Overview
This release of Qoyod introduces a feature for applying customer collections and vendor payments via manual journal entries based on account types. This feature enables users to manage collections and payments efficiently, simplify transactions, and improve overall financial management.
New features
Manual journal entry for payments or collections
Users can now create manual journal entries (MJEs) dedicated to applying collections and payments to customers and vendors, with support for entries categorized by account types for clearer financial tracking.
Flexible account type selection
Users can choose from different account types when creating journal entries, ensuring accurate transaction classification, with improved dropdowns for easier selection.
Benefits
- Improved payment management: Users can efficiently manage and apply payments for both customers and vendors.
- Improved accuracy: Categorizing payments by account type helps maintain accurate financial records.
- Streamlined workflow: The manual journal entry feature reduces the time spent processing payments.
How to use it
- Go to the Manual Journal Entry section in the Qoyod accounting system.
- Select the appropriate account type (general ledger, customer, or vendor) from the dropdown.
- Fill in the required details, including amounts, descriptions, and any relevant references.
- Select the invoices that need to be applied.
Learn about Qoyod and how it simplifies accounting journal management and payment application efficiently.