Benefits of Using Invoicing Software. Simplifying your company’s accounting

Posted on August 27, 2021 by admin

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The invoicing computerized solution is designed to generate bills by sellers for products or services sold to their customers. Creating invoices by hand is a cheap method that brings companies, including small businesses, many disadvantages. Not organized documents and kept in no single place makes it difficult to recall the invoices, perform queries, create reports, generate statistical data, and make other operations. Therefore, organizations, even small businesses, prefer to use invoicing or billing software instead of the manual writing invoices.

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The main benefits of using invoicing software are:

organizing and storing data, including billing data, in a single place;
availability of many different features such as auto-fill date, etc.;
easy creating and sending invoices to customers;
customizing the templates of invoices for each product and service;
creating customized invoices;
reduce the paperwork and less using of paper;
saving the employees working time and improving their efficiency;
ability to save the products and customers information for the later recall;
improving the accuracy of invoices;
ability to clearly show details of the product and price;
automating the process of creating invoices and reducing business costs;
ability to handle more clients and increasing the client base;
the ability of invoices to be easy recalled and retrieved;
ability to create invoices from anywhere via the online invoicing app;
sending out the multiple invoices simultaneously;
keeping records and easy finding not paid transactions;
keeping on the cash flow and tracking the business expenses;
identifying customers who need to make their payments;
controlling payments and receiving payments timely;
ability to send invoice reminders;
scheduling invoices for being sent automatically;
ability to attach receipts to invoices and photos to receipts;
generating various types of report and financial statements;
saving money on paper, printing, and postage via using online invoicing or billing software;
integration with the company’s accounting system;
ability to generate multilingual and multi-currency invoices;
minimizing the invoice data entry errors;
simplifying the company’s accounting.

Using the billing software is a wise investment that allows any organization to save its time and money.

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Everything You Need to Know About GST E-invoice

Posted on August 25, 2021 by admin

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What is an e-invoice and an e-invoice under GST?

E-invoicing, often known as electronic invoicing, is a GST-compliant electronic authentication technique. All B2B and export invoices generated by a business must be registered with the government system, the Invoice Registration Portal (IRP), and each invoice must be assigned a unique identification number called an Invoice Reference Number (IRN). In addition to IRN, the IRP will create a digitally signed QR code with selected invoice details and digitally sign the invoice data that is provided.

As a result, an e-invoice is a document that contains an IRN and a digitally signed QR code printed on it.

After an IRN has been generated and an invoice has been authenticated, the details of the invoice must be made available on the GST and EWB portals.

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Who requires the creation of an E-Invoice?

Based on AATO (Aggregate Annual Turnover):

E-Invoice has been gradually introduced in the country, based on the companies’ aggregate annual turnover. On October 1, 2020, the first phase went live for companies with a turnover of more than Rs.500 crore. On January 1, 2021, the second phase went live for enterprises with a turnover of more than Rs.100CR.

On the basis of the fiscal year:

AATO in any preceding Financial Year from 2017-18 onwards must be evaluated to determine the applicability of the E-Invoicing obligation, according to Not. No. 13/2020, as amended by Not. No. 70/2020 and Not. No. 88/2020. The AATO is calculated based on GST returns. On the E-Invoice Portal, the GST System has also made it possible to examine the applicability.

Based on the Entity Type:

Suppliers are the only ones who can generate an e-invoice. E-Invoices cannot be generated by recipients or transporters. On behalf of the sellers on their platforms, e-commerce operators can generate e-invoices. E-Invoicing is something that E-commerce operators should be aware of.

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Who doesn’t need to create an E-Invoice?

According to GST notification No. 13/2020-Central Tax dated March 21, 2020, the following individuals are exempt from issuing e-invoices:

Company that provides insurance.
A financial institution.
Financial establishment.
NBFCs.
GTA.
Passenger transportation service provider.
Admission to the screening of cinematograph films in multiplex screens is provided by a service provider.

What kind of documents must be reported to the GST system as part of the E-Invoicing process?

The following papers must be reported to the e-invoice system by the taxpayers.

Supplier’s invoice.
Supplier’s Credit Note
Supplier’s Debit Note

As a result, E-Invoicing does not require the reporting of Bills of Supply and Delivery Challan/Job Work Challan.

How can I create an electronic invoice?

The taxpayer’s system generates an invoice, which is subsequently transmitted to the Invoice Registration Portal (IRP) for approval. The invoice data is updated with IRPs digital signature and a QR Code, as well as the Invoice Registration Number, once it has been authorised (IRN). An E-Invoice is what this is called.

What should an e-invoice receiver look for?

The extra-information relating to invoice reference number will now be included in the e-invoices received from suppliers (to whom the mandate applies) (IRN). As a result, recipients of e-invoices must be aware of the mandate’s applicability to their vendor list. Not only that, but the receivers must also know ahead of time the documents they will get.

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What influence will e-invoicing have on the procurement cycle?

As a recipient of standard e-invoices, the accounting systems can now automate the recording of purchase invoices, resulting in increased efficiency and accuracy of data in source systems. Furthermore, because IRN is unique to each invoice, it might be useful for identifying similar invoices and hence for reconciliation.

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Audit Procedures for Accounts Receivable

Posted on August 24, 2021 by admin

Accounts receivable is the sum of money that your customers owe you for the goods and services you have sold to them on credit. This is considered to be a current asset, because you convert it into money later, usually within a year. Accounts receivable is important because it is the money you use to run your business. As an example, let’s suppose you sell office appliances worth $1,000 to a customer on credit. Your customer will need to pay you $1,000 for the appliances, so your accounts receivable increases by $1,000. This amount will be listed under the current assets on your balance sheet.

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What is auditing accounts receivable?

