 days from the date of invoice, he/she will receive a 2% discount on the total value.

Set up cash discounts

First of all, we need to set up a payment term to register the pre-due payment which receives the 2% discount. Access Accounting ‣ Configuration ‣ Payment Terms:

Configure the payment term as follow: 98% for the first 10 days after the invoice date, and the remaining 2% for 30 days after the invoice date:

When a transaction occurs

After completing the transaction and creating the invoice for your customer, the system will automatically separate the receivable into 2 lines with respective deadlines (including the 2% discount for early payment). You can view them on the invoice at the Journal Items tab:

Register payment and cash discount

Customer pays before the due date and receives a discount

In our example, if our customers pay before the due date according to the payment term, they will get a 2% discount on the total amount. To register that payment directly from the invoice, access the invoice and select Register Payment:

You need to fill the payment as follow:

• Journal: Choose the cash or bank journal that receives money from the customer;

• Recipient Bank Account: The system will automatically fill the bank account declared on the chosen journal above.

• Amount: Add the discounted amount and select Mark as fully paid. At this moment, you need to choose an accounting account to record the difference with the label displayed on the journal entry. In this example, you can choose 635 - Financial expenses.

• Payment Date: By default, it will be the payment creation date on the system. You should change it to the actual payment receiving date.

• Memo: Record the description with the invoice number of the customer payment.

Click Create Payment to record the customer payment. The customer invoice is now marked as Paid. To view the auto-generated difference, look at the bottom of the invoice and press the i icon to see the payment info, click Journal Entry in the right corner of the payment slip to see its details:

The system will automatically reconcile the related 131- Trade receivables. After activating developer mode, navigate to Accounting ‣ Accounting ‣ Journal Items to see details:

 Tip

• Besides from register payment from the invoice, you can also register a payment directly at Accounting ‣ Customers ‣ Payments. And then, to register the cash discount, you can use Journal entries or Reconciliation Models.

Customer pays after the due date and doesn’t receive discount

If customers pay later than pre-set due date, they won’t receive a 2% discount.

At the customer invoice, you will record the full amount of the invoice by clicking Register payment.

All customer debits with different due dates on this invoice will also be automatically reconciled and the invoice is marked as Paid.

 See also

Related article

• Steps to create customer invoices

Steps to create customer invoices

 Requirements

This tutorial requires the installation of the following applications/modules:

Accounting & Finance

Configure invoicing policy

Depending on different businesses and products, each company will have different invoicing policies. With Viindoo Accounting & Finance Management, we make it easier for you by applying 2 invoicing policies:

• Invoice what is ordered: Create an invoice for the ordered amount. You can choose to create invoices before or after delivering.

• Invoice what is delivered: Create a partial invoice for the amount that is delivered.

Create an invoice from an order

Normally, the salesperson will be in charge of creating a draft invoice based on the sales order. Depending on different purposes and scenarios, you can choose different invoice types such as:

• Regular invoice;

• Down payment (percentage);

• Down payment (fixed amount).

This invoice will inherit the order’s contents, the accountant then only has to check and confirm the invoice to register the related journal items. Navigate to Accounting ‣ Customers ‣ Invoices, and then use the filter/search to find the invoice:

Then, you can select Confirm and view the content of the invoice entry at the Journal Items tab:

Create an invoice directly

In some special cases, the accountant needs to create the invoices directly, for example:

• When you need to return cash to customers;

• Cash a discount to your customer;

• Or adjusting the pre-created invoices;

• etc.

To create an invoice directly, access Accounting ‣ Customers ‣ Invoices ‣ Create:

And then fill in the needed information:

• Legal number: Input the legal number.

• Invoice date: The invoice register date.

• Due date: Record the payment due date or select payment terms from the lists.

• Journal: In the journal that will record the invoice, the default value will be Customer invoices, you can choose another journal.

• “Invoice lines” tab: Record product, quantity, UoM, price, taxes. Select Add a line to add more products/services.

• “Other Info” tab: Noticing the following info:

  

  • Customer reference: Created manually for internal managing purposes.

