Page 24 - KIA Proposal v5

FiNAC - Software Solution

6.6 Accounts Receivable

Maintaining multiple currency for debtors - Reports can be generated in foreign currency or local
currency.

Create and maintain an unlimited number of debtors

Maintaining Active and Inactive Debtors
Create and maintain unlimited debtor categories/ groups (Rank wise, Regional name wise).

Maintain customer wise price structure.
Tracking credit limits and credit periods for each debtor - If the customer exceeds the credit limit or

credit period, the system prevents further invoicing by alerting the user.
Creates Debtors and commercial information such as: contact details (Debtor's company name, address,

contact person, Telephone No, Fax No., VAT Registration No and e-mail address and etc).
Creates Debtors along with the opening balance break downs - User can maintain invoice break downs

of the opening balances along with all relevant information.
When trying to set off credits, all outstanding invoices, debit notes and return cheques are shown with

the balance outstanding amounts.
Supports unidentified credits processing

Credit Allocation - (FIFO or Manual) - Receipts can be set off against invoices or debit notes using either
of two methods. The user can decide which invoice to settle from the outstanding list, or if automatic

set-off is selected the receipt amount is deducted from the oldest invoice first.
Maintain transactions with Auto or Manual Serial Numbering Systems – If required the user can enter a

manual number against the system generated number.
Parameterized taxing methods (e.g. NBT + VAT).

Settlement Discounts - When invoices are settled within a stipulated period, a special discount can be
given through credit notes.

Tracks and deducts advance receipts - An advance listing is given for unallocated advance receipts.
Automatic calculation of gain and loss.

Facility to accept bank charges at the time of transaction.

Facility to settle invoices in both foreign and local currency
Accepting Part Settlement, Over Payment for Invoices and Debit Notes.

Multiple settlements against one Invoice or Debit note.

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