Discover the Down Payment Invoice Sample for Product Management

Down payment invoice sample for Product Management

hello everyone my name is Varun and I welcome you to another session of Zulu finance master class where we strive to help you master Zuo ebooks for your business a quick introduction about Zuo foreign suite it's a collection of financial tools to run your businesses back-office operations today the spotlight is on Zoho books it's a cloud accounting application that helped you stay on top of your finances you can manage your payables and receivables for Indian attendees you can also file your GST returns using Xero books now this is the core structure that we are following for the zou finance master class we have already covered five topics and today is the turn of the sixth topic which is streamlining your sales with Zoho books now this is how a typical sales process looks like it starts with a code or an estimate or a proposal however you may call it then we have the sales order which is a confirmation you send to the customers for the order moving on we have invoices and lastly we all like to get paid so we have payments but then in the process we know also accept advance payments which means o books we call the retailer invoices and then we have something called recurring invoices which happens on a recurring basis next we have the agenda the agenda for today's session is setting up the sales module creating sales transactions accepting payments handing refunds connecting and sales finance team now first thing first we need to set up the sales module so the setup is divided into two parts first ins of general settings and next is a model specific settings so general settings are common to all regions or books for instance let's see the screenshot on the right this is where you check the models which you want to visible within books so it can be the estimate model or the purchase orders or the retailer invoices I'll give you a better example let's say if time sheet model is not applicable to your business simply uncheck it and it won't be visible so it is the best way to beat the clutter why have it all when you need just a few basic modules within books we also have something called as transaction approval through which you can bring in more control within the accounting application so let's say if you have an a hierarchy there's someone who's entering the transaction and you as a manager once you approve it so in future when you enable transaction approval whenever your subordinate punches in a sales transaction you have the authority to approve it so that is possible with the latest feature that we call the transaction approval then we also ask you whether you give discounts at a line level item or at invoice level or it may be a case we don't give this counts at all so just let the option here and then how do you want to charge your taxes the MRP or the selling price of the good is it tax inclusive or tax exclusive please select here and then we move on to the model specific settings so this screen have taken from the estimate model so we ask you certain questions whether you want to convert an estimate to invoice directly choose the option based on your requirement similarly we have settings specific to sales order so within sales more order we have something called as custom status so by default within books we have certain status like draft where it is not sent to the customer open meant is yet to be accepted by the customer so but then if you want something different which which is very specific to your business you can also rename these rename the default status is that we have in books for instance in the example shown here instead of graphs I want something which is in progress so simply add the the the already available status here on the left hand side which is draft in this case and change it to the name which you want which is in progress in this example so next time when you create a sales order and when the status for that sales the order is draft it will be shown as in progress since you have created a new custom status this is the invoice model so within the invoice model when you enable certain fields you will get notified when the customers pay you online you can also attach thank-you note so all that you can select it further we move to something called as custom feeds so often so I mean zomo books is comprehensives more than at times you may want to add certain fields in the invoice or any other transaction which you're carrying out so we let you create custom fields simply go to that module and the settings tab and then create a new custom field for instance in this example I have created a custom fields payment reference so next time whenever I create an invoice a payment reference field will be created I can make it mandatory if that's the case you cannot save the invoice without anything the payment reference number whose data type is text and if you want it to be visible in all the invoices that you create and send to your customers you can check the show in all PDF option further we are something called as custom buttons it's like adding additional functionalities to Zoho books so let's say if you have a discounted period wherein you want to give 5% discount to all the transactions that are happening let's say it's a special offer for that week so create a custom button with a code in background which is very simple then in future whenever you create an invoice under the more button you'll have the custom buttons called as discount all you need to do is click on it and automatically 5% discount will be applied to that particular invoice so this is the beauty of custom button now this topic is again focusing on the commonalities so these are certain things which is common to all the modules in Zoho books it's as simple as importing and