Auditing means a thorough and formal inspection of your documents. Auditors pay special attention to a business’ assets, including accounts receivable, to make sure there is no fraud involved. They also verify your financial statements, such as balance sheets and income statements, to check whether your business is being portrayed accurately. Auditing is a mandatory requirement in all countries, but the rules for when you need to audit differ from country to country. Usually the government requires you to audit as soon as you cross a revenue threshold.

Auditing your receivables is important because it sheds light upon the status of a business’ incoming cash. In addition to validating your financial records, the outcomes presented on the auditing reports also let you check whether you have unsent invoices, and whether your customers pay their invoices on time.

The objectives of an AR audit

During an audit, the auditor will try to determine whether:

Your balance sheet reflects your accounts receivable accurately
Refund records for returned items are accurate
Proper measures are taken to prevent misappropriation of non-electronic payments in the form of cash and checks

Procedure for auditing accounts receivable (AR)

Once the objectives of the audit are set, the audit process can begin. These are some of the procedures involved in an accounts receivable audit.

Inspecting customer orders

Looking at your customer orders is an important part of AR auditing. During the audit, your auditor compares the invoices you’ve sent out with the orders made by customers to check if the amounts on both the documents are the same. This is important because if there is any discrepancy between the numbers, it could mean that you’ve recorded total receivables incorrectly.

Comparing receivable reports with the grand total

The auditor will compare the amount in the accounts receivable account in your general ledger with the grand total of your receivables in your period-end accounts receivable aging report, to check if the totals match. A mismatch indicates the presence of a wrong journal entry in the ledger account.

Matching invoices to shipping log

The auditor will match the date on each of your invoices with the shipment dates of the corresponding items in your shipping log. They will also examine invoices that were issued on dates after the auditing period. This is done because your sales must be recorded in the right accounting period, so it’s important to catch any invoices that should have been included in an earlier period.

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Confirming receivables

In this part of the audit, the auditor directly contacts your customers to confirm any unpaid accounts receivable as of the reporting period’s end. This is done to verify the accounts receivable that you have recorded. Auditors usually select customers that have large unpaid balances first, then customers with overdue invoices, and finally customers with smaller receivable balances.

Reviewing cash receipts

The auditor will look for proof of the payments made by customers. This is a backup plan that’s used if the auditor fails to confirm the accounts receivable with your customers directly. If customers pay you via checks, the auditor looks for check copies, and attempts to confirm them with the bank or by checking your bank transactions.

Reviewing credit notes

Credit notes are important transactions because they can affect future transactions. Customers can deduct the credit note amount the next time they pay you for goods or services. This makes their payment different from the original invoice amount, which affects your receivables. The auditor will review credit notes you have issued to your customers to make sure they were properly authorized and issued during the correct period. The auditor will also check if the circumstances under which you issued them were legitimate and match the records of issued credit notes.

Trend analysis

Auditors use trend lines to compare accounts receivable with the company’s sales or current assets. Trend lines, usually used in technical analysis of budgeting and forecasting, are graphed sets of data points that show how a particular financial figure is trending. They help auditors analyze patterns and conduct inquiries if they spot anomalies like an increase in accounts receivable or revenue without a proportionate increase in sales or assets.

Preparing for the audit

So how do you get your business ready for an AR audit?

Get an accounting system that helps create invoices and other sales transactions
Collect payments and update the corresponding invoices to paid status
Keep track of credit notes and refunds
Reconcile your bank accounts

Get audit-ready in no time

When an audit is around the corner, it is best to have clear and easy-to-track records of your accounts receivable. It is not impossible to get your records sorted for the audit by hand. However, a modern accounting system that uses automation to keep your accounts receivable audit-ready can cut down hours of manual work and eliminate undesirable errors. AR automation helps you schedule invoices and payment reminders, while also updating invoices with their corresponding payment status through workflows. The result is well-organized accounts receivable records and a smooth audit procedure.

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EU VAT e-commerce package FAQ: Everything you need to know

Posted on August 24, 2021 by admin

Q. What is the EU VAT e-commerce package?

The EU VAT e-commerce package is a reform to the existing VAT obligations for sellers that will come into effect on July 1, 2021. This package includes some key changes that will simplify VAT returns, and it will impact the way online sales happen across the EU.

Q. Where does the EU VAT e-commerce package apply?

The EU VAT package applies to the online supply of goods and services throughout the EU. However, the protocol for Northern Ireland is slightly different and applies only to goods. The UK will implement this package with respect to goods being supplied back and forth from Northern Ireland, while services that are supplied back and forth from Northern Ireland won’t count towards the threshold that will be implemented.

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Q. What’s the purpose of the EU VAT e-commerce package?

The new rules have been introduced to make administrative work and VAT collection a lot easier for businesses selling to customers across the EU and UK. Simply put, this package will allow sellers to make sales across the European Union on a single VAT return in their home country, instead of having to register for VAT in each country. With simpler VAT returns and reduced compliance obligations, cross-border online trade and trade across EU’s digital single market will grow faster.

Q. What’s new in the EU VAT e-commerce package?

The two major components of the new EU VAT e-commerce measures are the OSS (One Stop Shop) and IOSS (Import One Stop Shop), which are portals that allow taxpayers to report and pay VAT on a quarterly and monthly basis respectively.

The OSS is applicable only for online intra-community distance sales of goods across the EU. In simpler terms, intra-community distance sales are those in which VAT-applicable goods are sold from one EU country to another EU country. The IOSS, on the other hand, allows suppliers and online marketplaces selling imported goods to collect and pay VAT directly, instead of putting the VAT burden onto the buyer. This means that marketplaces become deemed suppliers and will be responsible for collecting VAT for sales made through their platforms.