  • Salesperson: The default value will be the invoice creator. However you can switch to another employee.

  • Sales Team: The salesperson’s sales team.

  • Recipient Bank: The bank account that has been added in the customer info will be added to the invoice by default.

  • Fiscal Position: The fiscal policy that applied for this customer.

  • Cash Rounding Method: Record the cash rounding method.

  • Post automatically: If activated, the invoice will be registered at the Invoice date above.

  • To check: This function helps accountants mark the invoice that has unconfirmed information and needs to be re-check.

  • Manual Direct Entry: In this case, when you access Accounting ‣ Accounting ‣ Journal Entries and then duplicate a pre-created invoice to have a new draft, this function will be activated to help categorize the invoices.

Click Save to save information. Then you can confirm the invoice, register payment, and also reconcile the payment with a statement.

 See also

Related article

• How to use Credit Notes in Viindoo Accounting

How to use Credit Notes in iSuite Accounting

A credit note is a financial document issued by sellers to buyers to notify them that credit is being applied to their account. Credit notes are used in the following cases:

• Goods returned from customers;

• Pricing mistakes on customer invoices;

• Etc.

There are two ways to issue a credit note:

• Create directly on the invoice that needs to be adjusted;

• Create a credit note manually.

 Requirements

This tutorial requires the installation of the following applications/modules:

Accounting & Finance

Create a credit note directly on the invoice

Navigate to Accounting ‣ Customers ‣ Invoices, select the invoice to create a credit note, and click Add Credit Note:

After that, a pop-up window appears:

At this stage, you need to take notice of the below fields:

• Credit Method: There are 3 options for you to choose from:

  • Partial Refund: A credit note is created in draft and can be adjusted before being issued.

  • Full Refund: A credit note is automatically validated and reconciled with the original invoice.

  • Full refund and new draft invoice: A credit note is automatically validated and reconciled with the original invoice. The original invoice is duplicated into a new draft invoice.

• Reason: The field records the reason of the credit note.

• Reversal Date:

  • Specific: By selecting this option, you will be able to select the generated date for the credit note.

  • Journal Entry Date: By selecting this option, the date of the credit note will be taken according to the original invoice confirmation date.

• Use Specific Journal: Choose a journal to register generated entries from this credit note and should be compatible with your invoice type. In this case, you choose Customer Invoices Journal.

After filling in the information fields, click Reverse to issue a credit note.

In case you select the Credit Method as Full Refund, the credit note is automatically confirmed and reconciled with the original invoice. The status of the original invoice will be Reversed; The credit note will have the status Paid:

You can now navigate to Accounting ‣ Accounting ‣ Journal Items to view the reconciled entries:

 Note

Journal Items only displays when you activate developer mode.

In case you select the Credit Method as Full refund and new draft invoice, the credit note is automatically confirmed and reconciled with the original invoice. Also, the system will automatically duplicate the new draft invoice according to the original invoice.

And if the Credit Method is Partial Refund, you can adjust the credit note invoice content before issuing it and view the generated reverse entries to the original confirmed invoice in the tab Journal Items:

 Note

• For fully-paid invoices (in Paid status), only one credit method, which is Partial Refund, will be available.

• If the invoice is partially paid, the pre-paid amount will be noted as an outstanding payment for this customer after creating a credit note.

After the credit note is confirmed, you can view changes in the customer’s liabilities by accessing Accounting ‣ Reporting ‣ Partner Ledger:

Create a credit note manually

To create a credit note manually, you can also navigate to Accounting ‣ Customers ‣ Credit Notes, click Create.

Then fill in the credit note:

The information on the credit note is similar to the regular invoice. You can see more at How to create invoices. You can then also find out the customer’s remaining entries or liabilities at Partner Ledger.