exporting transactions obviously I mean if you are using some other application and if you want to migrate to Zoar books you must be worried about the data that you have in that application so the best way forward is to import all the transactions from that application to store books so simply go to that module and click on import under the more option and then as you can see you can upload the file in CSV ts URL XLS format furthermore if you want to switch to any other software from Xero books we also let you export all the transactions from books to the other application so you can do that as well next we have custom views so all the modules Zoho books let you filter the data so this screenshot I've taken from the recurring invoice module as you can see it says all recurring invoices basically there's a drop-down on the left hand side top corner when you click on it it will show you all the invoices with a particular status so we have active stopped expired and there's something called new custom view so when you click on new custom view you enter certain parameters based on that next time when you select that option you will see the recurring invoices filtered and sorted in a particular based on particular parameters next we have performing standard operations these are the operations which are common to all the modules so every time whenever invoice or any other sales transaction is created you can either edit it you can download it you can print it and you can even share it with your colleagues so this feature is common to all now we have something called as enabling exchange rate feeds now if you have customers worldwide free or not because the book supports multi currency all we need to do is go to settings and under settings you have currency and then enable the exchange rate feeds so next time when let's say if you are from India and you have a transaction from us in that case the customer will be charged in u.s. dollars but the amount will be recorded in zoobooks in your base currency which is INR so simply click on enable exchange fields and we'll do the automatic conversion adding attachments so all the models permit you to add attachments so this is for your more information so in future if you have any receipt you can attach it here it provides you more context and then we also let you customize templates so this example I've taken it for a retainer inverse which is applicable to the Indian market so you can create and retailer in retail invoice and you can edit everything right from header to the forum to the loco how much margin you want to keep all that you can customize within books so these were the things which are common to all the models in books now we deep dive into certain features which are very specific to that particular module starting with the estimate module so like I said estimate model is your is the model through which you can create your codes proposals and you can send it to your customers this is how the sample estimate looks like first you need to enter the customer name then we focus on the estimate date and the expiry date so expiry date beyond this expiry date the estimate will will trail it will expire it'll be no longer valid further we enter the information pertaining to the item or the service that you are selling so in this case since this estimate is taken from the Indian organization so as the moment you enter the information about the product we fetch the HSN details and corresponding GST rate is shown based on the address of the customer so if it is an interstate transaction a different GST will be applicable if the same state transaction of different GST will be applicable so you have already created an estimate and now we send it to your customer what's next your customer has to approve it or decline it so we move to the second point accepting or declining estimate there are two ways of accepting and declining an estimate one your customer can do it to a client portal the client portal in Soho Books is a self-service portal to which your customers can update their bank statements because they can update the credit card details they can view past transactions as well so this screen have taken it from the client portal and as you can see it shows the estimate which have sent from Zoho books now your customer came directly except for the leak and estimate from you further there is one more way of doing it that is doing it with Enzo books so let's say if you've sent a mail to your customer or if you have spoken to your customer over a phone and then the customer tells you that he accepts the estimate so you can accept the estimate within books by simply going through the estimate and clicking on more and then from the drop-down click on Marquez accepted next we have something called as viewing estimate status so for a growing business which is sending multiple estimates to customers around while it is difficult to track well let's take a normal example so you are sending an estimate to a customer over an email and it's very difficult to actually keep a track of interval again and again you have to go back to your inbox and look for that particular email or talk to the customer on a phone better option is to track everything with inbox so let's see when you send an estimate to your customer instead of him replying replying to you on an email what he can do is he can simply add as a comment in the client portal and you as a business owner can view everything within books so there's a bell icon on the right top corner of books when you click on it you will see the notifications so as you can see you will come to know when your customer which in this case is mr. Rakesh shadow has viewed an estimate or when he has committed on an estimate so all you can do is you don't have to log into the system go to the inbox and check for it rather