01 - Overview

Income and Expenses represent the two primary financial flows that impact profitability and cash position.

• Income refers to money received from customers through invoices or direct receipts.
• Expenses refer to money paid out to vendors through bills or direct payments.

Invoice:

An invoice is a financial document that details the sale of goods or services, including the amount due, payment terms, and taxes, serving as a record for sales, payments, and tax purposes.

The Invoices module helps you create and manage sales invoices issued to customers for products or services sold. Each invoice serves as an official request for payment and typically includes:

• Customer details
• Invoice date and due date
• Products or services sold
• Applicable taxes
• Terms and payment instructions

Invoices can be created manually or generated automatically for recurring transactions. Once issued, they appear under Accounts Receivable until the payment is received.

The system supports:

• Partial or full payments
• Credit note adjustments
• Automated matching of receipts using AI
• Aging reports to monitor overdue invoices

Tracking invoices ensures better revenue visibility, payment follow-up, and customer account management.

Bills:

A Bill is a document that indicates the amount you owe your vendors for the goods or services you buy from them. 

The Bills module allows you to record and manage all purchase-related expenses from vendors. When you receive a product or service from a supplier, you can create a bill to record the liability. Each bill can include details such as:

• Vendor name
• Bill date and due date
• Line items for products or services purchased
• Applicable taxes or withholding (if any)
• Linked purchase orders or vendor credits (if applicable)

Once a bill is recorded, it appears as an outstanding payable until a payment is made. The system supports partial or full payments, and any associated withholding taxes are automatically calculated based on configured rules.

With proper tracking of bills, you gain accurate insights into outstanding liabilities, cash flow planning, and vendor relationships.

Your Accounting app allows accurate tracking, classification, and reporting of income and expenses using linked modules like Invoices, Bills, Manual Journals, and Bank Transactions.

AI Assistance

• Bill Scanning AI: Auto-fills bill details from uploaded vendor bills or emails.
• Bank Matching AI: Suggests income/expense GLs for unmatched bank transactions.
• Learning Engine: Remembers past GL mappings for repeated transactions.

Use built-in reports to analyze:

Best Practices:

• Use clear GL account naming for each income/expense category.

• Always select the correct Entity and Bank Account.

• Use Tax codes properly to separate taxable and non-taxable items.

• Reconcile bank accounts periodically to validate income/expense entries.