 See also

Related article

• Manage Unearned Revenue

• How to record customer payments

• Set up Payment Service Providers in iSuite

• Online payment activation and usage

How to record customer payments

In the iSuite Accounting app , payment can be linked directly with an invoice or be created independently. Depending on the situation, you can choose between:

• Create payment from an invoice: A payment created from an invoice will be linked and reconciled directly with the said invoice then also reduce the amount due of the invoice. Each invoice can be linked with various payments until the total amount due of the invoice is reconciled completely.

• Create stand-alone payment: Stand-alone payment won’t be linked with any invoice. Such payments will be recorded as outstanding credits that the partner has with your company. It means that in the future, these outstanding Credits can be used to pay future invoices or bills.

 Requirements

This tutorial requires the installation of the following applications/modules:

Accounting & Finance

Create payment from an invoice

You can navigate to Accounting ‣ Customers ‣ Invoices, and choose the invoices that need to have a payment:

On the invoice interface in the state of books and due date, press Register Payment:

A Register Payment window will appear:

You need to pay attention to the following fields on the interface:

• Journal: Choose a cash or bank account journal which will receive this payment.

• Company Bank Account: The system will automatically fill the bank account declared on the chosen journal above.

• Amount: Total payment value received from the customer. If the registered amount is smaller than the value of the invoice, you will have an option to deal with the payment difference:

  • Keep open: Keep creating new payments for this invoice. The status of the invoice is Partial.

  • Mark as fully paid: Cannot register more payments for this invoice. The status of the said invoice is Paid. When this option is chosen, you will be able to post the difference in your preferred account.

• Payment Date: By default, it will be the payment creation date on the system. You should change it to the actual payment receiving date.

• Memo: Record the description with the invoice number of the customer payment.

After filling in all the required information, press Create Payment.

Back to the invoice, you will see the payment is reconciled with the invoice, reducing the amount due:

You can see details about the recorded payment by hovering over the green information icon and pressing View.

 Note

• If you press on Unreconcile, the payment will be unlinked with your invoice.

• If you register a payment with a foreign currency, the system will automatically calculate and create a journal entry to record the currency exchange loss/gain posted at the time of reconciliation.

Create stand-alone payment

In some situations, you will need to create a stand-alone payment such as:

• Customer pays in advance;

• Customer overpays;

• etc.

Navigate to Accounting ‣ Customers ‣ Payments:

Then choose Create to record payment information:

• Internal Transfer: This field will be selected if this voucher is for an internal money transfer within your business. In this case, you should leave it unchecked as default.

• Suggest Lines: If checked, the system will search for unreconciled transactions related to this partner and collect debts to fill in the Total line.

• Payment Type: Choose Receive Money.

• Partner Type: Choose Customer.

• Customer: Choose a customer that will send money to your company.

• Amount: The value to register together with the currency used in this payment.

• Date: By default, it will be the payment creation date on the system. You should change it to the actual payment receiving date.

• Memo: Record the description with the invoice number of the customer payment.

• Journal: Choose cash or defined bank account journal which will be received customer payment.

• Payment Method: Choose payment method.

• Company Bank Account: The system will automatically fill the bank account declared on the chosen journal above.

Press Save > Confirm, the system will automatically generate a journal entry and you can view it directly by pressing the Journal entry button at the right corner on the payment slip interface.

When creating an invoice related to a customer who has previously recorded a payment, the software will display a notification about the debt right on the invoice interface:

You can link this outstanding payment with your invoice by choosing Add at the bottom of the invoice:

Then, you can register a bank/cash statement and reconcile it with the recorded payment.

 See also

Related article

• Set up Payment Service Providers in iSuite

• How to make a payment with Momo

• How to make a payment with NganLuong

Taxes and tax rules configuration

 Requirements

This tutorial requires the installation of the following applications/modules:

• iSuite Invoicing

• Accounting & Finance Management

Tax activation

The iSuite Accounting app will configure some tax rules depending on the fiscal localization packages that were installed for your company. To activate or deactivate these rules, navigate to Accounting ‣ Configuration ‣ Taxes. You can choose the rules that you want to activate or deactivate rules at Active.

Tax configuration

To create a new tax, navigate to Accounting ‣ Configuration ‣ Taxes, click Create and add the required information.

