Finance

There are seven type of modules to create finance :

1. Accounts
2. Payees
3. Payers
4. Deposit Categories
5. Expense Categories
6. Deposits
7. Expenses

Account

Accounts refer to bank accounts used for financial transactions. You can create and manage accounts from the Finance → Accounts menu in the sidebar.

To add a new account, provide the following details:

• Name, enter a clear and descriptive name for the account (required).
• Initial Balance, specify the starting balance for the account (required).
• Account Number, provide the correct bank account number where transactions will take place.
• Branch Code, enter the branch code of the bank associated with the account.
• Branch Address, provide the full address of the bank branch where the account is registered.

By maintaining accurate account details, you ensure smooth and efficient financial transactions.

Payees

Payees are individuals or entities who receive payments in financial transactions. You can create and manage payees from the Finance → Payees menu in the sidebar.

to add a new payee, provide the following details:

• Name, enter the name of the payee (required).
• Phone Number, provide the phone number of the payee.

Payers

Payers are individuals or entities responsible for making payments in financial transactions. You can create and manage payers from the Finance → Payers menu in the sidebar.

to add a new payer, provide the following details:

• Name, enter the name of the payer (required).
• Phone Number, provide a valid contact number of the payer.

Deposit Categories

Deposit Categories categorize different types of Deposit. You can create and manage Deposit Categories by providing the name, from the Finance → Deposit Categories menu in the sidebar.

Expense Categories

Expense Categories categorize different types of Expense. You can create and manage Expense Categories by providing the name, from the Finance → Expense Categories menu in the sidebar.

Deposits

Deposits refer to financial transactions where funds are added to an account. You can create and manage deposits from the Finance → Deposits page.

To record a new deposit, provide the following details:

• Account, select the account where the payment will be received (required).
• Payer, choose the payer making the deposit (required).
• Amount, enter the deposit amount (required).
• Date Time, specify the date and time of the transaction (required).
• Reference Number, provide a reference number for tracking purposes.
• File, upload a document related to the transaction, if applicable.
• Deposit Category, select the appropriate deposit category (required).
• Notes, add any additional details regarding the payment.

Expenses

Expenses refer to financial transactions where funds are deducted from an account to cover costs. Expenses can be claimed in two ways: Employee Claim and Company Claim. You can create and manage both types of expense claims from the Finance → Expenses page.

The expense type is determined by selecting the appropriate tab on the Expenses home page.

An Employee Claim Expense is divided into two sections:

1 Expense Details -To submit an employee expense claim, fill in the following details:

• Expense Type, auto-selected as "Employee Claim" (required).
• Expense Category, choose the appropriate expense category (required).
• User, select the employee submitting the claim (If you are an admin, you must choose an employee, otherwise it will auto selected according to role premission).
• Amount, enter the expense amount (required).
• Date Time, specify the date and time of the Transaction (required).
• Reference Number, provide a reference number for tracking purposes.
• Expense Bill, upload a supporting document related to the transaction (if applicable)..
• Notes, add any additional details regarding the expense.

2 Transaction Type -In this section, following fields to be filled:

• Payment Status, choose whether the payment is made immediately(right now) or deducted from payroll (deduction occurs when payroll for the month is processed).
• Account, Select the account from which the payment will be deducted (required if "Payment Status" is set to immediate, otherwise optional)
• Payment Date, enter date of payment, by default it is auto filled.
• Status, approve or reject the expense claim.

A Company Claim Expense follows a similar structure and is divided into two sections:

1 Expense Details -To submit a company expense claim, fill in the following details:

• Expense Type, auto-selected as "Company Claim" (required).
• Expense Category, select appropriate expense category (required).
• Amount, enter the expense amount (required).
• Date Time, specify the date and time of the Transaction (required).
• Reference Number, provide a reference number for tracking.
• Expense Bill, upload a supporting document related to the transaction (if applicable).
• Notes, add any additional details about the expense.

2 Transaction Type -In this section, following fields to be filled:

• Account, select the account from which the payment will be deducted (required).
• Payment Date, the payment date is auto-filled by default.
• Payee, select the payee who will receive the payment.
• Status, approve or reject the expense claim.