Supplier Invoices in FalconPro Real Estate Software: Complete Guide
Introduction
Supplier invoice management is a core feature in FalconPro Real Estate Software, enabling property managers and accountants to create, track, and settle supplier invoices efficiently. This guide provides step-by-step instructions for setting up suppliers, linking them to your chart of accounts, creating payable invoices, managing VAT, and processing payments—ensuring accurate records and streamlined procurement.
Setting Up Suppliers
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Define Supplier Accounts:
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Go to Accounting > Chart of Accounts.
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Under Liabilities, create a supplier account (e.g., “Account Payable” or “Creditors”).
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Each supplier should be represented as a sub-account under liabilities for clear tracking.
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Create Supplier Profiles:
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Go to Contacts and create a new contact.
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Enter details: country, city, mobile, email, and select Category: Supplier.
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Link the supplier profile to the correct account in the chart of accounts by double-clicking the account number and searching for the supplier.
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Save the profile for integration with accounting and procurement modules.
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Creating Payable Invoices
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Access Payable Invoices:
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Go to Accounting > Payable Invoice.
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Retrieve existing invoices or create a new one.
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Create a New Invoice:
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Select the supplier from the list (linked to their account).
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Enter invoice details: remarks (purpose), expense account (e.g., building expenses, maintenance), and amount.
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Assign the invoice to a property, unit, or cost center as needed.
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For VAT, ensure the correct VAT account (e.g., VAT Input) is set up in Administration > Master Accounts.
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VAT Handling:
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Enter the net amount and VAT amount separately.
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The system calculates the total and records VAT in the correct account.
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Save and, if authorized, approve the invoice; otherwise, it will be sent for approval.
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Partial and Full Payments
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Processing Payments:
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Go to Accounting > Payment Vouchers.
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Create a new voucher, select “Invoices,” and choose the supplier.
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The system shows all outstanding invoices for the supplier.
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Enter the payment amount (partial or full), select payment method (cash, cheque, bank transfer), and add remarks.
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Save and approve as required.
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Tracking Payments:
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The system updates the paid amount and balance for each invoice.
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Partial payments are tracked, and remaining balances are visible for future settlements.
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Managing Cheques and Checkbooks
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Checkbook Setup:
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Go to Check Management > Checkbook.
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Add a new checkbook, select the bank account, and define the cheque range.
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Activate and save the checkbook for use in payment vouchers.
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Issuing Cheques:
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When paying by cheque, select the checkbook and cheque number during payment voucher creation.
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Print cheques using predefined or custom templates.
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Reviewing Supplier Balances and Ledgers
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Supplier Ledger:
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Go to Accounting > Chart of Accounts.
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Under liabilities, select the supplier account and open account transactions.
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View all transactions, payments, and current balance for the supplier.
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Best Practices
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Ensure each supplier is linked to a unique account in the chart of accounts.
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Always assign invoices and payments to the correct property, unit, or cost center.
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Set up VAT accounts and check VAT entries before approving invoices.
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Use partial payment features for flexible settlement.
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Regularly review supplier ledgers for reconciliation and audits.
Frequently Asked Questions (FAQ)
Q1: How do I link a supplier to the chart of accounts?
Create the supplier account under liabilities and link it from the supplier’s contact profile.
Q2: Can I process partial payments for supplier invoices?
Yes, enter the partial amount during payment voucher creation; the system tracks balances automatically.
Q3: How do I manage VAT on supplier invoices?
Set up the VAT Input account, enter VAT separately in invoices, and verify in master accounts.
Q4: Can I print cheques directly from FalconPro?
Yes, after setting up a checkbook, you can print cheques using custom or standard templates.
Q5: How do I review all transactions for a supplier?
Open the supplier’s account in the chart of accounts and view account transactions for a full ledger.
