1 Topic by Shanison

(6 replies, posted in Accounts Receivable)

Hi, front account is a great software. I just set up this not long ago, however, i met a problem when a client asked me for receipt.

We are providing IT services, so normally after signing contract, we would require 50% upfront payment from clients. Let's say the project cost $1000. Normally, I would enter sales order into the system, enter customer payment for upfront payment($500), which is unallocated. After the project is done, I will generate delivery against sales order-> generate invoices against sales delivery. After client pay another $500, I would key in the customer payment again. After that I can allocate the payment to the invoices.

So my question is, in this way, actually I only use the frontaccount as an accounting software but I want to be able to generate receipt after I get upfront payment from client, what should I do? If I use direct invoice, I can't record down the whole project actually cost $1000. Any help would really appreciated.

Go to forum: Accounts Receivable

2 Topic by Shanison

(1 replies, posted in Banking and General Ledger)

Hi, there are situations that our company needs to buy some stuff for our clients first during the project. This is called out-of-pocket expense if i am not wrong. After the project has been finished, the client would pay back us for these amount of money. How should we capture these in frontaccounting? This maybe just an accounting problem, but i really appreciate if you could offer any suggestion to me.

Go to forum: Banking and General Ledger

3 Topic by Shanison

(3 replies, posted in Accounts Receivable)

Our company is an IT service company. So payment wise, customer has to pay by stages. 30% before project starts, 30% upon finishing some parts, 40% when it is finished.

As for as my understand, only when i send invoice against Sales Delivery, then it will increase my accounts receivable. So can I input the payment after enter sales order? Then can i create invoice for these amount of upfront payment?

Thank you very much.

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4 Reply by Shanison

(2 replies, posted in Banking and General Ledger)

Hi Joe. Really thank you very much for your help. Really appreciate that!

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5 Topic by Shanison

(2 replies, posted in Banking and General Ledger)

Hi, May I know how can I set up an initial capital for the company? My company has 3 shareholders. Each shareholder has put in equal amount of initial investment into the company. How shall I record that down?

Thank you very much for your help. Great software, thanks.

Go to forum: Banking and General Ledger

6 Topic by Shanison

(2 replies, posted in Installation)

Hi, I have set up frontaccount. very cool software. However, I observe that the company currency is US$ and can't be deleted. I am singapore based company. So how can I change the base currency to Singapore Dollars? Thanks a lot.

Go to forum: Installation