Q. What else is changing in the EU VAT e-commerce package?

The EU VAT e-commerce package includes the following changes to the existing VAT rules:

A) Launching the OSS and IOSS

The OSS and IOSS extend the MOSS (Mini One Stop Shop) by removing the VAT exemption for low-value imports, and by including more services and goods, even those imported into the EU.

Using the OSS, taxpayers can register once and file one EU VAT return for ecommerce distance sales across the EU.
Using the IOSS, suppliers and online marketplaces selling imported goods can collect and pay VAT directly.

B) Replacing the distance selling thresholds with a pan-European threshold

While distance sales of B2C goods will continue between EU member states and Northern Ireland, the existing EU distance selling thresholds will be removed as of July 1, 2021, and will be replaced with a new threshold.
Previously, VAT only applied to intra-community distance sales, with a specific annual turnover threshold for certain countries (€35,000 for sales to most EU countries, and €100,000 for Germany, the Netherlands, and Luxembourg).
With the new measures, a single pan-European threshold of €10,000 (£8,600) is applicable for all businesses with a permanent address and VAT registration in the EU.
This threshold change is mandatory, and will apply to all cross-border sales by businesses across the EU.

C) Removal of Low Value Consignment Relief (LVCR)

The LVCR is a VAT relief option where imports of goods lesser than €22 (£20) could be exempted from import VAT. This has been abolished.
After July 1, 2021, VAT will be charged on all B2C consignments. Those that are worth €150 (£130) or less can be reported via the IOSS portal at the point of sale. For goods that exceed this amount, the existing rules will continue to apply.

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Q. What and who does the EU VAT e-commerce package impact?

These changes will impact the collection of VAT when it comes to:

a) Movement and sale of B2C goods between Northern Ireland and the EU, and

b) Import of low value goods (consignments with an intrinsic value of not more than €150 or £130) into the EU or Northern Ireland.

It will also replace the existing thresholds for each country with a pan-European threshold of €10,000.

These measures will impact everyone in the ecommerce supply chain, including online marketplaces. Two changes (the One Stop Shop and the Import One Stop Shop) are optional, and can be used by businesses outside the EU, including the UK. The package will also impact non-EU businesses with goods located in Northern Ireland that are intended for sale. These new VAT measures only apply on online sales to customers in the EU.

Q. How are online marketplaces affected by these new measures?

Online marketplaces facilitating the sale of goods in either of the following situations will become deemed suppliers:

1. Goods located in Northern Ireland or EU, sold by non-EU businesses to non-VAT registered customers in Northern Ireland and EU

2. Goods located in Northern Ireland, sold by businesses in Great Britain to EU customers.

When a marketplace becomes a deemed supplier, it should account for VAT for sales that are made through its portal as if they are its own sales. VAT will be charged at the point of sale. The marketplace will be accountable for VAT when it facilitates distance sales or any domestic transactions for non-EU sellers. Marketplaces have to use IOSS (if it’s opted) to collect and pay VAT for the sale of imports that don’t exceed €150.

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IOSS FAQ: Your guide to the Import One Stop Shop

Posted on August 18, 2021 by Intern

Q. What is the Import One Stop Shop?

The Import One Stop Shop (IOSS) is an online portal that businesses can use from 1 July, 2021 to file VAT returns for imports. This has been introduced as part of the EU VAT e-commerce package, where the import of low value goods that don’t exceed €150 (£135) will be subject to VAT.

Low value goods are those that are in consignments with an intrinsic value (the price of the supplies, excluding discrete packaging and postal charges) of €150 (£135), imported into the EU or Northern Ireland.

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Q. What is the purpose of IOSS and how does it help?

The IOSS was introduced to allow suppliers and marketplaces selling imported goods to EU buyers to collect and pay VAT in a simpler way. With this option, you don’t need to register in each EU member state to keep up with your VAT obligations, and you can simply use the portal to file your monthly VAT. The buyer is charged VAT at the point of sale, and doesn’t have to face any unexpected fees when the goods are delivered.

Previously, VAT would be applied at the very end, and the customer would have to pay an unexpected amount. With the IOSS, the process of customs clearance is much faster, because by then, VAT would have already been calculated and applied. This gives the customer complete knowledge of the exact amount they’d have to pay.

Q. What changes does IOSS bring?

a) No more low-value consignment relief (LVCR)

The previous VAT exemption, where imports valuing less than €22 (£20), is removed with the introduction of the IOSS. From July 2021, VAT will apply to all goods. You can file your VAT for imports falling under the threshold of €150 using the IOSS. This portal can be used by businesses outside the EU, including the UK. Goods that cross €150 will continue to be charged with VAT, as per the existing rules.

b) Marketplaces will become deemed suppliers

From July 1, 2021, online sellers and marketplaces will become deemed suppliers. In other words, they will be in charge of collecting and paying VAT on behalf of the seller. Marketplaces that facilitate the sale of imported goods can opt to use the IOSS to file monthly VAT returns. Note that the IOSS won’t be applied to goods that are subject to excise duties (like alcohol or tobacco products).

c) Customs clearance becomes easier

If you’ve registered for the IOSS, you don’t need to pay import VAT at the customs clearance. However, if the value of your items crosses the threshold amount, you’ll have to pay import VAT to customs.

Q. Who can use the IOSS?

Any business (including charities and non-profit organisations) that imports goods falling under the threshold amount of €150, even if the order contains more than one item, into the EU or Northern Ireland, can use the IOSS. These goods, when sold, must be transported from outside the EU and must not be subject to excise duty.

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Q. Is IOSS mandatory?

IOSS is optional. However, once you register, you should use the portal for all applicable sales. If you don’t want to opt for this, you’ll have to register and pay VAT in each of the EU countries in which you sell to customers, and will have to apply VAT upon imports.

