What is better, Heroku or DigitalOcean?

Posted on August 27, 2021 by admin

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Heroku or DigitalOcean?

In short, DigitalOcean is usually what you want or will eventually want but you may consider Heroku in certain circumstances.

Heroku is like cPanel PHP/MySQL hosting (e.g. GoDaddy hosting) but it provides a web UI that is a huge leap beyond cPanel and provides support for Node.js, Python, MongoDb, microservices and lots of other interesting, useful, cool and enterprise worthy software. The advantages over DigitalOcean (which are similar to cPanel advantages) are:

No need to perform OS upgrades
No need to manually install applications from command line
Much easier to configure applications and usually no need to troubleshoot
Configuration consistency
Backups (well, sort of)
Scaling “in the middle”

Heroku advantages to DigitalOcean

Let’s see how much of a disadvantage that these are on DigitalOcean.

1. DigitalOcean comes with an OS pre-installed so you are only responsible for OS updates and upgrades. OS updates usually only take a few minutes per month and the only impact might only be down for a 20 seconds if you decide to reboot. OS upgrades are more serious but maybe only occur 1 – 2 per year.

They can slow down the VM for an hour, force reboots and can break your application temporarily (e.g. after Apache was upgraded, I saw the PHP extension was disabled so I had to fix that quickly). It’s hard to remember to update the OS and annoying to have to quickly fix the occasional issue that breaks your app (which is why you don’t do automatic updates). Heroku can handle these upgrades seemlessly. It’s an advantage but it is worth choosing Heroku for that? No.

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

2. On DigitalOcean, you have to install your own servers. This is a one-time cost and can usually be done in a day . if you haven’t got absolutely crazy with your architecture. Installing Linux packages is pretty easy and error free these days. And, you only need to do it once. Heroku takes care of this for you. Is it worth it to pay month after month to save a day? No.

3. When you install your servers on DigitalOcean, you have to edit the configuration files and get everything working. The main stuff usually works but I had a sendmail application configuration issue the lingered for 4 months. On Heroku (and even cPanel!), I would not have to contend with this issue.

It was a lot of hair pulling but I figured it out and, once I figured it out, I’ll always have the answer. Maybe it’s worth it to use Heroku for a while if you want to focus on development instead of fixing these kind of issues. Maybe.

4. If you grow a lot, you will need to upgrade your VM. DigitalOcean currently requires you to move your app from the old VM and reinstall everything on the new VM. This is a hassle and, if you have been sloppy, you’ll have to recover and reapply all the tweaks that you made and forgot about on your original VM.

If you need multiple VMs, their configurations can diverge unless you are careful. Bu Heroku’s UI makes your configuration much more vanilla, consistent and upgradable. But, still, you have to grow A LOT. Many apps will never outgrow the original VM.

5. Heroku takes care of backups BUT you should not rely on it. You need to do your own backups, period. If Heroku loses your data, they will still be in business but you may not.

What is a droplet on Digital Ocean?

6. If your app runs on a single VM for a while, you don’t need scaling. You can casually upgrade your VM as you see the problem coming. If you are Google, Heroku won’t be able to handle you.

Heroku’s scaling only matters in the middle: you are growing fast enough that Heroku’s scaling helps you keep up but, if you grow too much, you’ll have to migrate to DigitalOcean or AWS after a huge amount of trauma. This is what happened to RapGenius: Heroku helped them grow in the middle but then broke when they outgrew it.

So, I see Heroku as having limited usefulness. It’s good for prototypes. It may help a growing app at a certain point in its growth. But, for the most part, it’s better to skip Heroku because either DigitalOcean is easy enough or, in a few cases, you’ll be forced to migrate away from Heroku in a traumatic fashion. The Heroku premium price rarely makes sense. Still, Heroku is popular and people still choose it, even if it isn’t the best choice.

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Audit Procedures for Accounts Receivable

Posted on August 24, 2021 by admin

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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.

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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What exactly do cloud services like Digital Ocean and AWS do?

Posted on August 18, 2021 by admin

What Cloud Services Do

Companies don’t use cloud services based on the levels of traffic but based on the ease of using cloud services. The amount of traffic doesn’t matter, it is you who decides whether or not to use cloud services. Do you really want to go through the struggle of building a server room for your application with regular maintenance or just use a cloud service. But the advantage of using cloud services is elastic scaling which means you can add and remove servers based on your needs, in you case based on traffic.

