Page 28 - KIA Proposal v5

FiNAC - Software Solution
6.7 Accounts Payable

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

Create and maintain an unlimited number of creditors
Maintaining active and inactive creditors
Create and maintain unlimited creditor groups.

Maintaining creditors’ age wise analysis with user definable age groups.

Creates Creditor and commercial information such as contact details (Creditor's company name,
address, contact person, Telephone No, Fax No, VAT Registration No and e-mail address etc)

Creates Creditors along with the opening balance break downs - User can maintain invoice break downs
of the opening balance along with all relevant information.

When trying to set off credits, all outstanding GRN, Credit notes and Supplier invoices are shown with
the balance outstanding amounts.

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

automatic set-off is selected the payment 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.
Settlement Discounts - When GRNs are settled within a stipulated period, a special discount can be given

through debit notes.
Supports unidentified credits processing

Accepting Part Settlement on GRN and Credit Notes.
Multiple settlements against one invoice or credit note.

Ability to define late payment charges through credit notes.
Parameterized taxing methods (e.g. NBT + VAT)

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

Facilitates the settlement of invoices in both foreign and local currency
Cheque printing module is integrated with payments & advances.

Maintain creditor’s outstanding - Each supplier's online balance is maintained.

Maintaining supplier cash advances, Advance refunds, Overpayments and Allocation overpayments
against Invoices or Credit notes.
The System handles;

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