Lesson – 3

Lesson – 3

Receivables Module and Payable Module

What is Sales Quotes?	Quotation submitted to customer
What is Sales Order	Quotation is accepted by the customer
What is Sales Invoices	Accounting Transaction took place
What is Sales Invoices Adjustment	Return of Goods Credit Memo
What is Receipts	Payment by Customer
Can a sales Journal be customized?	Yes – Customize Journal - Column
How to enter transaction in Receivables?	Receivables – Make selection n Post
Can we use Client Order to Issue Invoice	Yes, Client Quotation can be converted into Order Client Order can be converted into Invoice
What are the main points we should know and keep focus on before entering Sales Transactions into Receivables Module.	1. Sales Invoices are numeric so do the Cheques 2. Item column is only used when business related transactions occurred otherwise leave it blank. 3. If purchase/Sales Invoice is not business related then use the correct Account where to belong. Sales Invoice under Receivable Module have 5 mode of payment Method: 1, Pay later 2. Cash 3. Cheque 4. Debit Authorization 5. Credit Card
When can we be more proficient	If client pay the invoice on the spot, we need not to duplicate the work by: 1. Issuing Client Invoice first and then 2. Receiving Payment after: rather We should choose mode of payment when issuing Client Invoice not Pay later.
Can Sales Quote be converted to Sales Order	Yes – Look up – Convert
Can Sales Order be converted to Sales Invoice	Yes – Look up - Convert
How to journalize sale return?	Use minus quantity for items Use minus amount for service Used the same Invoice Number with addition of RT for Return or CM for Credit Memo
How to enter payment in Receipts Journal?	Receivable – Receipts Journal – make selection n Post Special care for Discount, Terms and Deposit
How to Add a new Customer?	Define if the customer is: One time customer or Regular Customer
How to print report?	Report Centre – Display – Modify
	Payable/Vendor Module -  4 Payment Type: Vendor Payment Credit Payment Expenses Payment Remittance Payment
What is HST on Sales?	Collected from our clients
What is HST On Purchase?	Paid to our vendors
When to making payment to Receiver General or When to Ask for refund?	we need to see if Collection is more than what we paid then we need to make payment if Collection is less than what we paid the we need to claim for refund.