The major benefits of using cloud services are elastic scaling, no restrictions on backend technology stack ( I’ve noticed some web hosting companies have restrictions) and you can see what’s going on in your server as you’ll have access to it and you can debug in case if there is a problem.

Basically using cloud services is like building a server farm without worrying about the hardware maintenance.

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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.

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.

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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Zoho Account to access the client portal

Posted on August 18, 2021 by admin

Do customers need a Zoho Account to access the client portal?

It is not necessary for your customers to have a Zoho account. Once you send an invitation to your customers to access the portal, upon accepting the invitation they can login to the portal by using the email address with which they were invited.

Can we delete the comments added in the client portal?

No, you cannot delete comments added in the client portal.

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How do we check if our client has viewed the estimate/invoice have sent him?

You would receive a notification in the bell icon on the top right corner stating that your customer has viewed the invoice/estimate.

Also you can simply click on the particular estimate or invoice and check if it has been viewed by the client. A tiny eye icon on the right corner suggests that the client has seen it.

Alternatively, go to the estimate or invoice tab on the home page of Zoho Invoice. Click on the drop down next to All estimates or All Invoices and select Client viewed.

You can now see only the client viewed estimates/invoices.

Will be able to change customer’s email address? Will he now able to view the old invoices in the client portal?

Yes, you can change the email address of a customer. Send him a portal invitation again using the new mail ID, using which he can create a password and log back into the portal. Once this is done, he can view all old invoices you’ve sent him

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Client portal Contacts

Posted on August 18, 2021 by admin

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Whenever, you enable portal access, an invitation mail will be triggered automatically from Zoho Invoice. Your customers need to accept this invitation in order to access the portal.

To enable the client portal for a contact for the first time, in the Contact Details Page, under the Overview tab, scroll down and click on the Enable Portal option that appears on the left bottom.

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In the pop-up that follows, you will have to select the contact persons, to whom you wish to grant portal access.

Also, you can Set Password for your client’s portal, which they can reset later.

You can also re-invite your contact to the portal. To do this please follow the below steps:

Go to Contacts tab and select the appropriate contact.
On the bottem left of the Overview tab you will find Contact Persons list.
Click the gear icon next to the contact person you wish to Reinvite and select the said option.

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An invitation mail with a link to set up a password will be sent to the contact person. On clicking the invite link, Zoho Invoice will open up another page where your client can create a password to login to your portal. Once they login, they can view their invoices, estimates, payment history and make payment via secure payment gateways.

You can also Set Password for your client’s portal, which will be sent to them in the invitation mail, along with the Username.

To Set Password for client portal :

Click the gear icon next to the contact person’s name on the Overview tab of the contact details page.
Click Edit
You will find Set Portal Password in the pop-up that follows.

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Can I grant portal access to multiple contact persons ( under the same contact ) with the same email id?

No. When a contact has multiple contact person(s), client portal access can be given to each person ONLY IF :

Each contact person has a different email id.

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When I comment on a document and mark the “Display in client portal” option, will my customer receive an email?

Yes, they will if you’ve enabled this under settings.

Go to Settings – Preferences – Branding – Portal Settings
Check the box Send a notification email when I comment on invoices/estimates and hit the Save button at the bottom of the page.

Your customers will now receive notifications when you comment on their estimates and invoices.

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My client is trying to enter his Zoho credentials for the portal but it is not going through. What’s the issue?

No, your client’s zoho credentials are not to be used in order to log into the client portal.

When you send a portal invite to the email address of your client and they accept it, they will be requested to create a new password using which they can log into the portal you’ve invited them to. Their Zoho credentials has no relevance to this, and even clients without a Zoho account can log into your portal using their email ID and the password they created.

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What is Journal & Ledger in Accounting and Bookkeeping?

Posted on August 17, 2021 by admin

Every business that does bookkeeping needs to record its transactions somewhere. When you have multiple customers and vendors, it can be a hectic task to consolidate all your sales and purchases in just a notebook. You need organization, so when tax or audit season rolls around, you are not left scrambling at the last minute. Transaction records are important because they are proof of how your money is being exchanged, how regularly, and with whom. But where do you record the movement of money to and from your business? Also, how do you record uncommon transactions like depreciation, bad debt, and the sale of assets? This is where journals and ledgers come into play. Read on to find out more about them and how you can use them for your business.

The journal. What is it?

