Today: May 27, 2022 3:20 am

Accounts Receivable

OneBusiness AR

Account Receivable

OneBusiness Accounts Payable and Accounts Receivable (AR) are two important processes for any business.

The OneBusiness Accounts Receivable module is the perfect tool for businesses that want to streamline their accounts receivable process. This module seamlessly integrates with Sales and Billing, making it easy for you to track your business’ finances.

With OneBusiness, you can rest assured that your accounts receivable will be handled efficiently and effectively.

The accounting entries around Accounts
To record a sales transaction

Account	Debit	Credit
Accounts receivable	XXX
Revenue		XXX

To Receive a cash payment

Account	Debit	Credit
Cash	XXX
Accounts receivable		XXX

What are accounts receivable?

It is the money-generated by the sale of goods or services customers owe you. Once you send an invoice, it becomes part of your accounts receivable – until you receive money from your customer. Tracking of these line items is utmost important for any business.

The process starts with billing and ends at receiving the cash. It will also include payment process, tracking, and debt creation

OneBusiness Payment Transaction Customer

This transaction will allow users to receive the payment based on the sales order billing and cash on delivery sales.

Bank Transaction upload

Alternatively, if you upload the internet bank transactions, it is possible to clear the open items.

Do you need Ageing reports of accounts receivable?

In OneBusiness ERP, If its due date hasn’t paid an invoice, it will start to include the days in the ageing report. The report will have a posting date, due date and the number of days elapsed over the due date. The traffic light will show you the current status.

How does OneBusiness Ageing report work?

The ageing report will show all the past-due invoices, based on the posting date. As an overview, you can see the right traffic light and take action. After certain days (say 90 days, it is changeable according to your business procedure) it will transfer the item to debt management.

Debt Management

Please check OneBusiness Debt Management to know more about how to handle debts. When the customer doesn’t pay your invoices, you would write them off as a bad debt or engage a third-party collection agent.

It’s a loss to your organization, and it’s essential to record that in your books. You need to initiate the process to claim the GST you had paid for that amount. We should allow sufficient time to write of a debt. The OneBusiness ERP and finance solutions will enable you to transfer the amount to a separate G/L account during this process.

We recommend having a well-defined business process to write off the debt. Companies will have a management working committees to decide on the action in such cases.

E-invoicing Australia

Please check OneBusiness ERP accounting software for your E-invoicing requirements within Australia and India. We have a different version of the ERP for the two countries to meet the needs.
In Australia, we use Ozedi as the Peppol APN service provider to receive and deliver the e-invoices to the registered customers.
The ERP transactions will create entries in our system for you to push the invoice to the central Peppol APN HUB (Australian Taxation Office).
You can push one by one invoice to the hub to deliver the invoice to your customer’s accounting software.
You will receive the e-invoices from your vendors, and OneBusiness ERP will perform automatic invoice verification matching the purchase order in our system. It will await your approval before posting any accounting entries.