This involves tracking money that your business is owed by customers.

• 1. Opening Invoice: Create and send invoices to customers for goods or services provided. This records the amount owed by the customer.
• 2. Receipt: Record payments received from customers. This ensures that the outstanding balance is updated and the transaction is complete.

This involves tracking money that your business owes to vendors or suppliers.

• 1. Vendor: Maintain a list of vendors or suppliers your business works with. This includes their contact details and payment terms.
• 2. Payment Voucher: Create a payment voucher to authorize and record payments made to vendors. This ensures proper documentation of outgoing payments.
• 3. Vendor Invoice: Record invoices received from vendors for goods or services purchased. This helps track what your business owes.

The ledger is a record of all financial transactions in your business.

• 1. General Ledger: A complete record of all financial transactions, organized by accounts (e.g., sales, expenses, assets).
• 2. Sub-Ledger: Detailed records for specific accounts, such as accounts receivable or accounts payable. These are summarized in the general ledger.

Bookkeeping involves recording and organizing all financial transactions in your business.

• 1. Recording Transactions: Enter all financial transactions (sales, purchases, payments) into the accounting system.
• 2. Categorizing Transactions: Organize transactions into categories (e.g., income, expenses) for accurate financial reporting.

This process ensures that your business records match your bank statements.

• 1. Compare Records: Match transactions in your accounting system with those in your bank statement.
• 2. Identify Differences: Find and resolve any discrepancies, such as missing transactions or errors.

eInvoices are digital invoices that comply with government regulations.

• 1. Create eInvoice: Generate an electronic invoice using your accounting software.
• 2. Submit to Portal: Send the eInvoice to the government portal for approval and compliance.

Credit Notes (CN) are used to adjust or cancel invoices.

• 1. Create Credit Note: Issue a credit note to correct errors or process returns.
• 2. Submit to Portal: Send the credit note to the government portal for compliance.

Self-billed invoices are created by the buyer instead of the seller.

• 1. Generate Invoice: The buyer creates an invoice for goods or services received.
• 2. Record and Submit: The invoice is recorded in the accounting system and submitted for payment.

Financial statements provide a summary of your business's financial performance.

• 1. Income Statement: Shows revenue, expenses, and profit or loss over a period.
• 2. Balance Sheet: Displays assets, liabilities, and equity at a specific point in time.
• 3. Cash Flow Statement: Tracks the flow of cash in and out of the business.