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XO DR / CR NOTE POSTING PROCESS |
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WHAT DOES THIS DO XO DR/CR Note Posting Process will close the sale for supplier side to make the payment. You will make sure the Customer Invoice has been completed before making payment to supplier. The System will pass the double entry in accounting ledgers as below; Supplier Account CR the payable Amount Cost of Sales Account DR the Cost of Sales Once the Liability is declared in Creditors Ledgers payable department will see the liabilities through the statements of accounts and make necessary arrangements to settle teh supplier bills based on claims. |
WHO ARE EFFECTED This Process will effect directly the Accounts payable Teams facilitating them in making the payments in time. This process will also place teh Billing team inline with closing teh sales ledgers. Finally it will help Closing the Sales Ledgers supporting closing teh Finance Ledgers for the selected periods for business to know the accurate revenues, sales volumes and the liabilities. |
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HOW DO I DO How this Process can be done in Back Office System after verifying the Billing process has been completed. This will open below form; You will Select From date and To date and then press ENTER to get the Transaction not posted. Once teh Transactions are displayed, you can Process them using the PROCESS Button. This will complete the posting procedure for teh period. |
HOW DOES IT HELPS THE BUSINESS This process will help the business to maintain a good relationship with the suppliers by reconciling the accounts in time and making the payments to the suppliers as per the agreed terms and limits with supplier. This in extreme levels in the business matters will avoid the contradictions of supplier taking actions to cancel the terms / Limits and claim the payments before rendering the services or upon check in and check out where the business will be placed on a very inconvenience position as most of the clients may check in or check out out of teh office hours. |