your books will tell you when the estimate is viewed or made a payment or whatever it is you get all the modifications here itself continuing with the same example so the estimate exchange happens through an email or if you do it over a phone it takes time plus I mean especially when you're sending a lot of mails it may happen that it may pass through the cracks so better way of keeping a track of it is to record everything in your books application itself so when your customers are typing anything as a comment in the client portal you as a business owner can see it here Enzo books itself so you can keep track of all the conversations here without going into your inbox so see how easy it is with zoar books and now that you have an estimate obviously the next step forward would be to either convert it to an invoice or convert it to a sales order based on a business requirement so as you can see you can convert it to an invoice or when you click on more you can convert it to a sales order and also we let you convert it to a project now from an estimate you can also create a retainer invoice so let's say when you are sending an estimate and you want the customer to pay 10% less than it wants so at the time of creation we ask you whether you want to create a retain one estimate automatically if you check the option we ask you for the percentage or the value as a whole so when you enter suppose 10% the customer is supposed to pay 10% as an as an advance next we have the sales order so sales order is the confirmation that you send to your customers and again the layout is more or less the same you start with the customer information we have certain fields which are specific to the sales order this blue color icon that you see is the one that generates the sales order number you can either keep it on auto generate mode or you can enter your own customized sales order number as well then here you enter the information pertaining to the product that you're selling now similar to estimate you can also convert the sales order to a purchase order now this is a unique case which I would like to talk about so let's say if you have five items in your inventory at the moment whereas the customer has ordered for ten but obviously since you have only five you can give only five products to the customer at the moment but then you know that customer is still waiting for the other five the remaining five so what you can do is when you create a sales order it entirely convert it to a purchase order so for the remaining five a purchase order will be created and sent to a vendor so the window can then directly give it to the customer so in short you can create a sales order to purchase order to meet such a requirement where your inventory stock is less but then the customer has asked for it so you're automatically converting into a purchase order and the remaining when you create will be shipping it to the customer taking the same example forward it's this is called as partial invoicing partial Universum let's say I mean again since you have only five items in your inventory you will invoice the customers only for the five where is the remaining five once you get it from the vendor you invoice him later it was the customer later so that is why what we term it as partial invoicing because you are inversing the customer only for the 45 items and not ten you can also create shipments and packages now we move to the more important model called invoice the layout is still the same so as you can see we start with the customer name this invoice after a commit for the Indian market again we ask for the place of supply because your GST rate is totally dependent on the place of supply then we recall other information like the terms in how many days is the amount due and based on that we calculate that you take we capture the information pertaining to the product so let's say if I enter a home decor set it will automatically show the HSN code applicable to it and also show the product description and GST rate applicable so again giving you an example so it may happen that for a customer X there are certain transaction which I get to build so in this case it can be done Bill expense or it can be an unbuilt unbilled projects so you can also associate here so as of now in the screenshot as you can see it has only one line item whom the code is set more than if I include these items it will have four line items so it will also include one bill experiencing two unbuilt projects we can also schedule invoices so let's say if we know that you have a customer who is from a different region and it will be better if I send this particular invoice at this particular time so that he doesn't miss out on the invoice so you can also schedule an invoice then we have something called as bed depth which is a very common scenario in businesses so if you want to write off certain invoice we help you do that as well simply go to the invoice and click on more and then we give you the option of writing off or making it a wallet invoice moving on with the slaves transaction we have retailer invoices how do you create a retailer invoice a retailer invoice from can be created from an estimate like I showed you earlier simply enter the percentage then if you want to collect a retailer invoice from the client portal we also give you the flexibility to which you can collect the retaining voice from your client using the client port on this screen I've taken it from the client portal so let's say for which you have created the reckoning invoice of accepting 20% as an advance amount so your client will be able to view this particular screen in the client portal and then he can make the payment for it next we move to recording offline retainer payments so you can even record a payment for that you have to click go to a Latina invoice tab within