Invoiced offers a versatile adjustments feature designed to provide flexibility in managing the financial transactions related to bills and vendor credits. This feature enables users to adjust the balance of a bill or credit without altering the original document, ensuring that the historical integrity of transactions is maintained. The adjustments feature is particularly useful for correcting errors, accounting for discounts, or reconciling accounts. This documentation explains how to effectively use the adjustments feature within Invoiced.
The adjustments feature in Invoiced allows for the modification of bill or credit balances through the recording of adjustments. Each adjustment is documented with a reason, and the balance can be either increased or decreased depending on the specific circumstances.
- Flexibility: Quickly adapt to changes without the need to modify original documents.
- Transparency: Maintain a clear audit trail by recording reasons for each adjustment.
- Accuracy: Ensure financial records are accurate and reflect the current state of accounts.
- Log into your Invoiced account.
- Navigate to the Bills or Credits section, depending on which you need to adjust.
- Choose the bill or credit to which an adjustment needs to be applied.
- Open the detailed view of the selected bill or credit to access its specific options.
- Click the Add Adjustment button in the bill or credit detail view to begin the process of creating an adjustment.
- Amount: Enter the amount by which the bill or credit balance should be adjusted. Specify whether the balance should be increased or decreased.
- Reason: Provide a clear and concise reason for the adjustment. This might include explanations such as "discount received," "pricing error," or "returned goods."
- Date: Select the date of the adjustment, which can be the current date or a date when the adjustment reason occurred.
- Review the details of the adjustment to ensure accuracy.
- Save the adjustment. The balance of the bill or credit will be updated accordingly, and the adjustment will be recorded in the transaction history.
- Clear Documentation: Always provide a detailed reason for each adjustment to ensure clarity and transparency in financial records.
- Regular Review: Periodically review bills and credits to ensure that adjustments are accurately reflected and that balances are correct.
- Communication with Vendors: For adjustments that affect vendor payments or credits, communicate changes with vendors to maintain good relationships and transparency.
- Audit Trail: Utilize the adjustments feature to maintain an accurate audit trail of changes made to financial documents, facilitating easier audits and reconciliations.
The adjustments feature in Invoiced provides a powerful tool for managing the fluid nature of financial transactions with vendors. By following these steps and best practices, you can ensure that your accounts payable records are both accurate and adaptable to changes, all while maintaining the integrity of original documents.