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Keep Track of the Financial Transactions Within Komet

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Wednesday, Nov 15, 2017

Managing records of financial transactions for accounts receivables and accounts payables are important aspects to consider for any company because it allows the accounting department to track how the business is performing on a daily, weekly or monthly basis.

Although Komet is not an accounting system per se, it helps you record some of your company’s accounting movements and through our integration with QuickBooks, you’re able to synchronize Komet’s Account Payables information.

Komet offers multiple actions to perform through the accounting related tabs. Let’s talk about some things you can perform as an accounting user:

Integrating Komet with External Systems

Komet can be used as an aid to manage accounting processes, as you can synchronize your accounting system through a method that allows you to export and import information between the connected systems.

Also, the system can synchronize the Accounts Payables information from Komet to QuickBooks (for example) you can export the PO, AWB and the Inbound Truck vendor invoice details. Once integrated, within Komet Sales you only have to approve the invoice, then approve the payment and finally synchronize the data.

Managing Accounts Payables

Accounting users can access different options the system offers to manage Accounts Payables. The following are the main available reconciliation options:

√PO Vendor Reconciliation: You can manage the information related to these invoices. Once the vendor uploads the invoice to Komet, you can reconcile the charges in relation to the Komet Sales Purchase Order.

√AWB Reconciliation: You can reconcile AWB charges such as the Freight, Handling and Duties, upload invoices and identify missing vendor invoices or update the status of those AWB invoices that are pending to be approved/synchronized.

√Inbound Truck Reconciliation: You can upload invoices and enter the Inbound Truck freight charges based on Full Box Equivalent, as well as manage the different status of the reconciliation process.

Managing Accounts Receivables

The system allows accounting users to record payments, apply credits, discounts, finance charges for delay in the payment of invoices by percentage, and NSF fee when the customer pays with non-sufficient funds check. Komet also allows them to create statements for customers, review all the information related to open credits, balance and credit limit for invoices, set credit limits and run Excel reports for all of these aforementioned processes.

Customer Accounts

You might need to set up taxes for flowers, plants and/or hard goods purchased for certain customers. You can establish a general tax percentage based on product division within the Company Setup settings. If needed, you’re able to apply these preset sales tax percentages to a specific customer within the customer information screen.

Managing an accounting process correctly and having the records of the available financial movements within Komet Sales, helps an enterprise to make business management decisions that ensure the continuous growth of the company. We encourage you to give it a go and start using the Account Receivables and Account Payables screens to keep track of the available financial transactions within Komet!

 

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Originally published Wednesday, Nov 15, 2017

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