Managing Carried Over Sales Invoices in the New Financial Year

When transitioning to a new financial year, outstanding or partially paid sales invoices must be properly managed to ensure accurate financial reporting and efficient tracking of incoming payments. Here’s how you can handle these invoices within Scribe Accounts:

Step 1: Identifying Outstanding Sales Invoices

Before closing your accounts for the year, identify any sales invoices that are either outstanding or partially paid.

• Navigate to Transactions → Sales Invoices.
• Use the Quick Search bar to filter for invoices with statuses such as “Outstanding” or “Partially Paid”.
• Alternatively, you can use the Filter feature for a more detailed search, filtering invoices based on their payment status or due dates.

Step 2: Reviewing and Confirming the Invoices

Ensure that all details on the outstanding invoices are correct. It's important to verify:

• The amounts due.
• The customer details.
• The due dates.

Any corrections that need to be made should be completed before the financial year ends.

Step 3: Opening The New Financial Year

Scribe Accounts automatically carries over any outstanding and partially paid invoices into the new financial year. There is no need for manual transfer as the system handles this transition seamlessly.

Step 4: Managing Invoices in the New Financial Year

In the new financial year, these invoices will still reflect in your accounts under their respective statuses (outstanding or partially paid). Once payment is received, you can update their status accordingly.

• Navigate to Transactions → Sales Invoices.
• Select the invoice you wish to update and via the three dots at the end on list view select Convert to Receipt.

Step 5: Reporting

For financial reporting and auditing purposes, generate reports to reflect the status of all invoices.

• Navigate to List Reports → Out.Invoice/PO to view all outstanding or partially paid invoices.
• This report can help in tracking payments and following up with customers who have overdue payments.