the sales model and click on record payment and then you have to enter the payment mode so payment mode can be cash it can be check it can be online transfer and then you have to choose to deposit to account it can be petty cash at the name of your bank or any other account where you're maintaining the inflow and also if you want to send out the thank you note you can do that as well by simply checking on this button then we also give you the option of manually charging your customer for a retailer invoice for that you need to first make a note of their credit card details this is how we keep a note of it and then we charge the customers now you can also convert the retailer invoice into something the way we did for estimate and sales order so retailer invoices can be applied to multiple invoices so let's say you raise an invoice of thousand dollars for a customer where is you curricular advance payment of two hundred dollars using a retailer invoice so now you have to basically apply these two hundred dollars to the total invoice value of one hundred thousand thousand dollars so let's say when I do that so the amount actually do with me after applying the retailer inverse is only $100 because thousand dollars minus two hundred dollars is $800 and that is if you're talking about this particular example the involves values one hundred dollars hundred dollars whereas I collected a retaining was two hundred dollars so the reckoning was value zero at the same and the balance due for the customer is also 0 then we have certain reports which are very specific to retain an invoice so to view and access these reports you have to go to the reports section of zoobooks so we have reports on retailer invoice so we list down all the retainer invoice reports if you have made some refunds in the past we show you that as well and the payment that you're received till date next we move to recurring invoice a very interesting concept your as well especially for businesses that are doing charging customers on a recurring basis it can be a subscription business so for instance let's say it were charging customers for a magazine offer for that matter if you are a gym gym owner who are charging customers on a monthly basis for the gym services that you provide this is something called recurring invoices so what you need to do is simply set the profile right for the recurring invoice so you have to say the profile name so in this case it's an Hotel renovation then when do you want it to repeat so let's say as a as a gym owner I want to charge someone on 1st of every month and it's like a monthly cycle so I'll choose a repeat every as monthly over there and then start on 1st of this particular month and keep on repeating it for next 3 months if its quarterly quarterly subscription then you can also select the never expire tab if you want to keep keep it continuous and then the payment terms so recurring inverse is a great way to reduce bull work on your part so instead of creating invoice every month for the same set of customers it's better to create a recurring universe because it happens automatically another example I can give you is that of offer business which is English stationery which is providing stationaries to a particular business so let's say X business orders a stationery worth rupees 5000 every month so as a business owner instead of you creating 5,000 rupees invoice every month it's better if you create a recurring invoice which gets sent on 1st of every month so there's no need for you to repeat this exercise over and over now I can also convert an existing invoice like a normal invoice into a recurring invoice all I need to do is open an invoice and then make it recurring further you can also filter a recurring invoice so these are the different statuses that we offer one is called as active recurring invoice one stopped and one is expired so active is the one which is still in progress stop this is the one which is forcefully stopped by you and expired is the one which has met the deadline so you don't want it to continue beyond that now we move on to the important part which is like accepting payment because we all need money to keep our business running right so accepting payments is your so though books lets you accept payments to two ways online and offline so for online we have tied up with multiple payment gateways so this is the stream that that comes on your screen when you are creating an invoice through this particular section so which talks about the payment options so I have taken it from the Indian Edition so as you can see these are the payment gateways with which we have tied up so we have Easy Pay and recently easy play something to which you can collect payment it's it's an ICICI product and we get a marvelous integration very recently we'll be talking about it in the subsequent webinars so you can start accepting payments online then there are two ways through which you can accept payments one is by sending an invoice and then your customer making a payment using the client portal as you can see the invoices are your customer can make the payment individually and the other way is when you create an invoice and send a link to the customer they will simply click on the link go to the payment page and make the payment then we support something called as partial payments so let's say if thousand dollars is what the customer of zero thousand rupees is what the customer oves you so instead of making the entire payment the customer can make payments in part so he's paying you only fire in to give as of now so that is partial payment so when you make a partial payment it says partially paid the meaning amount is still is the amount which the customer hooves you then we have an interesting feature called is bulk payment so this is basically using things for your customers so