Q. How does IOSS affect me as a seller?

If you’re a non-EU seller, you’ll have to charge VAT on imported goods and can register for the IOSS in just one EU state to declare and pay the amount. The VAT rate that you’ll have to apply will be the rate in the destination state (the EU member state where your goods will be delivered). If these goods cross the threshold amount, they will be taxed at importation in the respective EU Member State.

In the case of marketplaces, since they facilitate sales on behalf of other sellers, they’ll become a deemed supplier, and can register for the IOSS as well. If so, they’ll be in charge of collecting and paying VAT that’s due on sale, instead of the seller having to take care of it.

Q. How can I register for IOSS?

From April 1, 2021, you can register on the IOSS portal of any EU Member State of your choice. If you’re a non-EU business, you should appoint an EU-based intermediary to act on your behalf and fulfil your VAT obligations under the IOSS. In case you already have an agreement with the EU, related to mutual aid in VAT recovery, then you don’t have to appoint an intermediary.

When you register for the IOSS, remember to continue following your regular VAT requirements in your own country. If you don’t opt for IOSS and don’t select an intermediary, you can continue your business as it is, and import VAT will be applied at customs.

If you haven’t registered with the IOSS, your buyer will have to pay VAT. The transporter will also charge a customs clearance fee.

Q. What should I do once I’ve registered for IOSS?

Once you ensure that the value of the consignment doesn’t exceed the threshold, you (as the supplier or the deemed supplier) have to display the VAT amount to be paid to the buyer. After this, you’ll have to submit a monthly VAT return via the IOSS portal of the EU member state you’ve registered in, and keep records of these sales.

Marketplaces that facilitate sales will have to be in contact with the sellers, and have to pass on details like the IOSS VAT identification number to the EU customs for customs clearance.

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Q. Can I use IOSS to reclaim input VAT or offset VAT returns?

No. You can use IOSS to pay output VAT, but you cannot use it to reclaim input VAT.

Q. I have a business in Great Britain. How do I use IOSS?

If you have a business in Great Britain and you’re selling to the EU or Northern Ireland, you should follow the usual steps of paying VAT via IOSS for sales falling below the €150 threshold. You can also report your IOSS number to HMRC before transporting your goods to Northern Ireland. If you’ve registered for the IOSS but haven’t registered for VAT (you may fall below the threshold), you can submit your IOSS number to HMRC, but you need not charge VAT on your sale.

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Here are the top 7 cash flow mistakes that can cripple your small business

Posted on August 16, 2021 by admin

All businesses run on cash. Managing money is an essential skill that all business owners should hone as the business progresses in its lifecycle.

Small business owners are often caught in a bundle of activities aimed towards business growth, with very little time or money to assign resources towards monitoring their cash flow. At this stage, there are many chances to derail your business due to mismanagement of cash. According to a report from CBInsights, 29% of businesses fail because they run out of cash.

Some common mistakes that can lead to cash flow issues include forced growth, miscalculation of profits, insufficient planning for a lean period or crisis, problems collecting payments and more. The first thing that illustrates a problem with cash flow is a dip in sales and a stagnant inventory, both of which directly affect your revenue. Poor money management and forecasting can lead to multiple cash flow gaps in your business, ultimately preventing you from paying your bills on time.

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For your business to succeed, you must check for short term and long term solutions to avoid running into financial problems. Good cash flow management will ensure that you have enough cash to pay your employees on time, purchase inventory to fulfill your orders, have ample stashed in bank account as reserves, all while carving out an efficient way to collect payments before the due date. This will eventually prevent you from overspending and help you with your businesses’ growth plan.

In this article, you will read about common cash flow problems businesses face and what you can do to save yours from a pool of debt.

Common cash flow mistakes to avoid

1. Not monitoring financial statements

Financial reporting is the method of monitoring financial statements at defined time intervals. A cash flow statement is a financial statement that gives you a detailed insight of your company’s expenses. Investors and other stakeholders rely on this document to judge the value of your business. When you do not monitor your financial statements regularly, you create chances for misinterpreting your businesses’ progress, which may lead to bad decisions.

To avoid roadblocks due to cash flow, you must prepare a cash flow budget to predict future earnings. Good predictions are only possible when you have clear financials that are reconciled frequently.

2.Confusing cash flow with profit

Business owners are always on the lookout for that one key metric to understand the financial health of their business. In such situations, cash flow and profit are often pitted against one another.

Cash flow is the net income of cash moving in to or out of a business at any given time. Profit is the money that remains when you subtract the operating expenses from revenue.

It is possible for your business to be profitable and still have negative cash flow keeping you from paying regular expenses and creating hurdles in your growth plans. Your business can also have a positive cash flow and yet find it hard to make a profit (usually the case in start-ups and scaling businesses).

Cash flow and profit are not the same, and it is important that you understand the difference between the two before you make any important business decisions.

For example, assume that you purchase wooden chairs for Rs 6000 at a 40% margin and sell it for Rs 10000. You can assume that you are making 40% on every sale, after considering minor expenses. However, at the end of a quarter as you prepare your balance sheet, you could be surprised at the losses your business made. In your calculations you did not consider a variety of costs like transaction fees, shipping costs, and costs of storing and returns (which might have been different for each sale).

You could have easily assumed that you are making a profit every transaction, but after including overhead costs you can see the business actually took a loss. When your business cannot keep up with the losses, it becomes difficult to fulfil the cash commitments, leading to a cash crunch.

Forecasting the consequences of such expenses is a necessary step and can be helpful in determining if there’s enough money in the bank account to meet all your expenses. For a healthy cash flow, you must first subtract your current expenses and future costs, like tax, from your revenue. Your business will only be profitable if there’s any money left after this.

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3.Unprepared for the lean period

Rainy days are inevitable in a business. You may not get payments on time, have insufficient cash to pay your dues, have to suddenly invest in repairing expensive equipment or lose customers during a crisis. Such excess expenses combined with insufficient financial reserves can drive your business bankrupt.

