Kiu Solutions User Guidelines
In KIU, it’s not possible to modify an invoice that has been validated and sent to the customer. If a mistake was made on a validated invoice, the legal way to handle that is to refund the invoice, reconcile it with the original invoice to close them and create a new invoice.
→ Modifying a validated invoice
If you need to modify an existing invoice, use the Refund Invoice button on the invoice. In the refund method field, select “Modify: create a refund, reconcile, and create a new draft invoice”.
KIU will automatically:
Then, you can modify the draft invoice and validate it once it’s correct.
→ Cancelling an invoice
If you need to cancel an existing invoice, use the Refund Invoice button on the invoice. In the refund method field, select “Cancel: create a refund and reconcile”.
KIU will automatically:
Nothing else needs to be done. You can send the refund by regular mail or email to your customer, if you already sent the original invoice.
→ Refunding part of an invoice
If you need to refund an existing invoice partially, use the Refund Invoice button on the invoice. In the refund method field, select “Create a draft refund”.
KIU will automatically create a draft refund. You may modify the refund (example: remove the lines you do not want to refund) and validate it. Then, send the refund by regular mail or email to your customer.
Note: Refunding an invoice is different from refunding a payment. Usually, a refund invoice is sent before the customer has done a payment. If the customer has already paid, they should be reimbursed by doing a customer payment refund.
If your invoice is still in draft, you can modify it the way you want. However, if your invoice is validated, you can not change it anymore. If you need to modify it, the right operations to do are:
All those steps are automated by KIU. All you have to do is to click on the Refund button on an invoice.
In the refund dialog, select the option “Modify: create a refund, reconcile and create a draft invoice”. Once you click on the “Create Refund” button, KIU will void your existing invoice and create a new draft invoice that is a duplicate of the original one.
Edit this new draft invoice and validate it when it’s correct.
Cash discounts are an incentive (usually a small percentage) that you offer to customers in return for paying a bill owed before the scheduled due date. If used properly, cash discounts improve the Days Sales Outstanding aspect of a business’s cash conversion cycle.
For example, a typical cash discount would be: you offer a 2% discount on an invoice due in 30 days if the customer were to pay within the first 5 days of receiving the invoice.
In order to manage cash discounts, we will use the payment terms concept of Kiu (From the Accounting module, go to Configuration ‣ Management ‣ Payment terms ‣ Create).
Let’s start with the above example: a 2% discount on an invoice due in 30 days if the customer were to pay within the first 5 days.
A typical payment term of 30 days would have only one installment: balance in 30 days. But, in order to configure the cash discount, you can configure the payment term with two installments:
To make it clear that it’s not a payment term but a cash discount, don’t forget to set a clear description that will appear on the invoice: Invoice is due within 30 days, but you can benefit from a 2% cash discount if you pay within 5 days.
In order to speed up the bank reconciliation process, we can create a model of entry for all cash discounts. To do that, from the Accounting module dashboard, click on the “More” link on the bank and choose the option “Reconciliation Models”.
Create a new model for cash discounts as follow:
Even if it’s a 2% cash discount, set a 100% amount on the reconciliation model as it means 100% of the remaining balance (the 2%). You can use the same reconciliation model for all your cash discount. No need to create a model per payment term.
When you create a customer invoice, set the right payment term “30 days, 2% cash discount” right after having selected the customer.
Once the invoice is validated, Kiu will automatically split the account receivable part of the journal entry with two installments having a different due date: 98% within 5 days, 2% within 30 days.
If the customer pays with a cash discount, when processing the bank statement, you will match the payment (98%) with the related line in the journal entry.
As you can see in the above screenshot, when selecting the customer, you also see the 2% remaining of 3,630 VND. If you want to accept the cash discount (if the customer paid within the 5 days), you can click on this line with 2%, click on “Open Balance”, and select your “Cash Discount” reconciliation model. That way, the invoice is marked as fully paid.
If the customer pays the invoice fully, without benefiting from the cash discount, you will reconcile the payment (in full) with the two lines from the invoice (98% and 2%). Just click on the two lines to match them with the payment.
Similar to the way manually matching payment & bill. See how to do it here.
You can refer to the instruction for Vendor Bills here.
You can refer to the instruction for Vendor Bills here.
You can refer to the instruction for Vendor Bills here.
There are two ways to invoice the shipping costs:
In Sales Module ‣ Sales order
On your sale order, choose the carrier that will be used. Click on Delivery Method to choose the right one.
The price is computed when you save the sales order or when you click on Set price.
To invoice the price of the delivery charge on the sale order, click on Set price, it will add a line with the name of the delivery method as a product. It may vary from the real price.
When you create the invoice, it will take the price set on the sales order.
On your sale order, choose the carrier that will be used. Click on Delivery Method to choose the right one.
Edit the cost set automatically by KIU to real cost ‣ Save
Go back to the sale order, the real cost is now added to the sale order.
Draft invoices can be manually generated from other documents such as Sales Orders, Purchase Orders,etc. Although you can create a draft invoice directly if you would like.
An invoice must be provided to the customer with the necessary information in order for them to pay for the goods and services ordered and delivered. It must also include other information needed to pay the invoice in a timely and precise manner.
To create invoice directly, open Accounting module ‣ Sales ‣ Customer invoices ‣ Create
The document is composed of three parts:
Open Contact module ‣ Choose a particular partner ‣ Action ‣ Click on type of partner ledger: payable/receivable
Go to Accounting module ‣ Reports ‣ Partner ledger, you can see all transactions relating to partners.
Go to Accounting module ‣ Reports ‣ Aged Payable
The accounts payable aging report categorizes payables to suppliers based on time buckets. The report is typically set up with 30-day time buckets, so that each successive column in the report lists supplier invoices that are:
The intent of the report is to give the user a visual aid in determining which invoices are overdue for payment.
Sometimes in business, you may receive a payment in advance from a customer, or you may have to pay an advance to your vendors before you place an order. As soon as you receive the payment in the bank, create a bank statement and reconcile it, as it is a payment in advance from the customer; don’t select the counterpart at reconciliation.
When you have a partner linked to the entry without a counterpart, you will get the VALIDATE button instead of the RECONCILE button. Click on the VALIDATE button to process those entries; that will be considered as an advance from the customer or to the vendors.
After issuing invoices to customers, you can match this prepayment with invoices through Manual payment and invoice matching tab in Accounting module.
You can also use this function in case you process payments via Payments in Sales/Purchases tab.
After reconciliation, system will generate matching numbers for reconciled transactions, which help you keep tracks of all receivable and payable transactions with payments.