1. Basic information

• Tax Name: This name will be displayed if this tax is selected. Therefore, you should choose a name that is easy to understand and recognize.

• Tax Type: When this tax should be applied, including:

  • Sales: This tax is applicable on a sales ;

  • Purchases: This tax is applicable on a purchase ;

  • None: Stop using this tax.

• Tax Computation: There are 04 options for the tax calculation:

  • Group of Taxes: Use various types of taxes in the calculation. Each tax is applied in the order in which it appears on this list.

  • Fixed: The tax rate is set up at a fixed amount and is not affected by the product value.

  • Percentage of Price: The tax value is the tax rate multiple by the price without tax. For example: A product has a sales price of 1,000,000 VND and apply the 10% tax rate. We have:

  Price without tax	Tax	Tax value	Total
  1,000,000	10%	100,000	1,100,000

  • Percentage of Price Tax included: The tax value is the price included tax divided by the tax rate. For example: A product has a sales price of 1,000,000 VND and the 10% tax rate is already included in the price. We have:

  Price without tax	Tax	Total	Tax value
  1,000,000	10%	1,000,000/(1-10%) = 1,111,111	1,111,111 * 10% = 111,111

• Tax Scope: Apply this tax to one of the following product types:

  • Goods;

  • Services;

  • All: If left empty.

• Active: Enable to use or disable to stop using this tax.

 Note

• It’s not possible to delete an in-used tax. You can only disable the Active field or select None in the Tax Type field to stop using the tax.

• Amount: This field only appears when the Tax Computation is:

  • Fixed: Enter the fixed amount for the tax value.

  • Percentage of Price: Enter a percentage of the sales price for the tax calculation.

  • Percentage of Price Tax included: Enter a percentage of the total price for the tax calculation.

2. Definition tab

Depending on the method chosen on the Tax Computation field, different information will be displayed in this tab.

• If Group of Taxes is chosen on the Tax Computation field: Here is where you can Add a line to incorporate taxes that should be applied in the calculation. Remember that the system will calculate taxes according to the sequence that you arranged.

Choose the necessary taxes and press Select.

• If any other method except Group of Taxes is chosen on the Tax Computation field: You need to configure information for two sections:

  • Distribution for Invoices : Allocation when tax is used on invoices.

  • Distribution for Credit Notes : Allocation when tax is used on credit notes.

  

  • Based on:

    • Base: The value of goods in each invoice line.

    • % of tax: A percentage of the computed tax.

  • Account: The account to record the journal item of the tax value.

  • Tax Grids: Is used to generate Tax reports. See more at Accounting reports available in Viindoo.

3. Advanced Options tab

• Labels on Invoices: Information from this field is visible on the invoice.

• Tax Group: Taxes of the same characteristics should be grouped together. The group’s settings will be applied to each tax in the group. On the invoice, the tax amount of the taxes in the same group will be summed up and displayed in the same line as shown below:

• Is VAT: Is checked as a result of the VAT tax chosen on the Tax Group field.

• Include in Analytic Cost: If checked, the tax value calculated from this tax will be included in the same analytic account chosen on the invoice line (if available). This option shows only when you activate Analytic Accounting. More details at Analytic account in Viindoo.

• Included in Price: If checked, tax is already included in the product price. For example: A product has a sales price of 1,000,000 VND, with a tax rate of 10% included in the price.

  Price with Tax included	Tax	Tax value	Price without tax
  1,000,000	10%	90,909	909,091

  

• Affect Base of Subsequent Taxes: If checked, any subsequent taxes will be calculated based on the price with this tax included.

• Base Affected by Previous Taxes: If checked, this tax will be applied to the value inclusive of taxes in the order that precedes it.

  For example:

  • A product has a sales price of 2,000,000 VND:

  • In the Advanced Options tab, configure the taxes as follows:

    • VAT 10%: enable Affect Base of Subsequent Taxes.

    • VAT 5%: enable Base Affected by Previous Taxes.