Planning the cash flow for your business is always worth the time. As a short-term plan, you can consider stashing away some money as a cash reserve. Financial experts suggest that you can ideally set aside three to six months of your company’s regular expenses as cash reserves. Of course, the best way is to find out your business needs and analyse your financial statements before fixing an amount.

You must also have a long-term cash flow outlook. This will help you forecast the cash required for business operations over a period of two to five years. The best place to start would be to monitor your current income and expenses.

Here are a few things you can do to save up:

Set a monthly goal and set aside that amount every month.
Maintain a separate account to prevent from spending it elsewhere.
Always try and cut down on non-essential expenses.
If you receive a lump sum as profit or receivable, try to allocate a decent part of it to this account.

Your main goal should be to accumulate enough cash as a safety net to meet your needs during lean period, irrespective of how well your business is performing.

4. Not focusing on late payments

Late payments disrupt the flow of cash in a business. You will need to spend a lot of time and effort to chase down customers who owe you. There are chances that your business might run out of funds, making it tough for you to pay your own bills on time and putting your own business at risk.

As a temporary solution, you can opt for loans to pay your suppliers and employees on time. However, it is still difficult to perform core business activities efficiently with insufficient cash in hand.

You must understand that late payments cannot be avoided but can be managed with the right plan of action. Here are a few suggestions:

Clarify to your customers, in advance, about penalties you might charge in case of late payments.
Since smaller businesses usually do not charge penalties on late payments from customers, you can set up payment reminders for receiving timely payments.
If someone is unable to make payments for a prolonged period, try renegotiating the payment terms.
Consider rewarding customers who make early payments. You can offer a discount on open invoices or provide them a free service.

5.Trying to expand too quickly

When your business is flourishing, you are faced with increased demands for your products and services. When it happens quickly, you may find it difficult for your business to adhere to the business financial plan that you had devised for the year.

Investing in a bigger office space, hiring more staff, and rolling out new products are but a few scenarios indicating forced growth. Although such initiatives may bring in more revenue from time to time, they can severely impact your daily operations if not planned correctly.

For example, let us assume that you are experimenting by investing in social media ads for your business. In the first month of investment, you receive a good return. So, you increase your ad spend three times expecting three times an increase in sales.

Even though you might generate more leads, what happens if your ad spend is not directly proportional to the sales? You might end up spending more than you earn, leading to inconsistencies in cash flow. You might need to take a short term loan to cover up your monthly expenses.

Forced growth can lead to problems like improper management of business, inability to manufacture inventory quickly enough to fulfil orders or difficulties in customer service.

Most business owners aim for sustained growth. Efficiently planning and estimating costs involved in expansion can help you manage your cash outflows better. However, you must also forecast and set aside money for paying your employees and suppliers on time and still have enough to pay for the office space while managing to convert the incoming cash into inventory orders. Your goal should be to fulfill all expenses that arise due to expansion in a single cash cycle.

6. Inconsistencies due to seasonal nature of business

Seasonal businesses are businesses that operate in one or two seasons in a year. Such businesses do not have a year-long operation.

For example, if you are selling winter wear, then the only time your sales might pick up is before and during the winter season. During the other seasons your sales may drop and there will be more outflow of cash.

As a business owner, you should find ways to make sufficient income to generate business during slow periods; this will help you maintain your cash flow. You can try partnering with businesses from other industries to create mutual benefits or to offer discount prices for your products. You can even implement creative solutions like hosting events to distribute your product samples, set up an online store or finding a niche market and create products for that audience.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_image src=”https://blog.gotmenow.com/wp-content/uploads/2021/06/Zoho-Invoice-a-one-stop-solution-to-all-your-invoicing-requirements.png” alt=”How can I convert an estimate into an invoice?” title_text=”Zoho Invoice – a one-stop solution to all your invoicing requirements” url=”https://go.zoho.com/KwD” url_new_window=”on” align=”center” _builder_version=”4.9.3″ _module_preset=”default”][/et_pb_image][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_text _builder_version=”4.9.10″ _module_preset=”default”]

7. Inefficient management of tax

Paying tax is an obligation and needs to be settled whenever it is due, whether you are a monthly, quarterly or annual payer. Missing out on the due date and making mistakes while filing returns can attract interest and penalties, and may even have the Income Tax authorities visiting your premises demanding an audit. Not only is it expensive, but it takes up valuable time from your day-to -day business activities. Hence, it is important that you keep account of your taxes.

You can meet with a tax consultant every year to calculate the amount of tax that you will be required to pay at the end of a financial year. You should come up with a tax plan after taking into account the cash flow needs of future business operations. A good tax plan accounts for all tax consequences and calculates your income, based on which you can plan activities for long-term progress. It also helps save your business from uncertain tax rates that can affect cash outflows.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_button button_url=”https://go.zoho.com/KwD” url_new_window=”on” button_text=”Access Free Invoicing Software” button_alignment=”center” _builder_version=”4.9.3″ _module_preset=”default” custom_button=”on” button_text_color=”#FFFFFF” button_bg_color=”#0C71C3″ button_border_width=”0px” button_border_radius=”22px” button_use_icon=”off” filter_saturate=”74%” button_text_shadow_style=”preset2″ box_shadow_style=”preset3″][/et_pb_button][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_post_slider posts_number=”10″ include_categories=”139″ bg_overlay_color=”#0C71C3″ _builder_version=”4.9.10″ _module_preset=”default”][/et_pb_post_slider][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_social_media_follow _builder_version=”4.9.3″ _module_preset=”default” text_orientation=”center” global_module=”10723″][et_pb_social_media_follow_network social_network=”facebook” url=”https://www.facebook.com/zoho” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#3b5998″ follow_button=”off” url_new_window=”on”]facebook[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”twitter” url=”https://www.twitter.com/zoho” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#00aced” follow_button=”off” url_new_window=”on”]twitter[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/zoho” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#007bb6″ follow_button=”off” url_new_window=”on”]linkedin[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”instagram” url=”https://www.instagram.com/business_tools_online/” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#ea2c59″ follow_button=”off” url_new_window=”on”]instagram[/et_pb_social_media_follow_network][/et_pb_social_media_follow][/et_pb_column][/et_pb_row][/et_pb_section]

