Enter bills, record payments and apply credit notes
You can now enter vendor bills, record payments and issue credit notes on screen. Bills, Payments and Credit notes (under Invoices) are in the sidebar, and what you owe and are owed is tracked from each document.
Bills
Select New bill on Bills and enter the vendor, their number for the bill, its date and one or more lines, each on the account it is spent from. A draft is not in your books and can be changed or deleted. Approve posts it: the total goes on Accounts payable under the vendor's name and falls due on the vendor's terms, or 30 days after the bill's date when the vendor has none. The list marks a bill Overdue once its day has passed with something still owed, and Paid once nothing is. The same vendor's number entered twice is refused, however it is written. An approved bill is corrected by voiding it and entering another.
Payments and paying a vendor
On Payments, select Record payment for money received from a customer or paid to a vendor. It is applied to the oldest open invoices or bills first, or you can apply what is left from its page, typing an amount for each invoice or bill and using Fill oldest first for the rest. Whatever is not applied stays on the payment as unapplied.
To pay a vendor through LedgerIt, add where they are paid on their page, have someone who may approve money verify it, and select Pay this vendor. The payment waits for an approval of exactly that amount, day and account, which expires after 72 hours. Until a bank can send it, a released payment stays Released and nothing leaves your account.
Credit notes
On Invoices, select Credit notes and New credit note to give a customer something back. Issued against an invoice, it is applied to that invoice at once. Otherwise it is kept as credit, and Apply to invoices on its page lists the customer's open invoices, earliest due first and all ticked, with what each would take.
Receivables and payables by how late, and reports to keep
Reports has two new tabs, Receivables and Payables: each customer or vendor split into Not yet due and 1–30, 31–60, 61–90 and over 90 days late, with a total that ties to the ledger. Export saves one as a CSV or a PDF. A counterparty's page lists the open items behind its figure.
Keep this report on the balance sheet, income statement and trial balance saves a statement as it stood, and Kept reports reproduces it exactly. Tax lines shows the books by Form 1120 line for a fiscal year, with Schedule L at its start and end, and Spend by department shows operating expenses by department.
Fixes and improvements
- Foreign currency has its own page: set rates by currency, preview a month-end revaluation and post it after you confirm. A journal entry line can be written in another currency, and shows the rate it was booked at.
- A year of software or insurance paid up front can be spread over the months it pays for from the transaction's page. Each close moves the unused part into prepaid expenses or deferred revenue, as deferred revenue is recognized, and Schedules lists every one.
- A card charge or bank payment can name its department from its page, and its spread keeps it.
- Financing lists your SAFEs: draft one, issue it, and convert it after a preview of what it becomes.
- A bank statement's lines are shown beside the ledger lines still unmatched. Match the ones with a single candidate, match the rest by hand, or undo a match.
- Settings → Your data exports your books as one file and restores it into empty books, after showing what it holds.
- An owner or admin can add a subsidiary to an organization, and the company menu lists every set of books under it.
- Merge on a counterparty's page folds a duplicate, such as a bank's second spelling of the same vendor, into the one you keep.
- A member can be given an approval limit in Team, and approves payments up to that amount in its currency.