FAQ Miscellaneous Topics

Question:

Opening Balance For Customer. Other than using <CUSTOMER->OPENING BALANCE> function to create customer opening balance, is there other methods to deal with this?

Answer:

Yes, you can create Credit Memo (Debit Note) to handle this as well.

Question:

If I want to have transactions (going live) starting on April, but wanted to have correct customer ageing on every month starting January, what do you suggest? Assuming that I may generate payment voucher for pass invoices.

Answer:

Yes, you click CUSTOMER -> OPENING BALANCE to do this... We do not create payment vouchers to settle customer invoices, because you receive money from the customers, and you don't pay the customers for what they owe you. To create OfficialReceipts for customers, you can click CUSTOMER -> SETTLEMENT

Question:

How to handle sales return without original invoice? Assuming that the user went live on January, but user has to perform a sales return to an invoice from December from previous year.

Answer:

In Wavelet EMP, the sales return can only be done if there's invoice or cashsale number. For the transition period when Wavelet is newly implemented, there's no sales invoice for past transactions, hence, user will have to make use of CUSTOMER -> CREATE CREDIT MEMO, and use the trade-in function to ensure that the stock are added in, and the Credit Memo (CM) could be used to knock off other invoices.

Question:

How to handle discount without original invoice? Assuming that the user went live on January, but user has to perform a discount to an invoice from December from previous year.

Answer:

Please create a Credit Memo for this purpose, and charge it to the corresponding GL Code.

Question:

How do I deal with delivery charges for customer?

Answer:

You can create an inventory item code called "CUSTOMER-DELIVERY-CHARGES", and do a bulk Goods Received Note at ZERO price, and when issuing invoices to customer, just modify the price accordingly.

As there's zero costs for delivery charges, hence all delivery charges will boost up the GROSS MARGIN. When third party courier companies are being paid, this could be charged to a GL Code that is categorized under "Cost of Sales / Sales Expenses", by doing so, it will keep your Gross Profit intact. If you categorize the GL Code under normal expenses, your gross profit will increase, but net profit remain the same.

Question:

How do I deal with delivery charges from supplier? Assuming that I want to maintain the original cost of the items.

Answer:

Some companies would like the cost of inventory to be the landing cost, which means all import taxes, transport charges are included. This way of doing has the disadvantage of boosting up your inventory value, which contradicts the "prudent concept" in accounting. Hence, some people choose to exclude the delivery charges from the supplier, and would like to keep the original inventory costs, delivery charges are not priced in when the user key in the Goods Received Note.

To account for delivery charges from the supplier, there are 2 ways to doing this, method 2 is preferred:

1) Create an inventory item called "SUPPLIER-DELIVERY", and when doing Goods Received Note, always indicate price = 1.00, and quantity = X, where X multiply by price (1.00) is equal to the cost of delivery charges from the supplier.

     At the end of every month, this delivery charges is "charged out" to a customer called "Supplier Delivery Charges" to clear the quantity in the inventory module. The amount cleared here would be charged to "Cost of Goods Sold", as the user is clearing this quantity at ZERO price.

2) Create a separate Credit Memo, and charge this to the GL code of your choice.

Question:

How do I use regular inventory item to simulate Service Item like Labor charges?

Answer:

Create an inventory item code, and do Goods Received Note at large quantity and zero price. When issuing bill, just pull out the item and put in the selling price as normal.