let's say if there are 10 in verses which you have sent to your customers so it can be really cumbersome for a customer to clear the payments one by one so what we offer is bulk payments in one signal go he can clear all the payments so that is like less work and let it a little less tiresome for your customer and finally we also let you auto charge your customers so for to charge the customer needs to first enter credit-card details in the client portal and he has pictured this option use this card for future transactions and next time onwards you can start charging customers automatically based on the authorization given by the customers furthermore you can also add a car using books so within books go to the contacts module and add a new card to the contact once you associate a credit card in future you can start charging him and in future let's say if the customer updates to a new card he updates a car or if he goes for a different card he can also update the card details here so either your customer can do it in the client portal or you can do it for your customer here within books next thing we also let you accept offline payments it's great to have online payments because it's clear it's fast you can keep track of it but then lot of businesses accept offline payments - it can happen to cash it can happen to check Sophie or not we cover you on offline payments as well so recording payments offline simply go to that invoice and click on the card payment when you click on it you will be redirected to this page where you enter the amount that you're receiving the payment more it can be cash cheque or any other payment mode and to which account you want to deposit it to to make a note as well attach files for your reference and voila it's done now handling returns and refunds because again I mean not everything goes perfectly path planned in the business so at times it may happen that your good may not be accepted by the customer and the customer returns it back to you so basically you owe something to the customer this money you have to either refund it or make a credit note out of it so credit notes are basically basically a proof that shows that there is certain amount which you have to a customer the credit notes can be created by going to a sales model and clicking on press and when you create a credit note this is how it all populates on the right hand side once you have the credit note you have to obviously apply of credit note so this is the amount which I owe to the customer so next time when I create an invoice that amount has to be deducted from the total invoice value this is what we are doing in this screen when you click on apply to invoice furthermore if you want to turn that credit note you want to return that money back to the customer you can click on more and click on the phone so that amount will be given back to the customer and so hooks will automatically adjust the value you can also do bulk actions then delete you can download it in print and lastly we move to a very important topic called is connecting sales in finance model with Soho so for your restaurants jeho is a connected platform so all our applications they talk seamlessly without any technical challenge so if you go for a third-party app basically it involves lot of technical efforts where as though the integration is one click so the your information moves seamlessly within applications and in this particular case we are talking about your sales and finance team working together so often sales and financing their work in separate silos they are not aware of the scenario and it may happen that because of this distance they may take a wrong decision so here we introduce Zoho CRM Joe CRM is an online software that helps you sell sell smarter better and faster this is a CRM tool of Zeus the whole application so what happens is next time when you sync source CRM with notebooks we help you sync your accounts we help you sync your vendors we help you sync your products and items furthermore all your transaction with I within the invoice module estimate module sales module and purchase module also sync up with Joe CRM I will give you a live example I will give you an example of this particular scenario so let's say if I am the sales rep and I am talking to a customer who has many invoices pending in the past so obviously my approach has to change and this informed and this is only possible if I have the relevant information about the customer within my CRM system so for instance this particular screen shows me the - shows me house Oh CRM looks like so here I have zoo finance and with Enzo finance I have the invoices estimate sales order and purchase order as you can see there is this customer whose account name is Erin industries and the balance - is $45 and in fact there are two invoices so I mean if I assails that if I look at this data I know that this customer has been always delaying me in terms of making payments so I need to change my approach so as you can see this is all contextual so based on the relevant data that you get you can change the way you approach your customers so this is the power of syncing your sales and finance data using Zoho CRM and zoobooks so that's all about it so this is about the sales model of Zoho books and these are our contact details if you need any help drop us a mail that support dot India at zoobooks calm furthermore if you're calling from India you can simply call us at one eight zero zero one two three seven seven one one we have a very comprehensive help talk as well we have the URL here Zoho comm slash book slash help and we also have frequently asked questions the webinar is open to questions feel free to ask us as many questions as you want and we'll be back with the webinar series again next time thank you so much for attending have a great day thank you