Manage Accounts Receivable remotely using an online invoicing tool

Posted on July 9, 2021 by

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Remote work has been steadily on the rise over the past decade. Recent research by GetApp found that remote work nearly quadrupled over the past 10 years. With added impetus from the COVID-19 situation, remote work has become the new normal for many workers. This shift may be here to stay—a recent survey by Gartner found that 74% of CFOs intend to shift some employees to remote work permanently.

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As a business owner, your primary concern about remote work may be the productivity of your employees. The good news is that there’s a lot you can do to help them be productive. If you put the proper tools in place to allow them to carry out their usual tasks efficiently while working remotely, they’re more likely to show the kind of productivity you’re looking for.

This is especially true for Accounts Receivable, which is an area where many businesses end up using Excel for invoicing. A 2017 article by Small Business Trends revealed that a whopping 69 percent of small businesses trust spreadsheets to track their invoices and spending. The reasons are obvious—Excel is good with numbers. Calculations are easy, and it’s simple to manually correct small errors like an item value that’s entered wrongly.

But for an invoicing team to function remotely, it needs more than a tool that can calculate. Team members need to be able to send estimates and invoices, collect payments, share insights and information easily, and most of all, stay up to date. This is where spreadsheets tend to fail, and where online invoicing tools can help.

In this article, we’ll look at the different aspects of the invoicing process and how online invoicing tools offer an edge over Excel for remote work.

1. Collaboration

In a traditional office setting, a lot of information gets exchanged during face-to-face interactions. Since this is out of the question with remote work, it’s important to ensure that your team members are still able to collaborate and keep the show running.

Shared notes:

If messages regarding financial transactions are exchanged via collaboration tools like a chat group or email thread, it means they are not linked with the corresponding transactions. As a result, your team members have to go back and forth between their messages and their invoicing tasks to get the right information.

Since online invoicing tools are designed for a multi-user environment, they allow your team members to communicate in a space that’s connected to the work they’re doing. Users can record important details regarding invoices or estimates as comments that can be viewed by other users in the organization.

Shared access:

With Excel, it’s challenging to provide your team members with access to the information they need, while maintaining the security of sensitive financial information. Online invoicing tools, on the other hand, allow you to give users specific role-based access—you can define what they can and cannot view or modify.

Shared reports:

Collaboration is not just about conversations—it’s also about making sure everyone is in the loop. Online invoicing tools allow you to schedule sales and other reports to be automatically emailed to your team members. This helps them stay up-to-date on the team’s activities, wherever they are.

2. Organization

If your company does invoices in Excel, each invoice has to be created in a separate file for recordkeeping and sending to the customer. Organizing separate files for each invoice means a lot of nested folders, which makes it hard to find the individual files later. A better solution would be a central repository where all the invoices are stored, searchable, and available for your team members whenever they’re needed.

Online invoicing tools provide this setup by default—since they are cloud-based, all the transactions are saved on secure servers, and team members with permission to access them can find and view them instantaneously.

3. Keeping track of invoice numbers

Accidentally duplicating invoice numbers can cause a huge and possibly expensive headache for your company. Besides making it difficult to match up incoming payments, it can also cause confusion during the end of the fiscal year and tax season.

Keeping track of invoice numbers becomes more challenging during remote work when employees are working less closely with each other. You can avoid duplication by assigning number batches to different staff, but that requires an extra layer of manual coordination, and it makes it more likely that you’ll have gaps in your invoice numbers (which in turn makes it harder to check for duplicates).

Online invoicing tools eliminate this problem by centralizing the invoice numbering system. Once you set up how you want the invoices to be numbered, the application ensures that all your invoice numbers are unique and continuous, even if multiple users are creating invoices concurrently. This eliminates gaps and duplicates, making it easy for you to find and match transactions.

4. Errors in transactions

Excel, as good as it is for calculation, can’t keep track of your customers and items. When you create invoices in a spreadsheet, these details are mostly copied from other sources, like emails or previous transactions. It’s easy for errors to happen during this copy-paste process, especially if you have a high volume of invoices. If you find one mistake, you can advise your team members to be more careful. But if you see these errors happening often, maybe it’s time to question the tool!

Online invoicing tools give you the option to save your customer and item details separately from the individual invoice. This means that while creating invoices, you just need to pick the right customer and select the products from a list. This eliminates a lot of the errors that can happen when you type these details each time manually.

If there are certain fields that must be filled in on all your invoices, an online invoicing tool allows you to actually make them mandatory.

In short, you are setting rules to make sure everything goes right. This ensures that your invoices are error-free when they reach the customer, even without having a second staff member review them.

5. Tracing errors

If you notice an error in one of your invoices that’s already been sent, it may have already caused a ripple effect and caused errors in other invoices too. When Excel is used for invoicing, it’s very difficult to figure out which invoices have been affected. If you can’t search your files for the specific issue involved in the error, tracking down the affected invoices is time-consuming at best, and at worst, may not even lead to finding them all.

Because online invoicing applications record a time-stamped history for each transaction you create and save everything in a centralized location, you have many more options when trying to track down an error. Once you notice an error in a transaction, you can cross-reference that with other transactions created around the same time, using the same new product, addressed to the same customer, created by a specific user, or anything else that may be involved in the error. Since online invoicing tools come with elastic search functionality, you have the power to narrow down your search based on any of these criteria.

