By default, an individual account’s start date is the start of the current financial year. You can visit the Account edit page from Chart of Account and change the account start date to any desired date in the past. Also, Previous year data means the closing balances of the last financial year ending, balances are …
How to enter the previous year’s data in Envoici? Read More »
Let’s see how to record the purchase of Fixed Assets Step 1: You need to create an account for Fixed Assets through Accounting > Chart of Accounts Like shown in the above image, fill in the details : Account Name : Enter the name for the Fixed AssetAccount Group : Select Fixed Asset from the …
“ Term Loan” refers to the terms and conditions involved when borrowing money. This can include the loan’s repayment period, the interest rate and fees associated with the loan, penalty fees borrowers might be charged, and any other special conditions that may apply. Under Envoici to record term loan, follow the given steps: Step 1: …
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. How to record Salary? In Envoici this can be done as a first step, creating the Salary account. Go to Accounting > Chart of Accounts > New Account Fill in all the details …
Capital is the amount invested in the business in order to further grow it, or which is invested in the business to start a new business. Drawings are the withdrawals by the owners of the business from the business for personal use. How to record drawings from capital? The Account for capital and cash/bank are …
Depreciation on fixed asset: What is depreciation?The monetary value of an asset decreases over time due to use, wear and tear or obsolescence. This decrease is measured as depreciation. Machinery, equipment, currency are some examples of assets that are likely to depreciate over a specific period of time. How to record depreciation in Envoici? Step …
Bad debt refers to loans or outstanding balances owed that are no longer deemed recoverable and must be written off. This expense is a cost of doing business with customers on credit, as there is always some default risk inherent with extending credit. How to Record Bad debts and Bad Debts Recovered Step 1: Create …
How to Record Bad Debts and Bad Debts Recovered in Envoici Read More »
Step 1: Create AccountGo to Accounting > Chart of Accounts > New Account Fill in all the details: 1. Enter the account name – Provide the name of the new account head in name. 2. Select account group from the drop down – Select the corresponding group for the new account head in Group drop …
Let’s see how we can change the sequence number for vouchers. Please follow the path Settings > Custom Field & Preferences Section You can set the preferences for various vouchers such as Estimates, Income, Purchases, Expense, Receipts, Purchase Order, Debit Note, Credit Note, Invoice returns and many more. Select the voucher name from the drop …
Here is how you can track and manage business expenses with Envoici. Follow these steps if you have already paid for the expenses and now want to record the transaction details. Step 1: Go to Expenses -> Record Expenses screen when you login to your Envoici account Step 2: Click on New Expense button Step …
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