The journal is also known as the book of original entry. It is where a business transaction is recorded when it first happens. A journal can be physical or electronic, and sales, purchases, or any movement of money to or from your business is recorded in chronological order. A journal contains the following information:

The date of the transaction
The account or accounts that are debited, and the amount involved
The account or accounts that are credited, and the amount involved
A short description and reference of the transaction

The golden rules of accounting

Every journal entry that is made must follow the golden rules of accounting. These rules apply to three specific accounts. Let’s define these accounts and take a look at their associated rules:

Real account – an account that pertains to assets and liabilities.

Golden Rule: Debit what comes into the business, and credit what goes out of the business.

Personal account – includes all accounts related to individuals, firms, and associations.

Golden Rule: Debit the receiver, and credit the giver.

Nominal account – related to all income, expenses, losses and profits.

Golden Rule: Debit the expense or loss, and credit the income or profit.

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Journal entries – format & example

Using the accounts and rules above, let’s see how entries are made in the journal.

On March 5th, you buy furniture for your office worth $5,000 in cash. The furniture is considered an asset, so this is affecting the real account. The golden rule states that assets are debited, so you add $5,000 to the debit column of the journal. An equal credit must be recorded to the cash account, so you add $5,000 to the credit side of the journal. Finally, you note down the description of the transaction as a purchase of furniture worth $5,000.

On March 30th, the nominal account was debited for salary expenses, and the business’ bank account was credited to reflect that. You can see that the transactions entered in the journal follow the golden rules of accounting.

The ledger. What is it?

The ledger is also known as the book of second entry or the principal book of accounts. The ledger contains the chart of accounts, which is the list of all names and account numbers in the ledger. The ledger is given special importance by auditors and must be “balanced,” where the total debits always equals the total credits. If the debits outweigh the credits, it is called a debit balance. If the credits are more than the debits, there is a credit balance.

Ledger entries – format & example

Transactions in the journal are grouped by accounts in the order of assets, liabilities, equity, income, and expenses. They are then transferred to the ledger. Ledger entries appear in the order of accounts compared to the journal’s chronological order.

What comes after the journal and ledger?

After you have categorized transactions into corresponding accounts and recorded them in your ledger, you must check if your books are balanced. The trial balance helps you with that. It shows the ending balances of all your accounts as they appear on the balance sheet. The trial balance contains a description, account number, account name, debit balance, and credit balance. Once information from the ledger is consolidated into the trial balance, it is easy for your accountant to spot imbalances between debits and credits. It is concise, orderly, and helps remove discrepancy, proving to be a handy tool in keeping your books balanced.

Your books are balanced. Now what?

Once your books are balanced, it is time to generate financial reports to better understand how your business is performing. Every business must be aware of its growth and where it stands at any given point in time. Financial reports provide this insight. The cash flow statement depicts your cash flow trends by showing you how money moves in and out of your business. The balance sheet tells you how much your business owns, how much it owes, and its shareholder’s equity. The income statement, or profit and loss statement, focuses on the revenue gained and expenses incurred by a business over time. These are the three reports that businesses must pay most attention to.

The importance of journals and ledgers

Why is there so much emphasis on using journals and ledgers? The answer is simple. You can accomplish your bookkeeping goals easier when you have complete records of all your transactions. Financial statements like the cash flow statement, balance sheet, and income statement provide vital information about your business trends, and they can only be generated by using information from journals and ledgers. Recording and tracking uncommon transactions like depreciation, bad debt, and the sale of assets are made easier with journals. Journals and ledgers also help you to capture both the debit and the credit sides of transactions. This is often overlooked when companies do not use books.

The bottom line

Recording business transactions forms the core of your bookkeeping. It does not make sense to record them only when taxes and audits are around the corner. Ensuring accurate accounts of your business requires diligent upkeep of journals and ledgers. They are important and useful tools that keep you on track and allow you to set performance goals. Most importantly, they help you as a business owner to understand your company’s financial operations so you can assess growth and maintain a healthy and thriving organization.

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Configure webhooks for Razorpay?

Posted on August 16, 2021 by admin

Why should I configure webhooks for Razorpay?

Razorpay supports receiving payments through multiple payment modes. If you have set up Razorpay in Zoho Invoice, your customers can make payments for invoices through the Client Portal. When the customer clicks the Proceed to Pay button, a Razorpay pop-up will open from which they can select a payment mode and make the payment. Once the customer authenticates the payment through OTP or other methods, the amount will be deducted from the customer’s account. Next, Razorpay will notify Zoho Invoice for the payment to be recorded. However, the notification to record the payment in Zoho Invoice might fail as explained in the cases below. So, configuring a webhooks for Razorpay ensures that Zoho Invoice is notified about the payment statuses and payments do not fail to be recorded.

