Bookkeeping

The bookkeeping is the process of recording financial transactions into a ledger, which is an organized list of accounts and their balances. It supports functions including recording debits and credits in the general ledger; receipts and payments; journals; chart of accounts; and producing financial snapshot.

Features

Chart of Accounts

A chart of accounts is a collection of ledgers. These ledgers register the transactions that take place in your organization, and each ledger can have its own set of tax-allowable, currencies, types and assignment of purpose.

Each ledger has a tree-like structure where lower-level nodes are related to their parent nodes. The COA is used for financial reporting purposes and is used to create financial statements such as Profit & Loss Statement (P&L).

Cash / Bank Accounts

Cash/bank accounts are current accounts and petty cash in a business, which are used as a payment method during payment processing. You can define custom fee presets, handy tools during payment processing. These accounts can also be used in investment and prepayment.

Journal Entry

Journal entries are used to record transactions, and they can be recorded by time resolution instead of day. Journal provides support for subledgers, directors, customers, vendors, employees and other documents entities. It allows you to associate journal entry with invoices, projects and other business applications to track discount issued here at the invoice level. You can also do post-closing adjustments which will apply adjustment to previously closed period.

Payment Processing

The payment process is a way of processing payments to knock off against documents, like invoices. It can be applied to more than one invoice and in varying amounts. In the case of overpayment, a credit note or deposit can be created quickly and easily.

Payment can be made through a combination of different payment sources, including cash and bank transfers, as well as debit/credit notes.

Additionally, transaction fees that would incurred during the payment can be applied either by predefined presets or custom rates.

Debit Credit Notes

A debit or credit notes are used to account for overpayment, returns and refunds, or discounts that have been given to customers or vendors.

These notes can be applied as payment on future invoices or they can be refunded back to the customer as an outbound payment. Debits work in reverse; they are added to the amount due from a previous invoice.

Bill Payments

Bill Payment is a convenient tool for making payments for utility expenses, as they are designed for invoice-less charges, and is a self-contained process done within a single document.

Bill Payment is meant to be duplicated regularly with most details remaining the same, only changing the usage value in each cycle.

Preset transaction fees can be set to apply automatically when issuing payments for a bill.

Payment can be marked as either confirmed (not paid) or complete (fully paid). This will by bypassing the accounts payable ledger, streamline the transaction and reduce work during reconciliation.

Advance Deposits

An advance deposit is a document that is used to request payment from a customer, as well as to record the balance of how much has been spent. It can also be applied to future invoices, or returned to the customer if the business allows so.

Features Highlights

Draft Entries

All transactions in the Cloudby system have a draft status, which means that they can be optionally made visible under general ledger and reporting. This gives a powerful and convenient view of financial projections would looks like in the future without having to track separately.

Ultimate Payment Processor

Robust payment processing is an extremely powerful and robust way to knock off invoices. It allows the user to knock off multiple invoices with a combination of payment sources. Which means that payments can go to directors who made purchases on behalf of their company, or be credited into their director loan account in one go.

It can also be used to mass pay employees in payroll, statutory bodies, as well as dispose of fixed assets (with gain or loss).

Additionally, it’s possible to contra against customers and vendor, capable of generating partial knockoffs against multiple documents, with varied amounts.

The ease of use and consistent performance provided by the system made it easy for users to master, which in turn gave them excellent control over their businesses.

Process & Lifecycle

Below is the illustration of some processes related to document life cycle:

From Journal Entry to Financial Reporting

From Bills to Payment

Invoice to Payment

Credit notes life cycle

Advance deposit life cycles

Tour & Tutorials

Solution for invoicing and book-keeping

Solution for Full Set Accounting