Working With Customer Records and Invoices - Step-by-Step Transcript
Step 1
Working with customer records and invoices in SoftLedger
In this walkthrough we’ll work in Accounts Receivable, to set up our first customer, and then raise an sales invoice and view the updated income statement.
As we as 1-1 updated, customers and invoices can be added, updated and processed through bulk uploads or our API. You can learn about updating structures and dimension (like customers) here.
Step 2
Navigate to Accounts Receivable > Customers to manually add a new customer (or update an existing customer record).
SoftLedger has powerful capabilities and features for integrating and managing your accounts receivable, customer and invoices. Learn all the details at our support side here.
Step 3
Left-click +New to add our first customer.
Step 4
We’ll complete the new customer information.
In SoftLedger you can upload and manage customers (like any other structure or dimension) manually, via XLS or our APIs.
To learn about leveraging APIs for customer records read our API documentation here.
Step 5
Complete our new customer’s records. In addition to the standard fields you can create your unique custom fields to drive data entry, reporting and analysis.
Learn about custom fields here.
Step 6
Additional data entry (or upload) will add:
-Customer contact names, telephone and email.
-Customer addresses (can have multiple delivery/bill to addresses).
The customer record will also centrally store and make available all invoices and payments, and all of the financial transactions created as a result for viewing, auditing, reporting and analysis.
Step 7
Our new US Customer is added. We can filter and sort our views to create reports and analysis by customer (e.g. customer type, location, etc.).
Let’s invoice our new customer next.
Step 8
To manually create an invoice navigate to Accounts Receivable > Invoices and left-click +New.
Learn about invoicing, including automating and integrating with your invoicing/customer relationship management/payments processing systems at our support site here.
Step 9
Invoice records include standard and your custom dimensions and fields.
Fields such as customer name, invoice date, the location invoicing (and perhaps sales region, sales rep), items, descriptions, products and services (price and currency, quantity to be sold) and tax to be applied.
Step 10
We will invoice US Customer from our Abacus US Products (Location). We can define the transaction and posting dates, select invoicing currency, invoice type (e..g. repeating), and other customer or financial processing information as needed. Our invoice can be approved and emailed as a PDF to the customer.
The invoice contains 4 lines (selling 3 products, 1 services).
Step 11
To support analysis, we’ve allocated the invoice to the Sales and Marketing cost center, to product items (which can also drive price and/or cost), and to the revenue accounts for financial reporting.
SoftLedger can use standard and/or customized pricing and cost of sales.
SoftLedger APIs can populate (all or part), update and post your sales financial transactions from your billing/CRM system.
Step 12
You can view the Invoice total here and then click Submit below to create the Invoice.
Step 13
Once created the invoice record is available for updating (e.g. editable, until it is approved and posted).
SoftLedger creates the financial transactions, will update the record with future activities, adjustments and payments, and retains all audit log detail.
Step 14
SoftLedger automatically creates the financial transaction created by the invoice.
This transaction (e.g. journal from the sales ledger) is in draft status and including in reporting as needed.
It will update to posted status once the invoice is approved.
Step 15
To see the impact of our new invoice, navigate to Reports > Financials and select an income statement report. Our $30,000 sale is immediately posted.
Left-click to drill down to the underlying transactions – journals, invoices, credit notes, etc.
Step 16
When using drill down, use views (new, once off or saved for reuse) to filter, sort and investigate the transactions.
You can further drill into each line item (e.g. to see the actual invoice).
Step 17
Would you like to test drive SoftLedger?
Get started! We’ll give you an initial overview and introductory guidance on how SoftLedger will meet your requirements (and how to optimize a trial period!).
Book a demo