Case 1: Mobile browser and UPI/Wallet payments

Let’s say, your customer opens the payment URL in a mobile browser and chooses to pay via Wallet or UPI payment mode. They will be redirected to one of the mobile apps to make the payment. Once they make the payment, the payment status will be Authorised and if they return to the payment initiation screen, the payment will be captured and recorded in Zoho Invoice. However, if the customer does not return to the payment initiation screen, their payment will be in Authorised status and the payment may never be recorded in Zoho Invoice. Moreover, if the payment stays in the Authorised status, Razorpay will initiate an auto-refund of the payment based on the Default Speed of Refunds you’ve configured.

In this case, configuring the webhook ensures that the payment status is passed on to Zoho Invoice, even if your customer does not return to the payment initiation screen.

Case 2: Late authorisation

One of your customers makes payment via Net Banking. However, due to a delay in payment authorisation response from the bank to Razorpay, the transaction times out and the payment status is updated as failed. Later, the payment could become a success and the bank might send a success message to Razorpay.

Configuring the webhook ensures that Zoho Invoice receives this success message and a payment is recorded in Zoho Invoice.

Is Razorpay PCI compliant?

Yes, it is PCI compliant.

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Are international credit cards supported?

Yes, Razorpay supports international credit cards.

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Payment modes for Zoho invoice- Razorpay

Posted on August 16, 2021 by admin

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What are the payment modes supported by Razorpay? Can I accept reccuring payments too?

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Razorpay supports payments through all the major debit and credit cards, UPI Payments, 50+ netbanking banks and popular wallets like : Mobikwik, PayUmoney, FreeCharge, Airtel Money, Ola Money and PayZapp.

You can accept recurring payments from your customers when you integrate your account with Razorpay. Your customers can use their credit cards to make payments to you for the recurring invoices.

However, this will be initiated from our end, and this will depend on your line of business and other factors considered by Razorpay. Enabling recurring payments is totally at the discretion of the payment gateway and partner banks.

If you’d like to enable this for your organization, send us an email at support@zohoinvoice.com with your Razorpay Merchant ID and we’ll be glad to assist you.

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Does Razorpay offer sandbox environment?

Yes. Sandbox or test account can be used to test your integration without having to actually charge credit cards. The Test Environment is an exact copy of the Production Environment, except credit cards and bank accounts are not actually charged.

Note: Make sure that you use Sandbox credentials for Sandbox account and Live credentials for Live account.

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Will my customers be prompted for OTP while making auto-recurring transactions?

For auto recurring transactions, your customer will have to go through a Two-Factor-Authentication Process, for the first transaction. This process will include a verification by either an OTP / Mastercard Secure password / Verified by Visa Password.

After that they will have to consent that all subsequent payments can go through without an OTP.

Users will be notified about the payment in the transaction statement generated.

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How do I refund a payment?

To refund a payment,

Head to Razorpay website and login using your credentials.
Next, click on the payment from the list which you want to refund under the Payments Received tab.
Click on Refund Payment button at the bottom.
In the dialog box that appears next, click on OK to refund the full amount or check Partial Refund to refund partial amount.

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Can I receive payments without activating my account?

No, you cannot receive payments without activating your Razorpay account.

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What currencies are supported by Razorpay in Zoho Invoice?

Currently, Razorpay supports only INR (Indian Rupees).

Note: Only the organizations with India as their country will be able to setup Razorpay as their payment gateway.

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All details about Razorpay account

Posted on August 16, 2021 by admin

How does this Razorpay – Zoho Invoice integration work?

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Here is a basic process flow of how the product will work:

The customer signs up on your platform for the service and selects a plan for a timely subscription.
At the time of the first payment, he fills up the card details and agrees to apply recurring payment through a checkbox.
If the customer has an Indian issued credit card, the first transaction will go through a standard 2FA flow (OTP / Mastercard Secure password / Verified by Visa Password)
If an international customer, the transaction will go through without 2FA.
Through backend APIs, at the initiation of the transaction, you can let us know transaction characteristics like amount, schedule and the duration of the recurring plan.
On the specified date, we automatically debit (without any intervention from the customer) the specified amount from the customer’s credit card and send them a confirmation of the same.

How to create a razorpay account?

