G2Virtu - Purchase Invoice

A Purchase Invoice is a bill you receive from your Suppliers against which you need to make the payment.

Purchase Invoice is the exact opposite of your Sales Invoice. Here you accrue expenses to your Supplier. Making a Purchase Invoice is very similar to making a Purchase Order.

To access the Purchase Invoice list, go to: . Prerequisites Before creating and using a Purchase Invoice, it is advised to create the following first:

Item Supplier Purchase Order Purchase Receipt (optional) 2. How to create a Purchase Invoice: A Purchase Invoice is usually created from a Purchase Order or a Purchase Receipt. The Supplier's Item details will be fetched into the Purchase Invoice. However, you can also create a Purchase Invoice directly.

To fetch the details automatically in a Purchase Invoice, click on the Get Items from. The details can be fetched from a Purchase Order or Purchase Receipt.

For manual creation, follow these steps:

Go to the Purchase Invoice list, click on New. Select the Supplier. The posting date and time will be set to current, you can edit after you tick the checkbox below Posting Time. Set the Due Date for payment. Add Items and quantities in the Items table. The Rate and Amount will be fetched. Save and Submit. 2.1 Additional options when creating a Purchase Invoice Is Paid: You can tick 'Is Paid' if the amount has already been paid via an Advance Payment Entry. This should be ticked if there is full or partial payment. Is Return (Debit Note): Tick this if the customer has returned the Items. To know more details, visit the Debit Note page. Apply Tax Withholding Amount: If the selected Supplier has a Tax Withholding Category set, this checkbox will be enabled. For more information, visit the Tax Withholding Category page. 2.2 Statuses Draft: A draft is saved but yet to be submitted to the system. Return: The Items have been returned to the Supplier. Debit Note Issued: The Items have been returned and a Debit Note has been issued against the invoice. Submitted: The Purchase Invoice has been submitted to the system and the general ledger has been updated. Paid: Supplier has been fully paid the invoice amount and the corresponding Payment Entries have been submitted. Partly Paid: Supplier has been paid a part of the invoice amount and the corresponding Payment Entries have been submitted. Unpaid: The Purchase Invoice is yet to be paid. Overdue: The due date has passed for payment. Canceled: The invoice has been canceled due to some reason. 3. Features 3.1 Accounting Dimensions Accounting Dimensions lets you tag transactions based on a specific Territory, Branch, Customer, etc. This helps in viewing accounting statements separately based on the criteria selected. To know more, visit the Accounting Dimensions page.

Note: Project and Cost Center are treated as dimensions by default.

3.2 Holding the Invoice Sometimes you may need to hold an invoice from being submitted.

Hold Invoice: Enable this checkbox to put the Purchase Invoice on hold. This can be done only before submitting the invoice. Once 'Hold Invoice' is enabled and the Purchase Invoice is submitted, the status will change to 'Temporarily on Hold'. .4 Address and Contact Supplier Address: This is the Billing Address of the Supplier. Contact Person: If the Supplier is a Company, the person to be contacted is fetched in this field if set in the Supplier form. Shipping Address: Address where the items will be shipped to. For India, the following details can be recorded for GST purposes:

Supplier GSTIN Place of Supply Company GSTIN

Subcontracting or 'Supply Raw Materials' Setting 'Supply Raw Materials' option is useful for subcontracting where you provide the raw materials for manufacturing an Item. To know more, visit the Subcontracting page.

3.7 Items table scan barcode: You can add Items in the Items table by scanning their barcodes if you have a barcode scanner. Read documentation for tracking items using barcode to know more.

The Item Code, name, description, Image, and Manufacturer will be fetched from the Item master.

Manufacturer: If the Item is manufactured by a specific manufacturer, it can be added here. This will be fetched if set in the Item master.

Quantity and Rate: When you select the Item code, its name, description, and UOM will be fetched. The 'UOM Conversion Factor' is set to 1 by default, you can change it depending on the UOM received from the seller, more in the next section.

'Price List Rate' will be fetched if a Standard Buying rate is set. 'Last Purchase Rate' shows the rate of the item from your last Purchase Order. Rate is fetched if set in the item master. You can attach an Item Tax Template to apply a specific tax rate to the item.

Item weights will be fetched if set in the Item master else enter manually.

Discount on Price List Rate: You can apply a discount on individual Items percentage-wise or on the total amount of the Item. Read Applying Discount for more details.

Item Weight: The Item Weight details per unit and Weight UOM are fetched if set in the Item master, else enter manually.

Accounting Details: The Expense account can be changed here you wish to.

Deferred Expense: If the expense for this Item will be billed over the coming months in parts, then tick on 'Enable Deferred Expense'. To know more, visit the Deferred Expense page.

Allow Zero Valuation Rate: Ticking on 'Allow Zero Valuation Rate' will allow submitting the Purchase Receipt even if the Valuation Rate of the Item is 0. This can be a sample item or due to a mutual understanding with your Supplier.

BOM: If there is a Bill of Materials created for the Item, it'll be fetched here. This is useful for reference when subcontracting.

Item Tax Template: You can set an Item Tax Template to apply a specific Tax amount to this particular Item. To know more, visit this page.

Page Break will create a page break just before this Item when printing.

Update Stock Note: From version-13 onwards we have introduced immutable ledger which changes the rules for cancellation of stock entries and posting backdated stock transactions in ERP.

The Update Stock checkbox should be checked if you want ERP to automatically update your inventory. Consequently, there will be no need for a Delivery Note.

3.8 Taxes and charges The Taxes and Charges will be fetched from the Purchase Order or Purchase Receipt.