Item Master Tips!!

Always check once in a month which new item codes and party codes are opened and under which heads are opened in last month.

You will always found some are duplicates, some are entered under wrong sub-head or wrong head, TDS and GST rates are wrong.

This is the small way to self audit.

You have to taken to this as this will lead to lesser mistakes and more accountability.

Are you making Purchase Indent/Requisition?

No….then know why you should-

Accountability- What is the need of the material?..What is the logic behind the order made?

Indent is needed for production related item, automatic metal requirement planning -PR, re-order based item-minimum level based items

Just a click can give you automatic Indent on all those-consumables,oils,gasses and diesel.

This called Minimum level Based Indent

You can also have manual indent on items other than the above

Important

 Make Indent in finsys.

Stages of Indent 

1.Make Indent

2.Check Indent

3.Approve Indent

Try to hands on all the stages!! 

Benefits of Integrated ERP Software

You can control, manage and regulate all the operations from just one software.

Saves man power by not doing data entry in different softwares.This will lead to utilize man power where it should be needed and the probability of mistakes also reduces.

That’s why always opt for the Integrated ERP Softwares for your production and accounts module like Finsys ERP.

If you want to increase your manpower not in quantity but in quality the only way is to provide them with good tools like Finsys ERP which has long proven track record of running successfully in over 800 factories across India.

Are you checking your Creditor Ageing Report regularly?

If not, know why you should-

1.

To know which party’s payments are due and who’s are going to be due soon.

2.

To know which party’s advance payments are done but the bills are yet to receive,if it will not be knocked off this will creates disturbance in creditor and debtor ageing reports.

3.

To know which bills are unsettled.

NOTE

1.

Bill by Bill Accounting is best method to control debtor and credit ageing.

2.

MSME -45 Day rule should be controlled otherwise there will be penalties on provisions.

KEEP CHECK ON YOUR CREITOR AGEING REPORT!!

Are you checking  your Debtor Ageing Report regularly?

If not here are some reasons, why you should-

Debtor Ageing Report in Finsys help us to determine which party’s bills and invoices are cleared from our side but payments are pending from their side.

The pattern of debtors going beyond the normal creditors should be watched.

Accounts team should keep check on over 60s and over 90s.It’s difficult after over 90s situation as we have to do our vendor payments but if we are not getting our payments that will cause big trouble to us.

KEEP CHECK ON YOUR AGEING REPORT REGULARLY!!