Accounting Entries

How to enter the previous year’s data in Envoici?

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 …

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How to record Secured Term Loan in Envoici

“ 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: …

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How to record Depreciation in Envoici

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 …

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How to Record Bad Debts and Bad Debts Recovered in Envoici

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 …

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