Also, online invoicing applications offer something called an audit trail. It’s just a record of each version of the invoice so that you can compare two versions of the same invoice to see what has changed and when. As its name suggests, this can be very useful during audits, but it’s also helpful for tracking down errors.

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Right Time Tracking Tool Can Keep Your Business Ticking

6. Approval process

Many businesses have a process for approving sales transactions before they’re finalized. For example, the person who creates an invoice might run it by their supervisor, then by the sales manager, and only then send it out to the customer.

In companies that use Excel for invoicing, these approvals usually happen over email, which can consume a lot of time even under normal conditions. In a remote work environment, where team members can’t follow up on these emails with face-to-face conversations, you can end up with delayed invoices and even delayed payments.

An online invoicing application lets you define your approval hierarchy and have all of your invoices automatically sent to the next approver. At each stage of the approval process, the submitter and approver are notified about the invoice’s status, eliminating the need for follow-up calls and emails.

Does Zoho Invoice support barcode scanning? If yes, how does it work?

7. Project invoicing

If you charge customers based on the time you spend on their projects, Excel invoicing becomes more challenging. Each employee involved in the project has to log their time, then send it over for the AR team to apply the correct hourly rate and generate an invoice. For consultants who generate their own invoices, this whole workflow falls on one person; in larger organizations, it may be spread out among so many staff members that it creates another communication hurdle. In both cases, the manual calculations offer another opportunity for error.

Most online invoicing solutions come with extensive time tracking capabilities. If you employ temporary workers or independent contractors, you can give them access just to log their time without viewing any information about the customer or project. For your on-staff employees in leadership positions, you can use role-based access to allow them to view and manage the time entries of other users involved in the project.

The time that’s logged within your invoicing system can then be converted to an invoice with a much simpler process and no manual calculations. In addition, any billable expenses incurred during the project can also be included in the invoice automatically.

Overall, your online invoicing tool can act as the central hub for project information and keep project invoicing functioning like clockwork.

8. Invoicing on the go

How many times have you received calls from customers or colleagues with questions about invoices and payments when you are not at your desk? Keeping all your invoicing data in Excel requires you to have your laptop or PC access to even the simplest information. Since remote work increases the chance of anyone in your organization being away from their work computer, a mobile-friendly solution might come in handy.

Most online invoicing tools come with a mobile version. Though they might not have all the features of the desktop version, they enable your team members to perform a lot of basic operations on the go—whether it’s sharing a payment link, recording the payment for an invoice, or pulling up last month’s sales report.

Here’s your takeaway:

If you want your invoicing team to be productive while working remotely, one of the best things you can do is to have an online invoicing solution in place. This keeps all of your invoicing information in a single application, eliminating the need for hundreds of separate files. It also keeps everyone in the loop without distracting and back-and-forth email threads.

[/et_pb_text][et_pb_social_media_follow _builder_version=”4.9.3″ _module_preset=”default” text_orientation=”center” global_module=”10723″][et_pb_social_media_follow_network social_network=”facebook” url=”https://www.facebook.com/zoho” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#3b5998″ follow_button=”off” url_new_window=”on”]facebook[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”twitter” url=”https://www.twitter.com/zoho” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#00aced” follow_button=”off” url_new_window=”on”]twitter[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”linkedin” url=”https://www.linkedin.com/company/zoho” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#007bb6″ follow_button=”off” url_new_window=”on”]linkedin[/et_pb_social_media_follow_network][et_pb_social_media_follow_network social_network=”instagram” url=”https://www.instagram.com/business_tools_online/” _builder_version=”4.9.3″ _module_preset=”default” background_color=”#ea2c59″ follow_button=”off” url_new_window=”on”]instagram[/et_pb_social_media_follow_network][/et_pb_social_media_follow][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][/et_pb_section]

Is it possible to sync my CRM products in Zoho Invoice?

Posted on July 2, 2021 by admin

[et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”|auto|10px|auto||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-39px|||||”]Yes, Zoho CRM-Zoho Invoice integration supports two way product sync.

Navigate to Gear icon > Integrations > Zoho Apps.
From the Zoho CRM app listing, select Show Details.
Under Enable modules to be synced, you will find the Contacts and Item configuration.
Under the Item configuration, select Configure Now for setting up item sync for the first time, or click on Edit if already configured.
In the Sync Items page, you will have 3 section.

Extent of the Sync :
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Fetch from CRM – Select this option if you wish to sync Zoho CRM records into Zoho Invoice.
Sync both ways – Select this option if you want to have a two way sync of the record.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_image src=”https://blog.gotmenow.com/wp-content/uploads/2021/06/Zoho-Invoice-a-one-stop-solution-to-all-your-invoicing-requirements.png” alt=”crm” title_text=”Zoho Invoice – a one-stop solution to all your invoicing requirements” url=”https://go.zoho.com/KwD” url_new_window=”on” align=”center” _builder_version=”4.9.10″ _module_preset=”default”][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default” custom_padding=”||0px|||”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-56px|auto||auto||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]Handling Duplicate Records :

Clone – The record is cloned and both the original and duplicate records exist.
Overwrite – The duplicate record overwrites the existing record.
Skip – The duplicate record is not synced and the existing record is retained.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_image src=”https://blog.gotmenow.com/wp-content/uploads/2021/06/Make-payment-collection-a-breeze-with-Zoho-Invoice.png” alt=”crm” title_text=”Make payment collection a breeze with Zoho Invoice” url=”https://go.zoho.com/HzZ%20https://go.zoho.com/KwD” url_new_window=”on” align=”center” _builder_version=”4.9.10″ _module_preset=”default”][/et_pb_image][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_text _builder_version=”4.9.10″ _module_preset=”default”]Mapping Fields :

Field mapping for items in product sync is automated. Zoho CRM product fields are identified and automatically mapped to Zoho Invoice item fields.
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Q) I get the error message “File contains empty string as column header(s). Please check the content and try again.” when I try to import a .csv or a .xls file. What should I do?

