Accounting

Customer Credit Notes

Credit notes reverse a previously posted invoice - partially or fully. Go to Accounting > Customers > Credit Notes.

Creating a Credit Note

1. Open the posted invoice.
2. Click Add Credit Note.
3. Choose refund type:

• Full Refund - Reverses entire invoice.
• Partial Refund - Select specific lines or enter an amount.

How Credit Notes Affect Accounting

• Reverses the original revenue and tax entries.
• Increases Accounts Receivable (reduces amount due).
• If the original invoice was paid, the credit note creates a credit balance that can be refunded or applied to future invoices.
• The refund is processed according to the original payment method (reverse payment, credit on account, etc.).

Credit Note Report

The credit note PDF shows the original invoice reference, reason for credit, and reversed amounts. Customise the report template in Technical → Reports.

Budgets in Quickenerp

Create budgets to plan and monitor income/expenses against actuals. Go to Accounting > Configuration > Budgets.

Creating a Budget

1. Click Create.
2. Name - "FY2026 Budget", "Q1 Marketing Budget".
3. Period - Select date range (Jan 1 - Dec 31).
4. Budget Lines - Add each account's planned amount per period:

• Account (e.g. "Sales Revenue - Products").
• Planned Amount (e.g. ,000).
• Period: Monthly, Quarterly, or Yearly distribution. Quickenerp can spread evenly or by custom amounts per month.

Monitoring Budgets

• Open the budget → see a comparison table: Account, Planned, Actual, % Achieved, Remaining.
• Pivot View - Switch to pivot to compare multiple accounts side by side.
• Graph View - Bar chart showing planned vs actual per month.
• Budget Alerts - Set a percentage threshold. When actuals exceed X% of the budget, a notification is sent.
• Budgets can be viewed in the Profit & Loss report by enabling "Show Budgets".

Best Practices

• Create separate budgets for revenue and expenses.
• Use monthly periods for tracking, with annual totals.
• Review budget vs actual monthly in management meetings.
• Create revised budgets mid-year if circumstances change significantly.

Multi-Currency in Quickenerp

Enable multi-currency in Settings to invoice and pay in foreign currencies. Go to Accounting > Configuration > Settings → "Multi-Currencies" section.

Setting Up Currencies

1. Go to General Settings > Currencies → Add currencies.
2. Quickenerp auto-updates exchange rates daily (from a free provider).
3. To update rates manually: Currencies → click a currency → "Update Rate Now".
4. Set Rate Providers: European Central Bank, Yahoo Finance, or custom.

Multi-Currency Transaction Flow

1. Create a price list in EUR → assign to a European customer.
2. Create a quotation/invoice in EUR. Prices use the EUR price list.
3. Quickenerp shows both the EUR total and the company currency equivalent (if different).
4. Exchange rate is locked at invoice creation time.
5. When the customer pays in EUR, the payment is recorded in EUR.
6. Exchange gain/loss is calculated and posted automatically on reconciliation.

Exchange Gain/Loss

• Recorded when the exchange rate at payment differs from the rate at invoice creation.
• Posted to a "Exchange Gain" or "Exchange Loss" account.
• Configure these accounts in Settings → "Exchange Gain/Loss Account".
• Unrealised gains/losses are computed at period-end (manual process).

Multi-Currency Bank Accounts

Create separate bank journals for each currency: "USD Bank", "EUR Bank", "GBP Bank". Each journal has its own currency and bank account.