To create a Razorpay account, please click the link below, to the Razorpay Signup page

How to setup Razorpay?

To set up Razorpay, click the Gear icon > Integrations > Online Payments. Click on the Setup Now button under Razorpay and enter the information required and click on Save. As of now, Razorpay is supported only for organizations with India as their country.

To get Merchant ID,

Login to your Razorpay account and verify that you’re in Live Mode.
Next, your Merchant ID will be displayed at the top.

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To get Key ID,

Login to your Razorpay account and verify that you’re in Live Mode.
If you’ve already generated the API Keys, you can find your Key ID under API Keys tab at the bottom-left of the dashboard.
If you haven’t generated the API Keys yet, click on the Generate Live Key button to get your Key ID and API Key (Key Secret).

To get API Key aka Key Secret,

The API Key aka Key Secret will be displayed only once when you first generate your Api keys. So, it cannot be retrieved unless you saved them.
If you didn’t save your API Key, then the only way left is to regenerate the Api Keys by clicking on the Regenerate Live Key button under the Api Keys tab and the API key and Key ID (Key Secret) will be displayed on a pop-up. If you regenerate your Api Keys make sure to use the newly generated Key ID and API Key while integrating with Zoho Subscriptions.
So, with that said, if you haven’t generated the API Keys yet, click on the Generate Live Key under button under API Keys tab at the bottom-left of the dashboard to get your Key ID and API Key (Key Secret).

Note:* It is advised to save your API Key and Key ID (Key Secret) by downloading them because Key ID will not be displayed again anywhere inside the Razorpay account.

How do I get my Razorpay API credentials?

Login to Razorpay account and click on Api Keys tab from the left pane. Next, click on Generate Live Key button to generate your live API key.

Note: Your API key will be displayed at the top banner.

What is the per transaction fee?

For domestic cards, the fees charged is always 2% along with service tax of 15%.

For international, Diners and Amex cards the fee charged is 3% along with the service tax of 15%.

Note: In both the cases, the service tax of 15% is charged on 2%.

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In what frequency the settlement will be made?

Here is a Merchent Settlement process and details as given by Razorpay.

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Heroku or DigitalOcean?

Heroku advantages to DigitalOcean

What is auditing accounts receivable?

The objectives of an AR audit

Procedure for auditing accounts receivable (AR)

Inspecting customer orders

Comparing receivable reports with the grand total

Matching invoices to shipping log

Confirming receivables

Reviewing cash receipts

Reviewing credit notes

Trend analysis

Preparing for the audit

Get audit-ready in no time

What Cloud Services Do

Q. What is the Import One Stop Shop?

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

Q. What changes does IOSS bring?

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

b) Marketplaces will become deemed suppliers

c) Customs clearance becomes easier

Q. Who can use the IOSS?

Q. Is IOSS mandatory?

Q. How does IOSS affect me as a seller?

Q. How can I register for IOSS?

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

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

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

Do customers need a Zoho Account to access the client portal?

Can we delete the comments added in the client portal?

How do we check if our client has viewed the estimate/invoice have sent him?

Will be able to change customer’s email address? Will he now able to view the old invoices in the client portal?

How can our customers login to the client portal?

Can I grant portal access to multiple contact persons ( under the same contact ) with the same email id?

When I comment on a document and mark the “Display in client portal” option, will my customer receive an email?

My client is trying to enter his Zoho credentials for the portal but it is not going through. What’s the issue?

The journal. What is it?

The golden rules of accounting

Journal entries – format & example

The ledger. What is it?

Ledger entries – format & example

What comes after the journal and ledger?

Your books are balanced. Now what?

The importance of journals and ledgers

The bottom line

Why should I configure webhooks for Razorpay?

Case 1: Mobile browser and UPI/Wallet payments

Case 2: Late authorisation

Is Razorpay PCI compliant?

Are international credit cards supported?

What are the payment modes supported by Razorpay? Can I accept reccuring payments too?

Does Razorpay offer sandbox environment?

Will my customers be prompted for OTP while making auto-recurring transactions?

How do I refund a payment?

Can I receive payments without activating my account?

What currencies are supported by Razorpay in Zoho Invoice?

How does this Razorpay – Zoho Invoice integration work?

How to create a razorpay account?

How to setup Razorpay?

To get Merchant ID,

To get Key ID,

To get API Key aka Key Secret,

How do I get my Razorpay API credentials?

What is the per transaction fee?

In what frequency the settlement will be made?