The error may be caused because of an additional separator (Comma in the case of a CSV file, Tab in the case of a TSV file) or an empty column present on a particular line.

Remove the separator and empty columns and save the file. Finally, import the file into Zoho Invoice, match the corresponding fields and it should work perfectly fine

P.S: Also, while importing files or invoice integration , please make sure the columns do not have unnecessary separators(Commas or Tabs) or characters as this might lead to causing the above error.

[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_video src=”https://youtu.be/4g9T20wRdio” _builder_version=”4.9.3″ _module_preset=”default”][/et_pb_video][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-58px|auto||auto||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

Q) Can I upload images and add SKU information to my items?

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]The first step in doing this would be to enable the option from the Preferences section. In order to do that, kindly follow the steps mentioned below:

Click on the Gear icon present on the top-right corner and select Preferences -> Items
Scroll down to the Additional Information section. Select the checkboxes under Enable against SKU and Item Image to enable these additional fields while creating an item.
Select Show in all PDF option if you wish to display SKU or item image in the Invoice PDF.

Your content goes here. Edit or remove this text inline or in the module Content settings. You can also style every aspect of this content in the module Design settings and even apply custom CSS to this text in the module Advanced settings.

Click on the Save button for the changes to take effect.

Once this is done, whenever you create/edit an item, you will be able to upload an image and enter SKU information.
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When I export my invoices as PDF, my items are not shown. Why is that?

Posted on July 1, 2021 by admin

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If you’re using foreign characters (such as Chinese, for example) on your invoice, you need to make sure the template you’re using in Zoho Invoice for this transaction, supports these characters. This will ensure that these characters are supported when the invoice is printed or exported as a PDF.

Click the Gear icon on the top right of Zoho Invoicing software and select Templates sub-tab. Hover over the template you’re using and click Edit.
Under Template Properties, select the font of your choice from the drop down under PDF font.
As you flip through the font styles, a pop up at the bottom announces the language that particular style supports (Chinese, Japanese etc.). This will assist you in selecting the right font style. Save your changes before proceeding.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”|auto|-16px|auto||”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_image src=”https://blog.gotmenow.com/wp-content/uploads/2021/06/Zoho-Invoice-a-one-stop-solution-to-all-your-invoicing-requirements.png” alt=”invoices” title_text=”Zoho Invoice – a one-stop solution to all your invoicing requirements” url=”https://go.zoho.com/KwD” url_new_window=”on” align=”center” _builder_version=”4.9.10″ _module_preset=”default” custom_margin=”-18px|||||”][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.10″ _module_preset=”default” custom_margin=”-29px|||||”]

Q) Can I specify item prices in currencies other than my base currency in Zoho Invoice?

Yes, In Zoho Invoice you can. Simply create a price list and select the option Enter rate individually. Here, select the desired currency and go on to specify the individual prices for each item. You can now associate this price list to a customer and carry out transactions with him in this currency in .

To do all of the above said, please follow the below mentioned steps:

Click on the gear icon (settings icon) and select Preferences > Items > select Would you like to enable Price Lists? and click on the Save button.
Now go to the Price Lists module on the left pane. Click on the + icon to go to the price list creation page.
Give a name, select Enter the rate individually for each item in Item Rates and choose the currency.
In the item table you can enter the customized rates for the items.
Click on the Save button.
Now go to the Contacts section, click on the Edit button and associate this price list to the contact.

By doing so, whenever you create a transaction for that contact, chosen items will possess the custom rates.

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Q) I would like to provide additional information about my item and display them on my invoices. How do I do that in Zoho Invoice?

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.10″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.10″ _module_preset=”default”][et_pb_image src=”https://blog.gotmenow.com/wp-content/uploads/2021/06/Make-payment-collection-a-breeze-with-Zoho-Invoice.png” alt=”invoices” title_text=”Make payment collection a breeze with Zoho Invoice” url=”https://go.zoho.com/HzZ%20https://go.zoho.com/KwD” url_new_window=”on” align=”center” _builder_version=”4.9.10″ _module_preset=”default”][/et_pb_image][/et_pb_column][/et_pb_row][/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default” custom_margin=”-75px||7px|||”]

The default input fields you come across while creating an item such as the item name, price, etc. is designed to capture information that is common to all businesses. But, apart from the available fields, you would want to store additional information that is unique to your business. Custom fields for items will allow you to do that.

With custom fields in the invoicing software, you can receive input in different forms such as number, text, email, etc.

To create custom fields for items,

Click on the Gear icon on the top-corner of the page and select More Settings.
Under Settings head to Preferences and click on Items.
Click on the + New Custom Field link present under the Additional information section.
A pop-up will appear on the screen.
Enter the name of the custom field in the Label Name field and choose appropriate datatype (Number, Text, etc.)
- Now, choose whether you want this input field to appear while creating a transaction.
- Once done, you can choose whether you wish to display the custom field and its value by configuring the Show in all PDF section.
- Click Save to add your newly created custom field.

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How can we edit an existing tax rate?

Posted on June 30, 2021 by admin

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Edit an existing tax rate

Let’s see the steps for edit the existing tax rate

Click on the Gear icon found on the top right hand side corner of the screen and click on Taxes from the drop-down.
In the Edit Tax screen, edit the desired fields such as Tax Name, Rate and select if it is a compound tax.
Click Save for the changes to take effect.

How do we change the tax amount for an expense manually?

If this tax has already been applied in some transactions, you will asked to confirm if you wish to update the new tax rate in those transactions as well.

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