Today we will discuss about the EMI feature of ERP software.
This EMI feature is helpful for those businessmen who provide the facility of paying in installation for their customer. For example, T.V dealers, refrigerator dealers, washing machine dealers, automobile dealers etc. In EMI system according to paying capacity of customer EMI plan is decided. For eg. Some customer want to pay the installation in two month, some after 15 days and some after one month. In ERP software you can easily define the customer EMI plan.
Let us start.
First of all click on options in utilities menu.
Click on Enable E.M.I calculation then click on apply. Now close it by clicking on close.
Now we will create customer account. Click on account on right hand side.
Click on new.
Now fill the customer name in account name block. Select customer in group as we are creating customer account. Now fill other details. You have to keep in mind that when you are going to create account of customer whom you are providing EMI plan(sale on installation) then you have to tick maintain bill by bill balance block. Now click on save. Now close it.
Now we will do sale entry. Click on sale on right hand side.
Click on new.
Select date and term. In term we will select credit as we are selling in installation. Now select customer, sale type, bill number and due date. Select the item that you are selling and quantity of item. Thus after adding of tax amount with basic amount net amount will be automatically calculated. Then press enter. Thus this item will be added in sale entry.
If you want to create EMI plan for that customer/party then click on EMI. This option we only available if you had ticked enable EMI in options in utilities menu.
Thus total amount will be automatically selected according to the net amount of sale. Now in no. of installment fill the installment number you want to create of this amount.
Now suppose finance amount is 14,160 and customer give 4160 rupees at a time and he ask you to create EMI plan for remaining 10,000 rupees. Thus click on the charges to do down payment(4160 rupees) he is paying.
Now click on plus sign to create account of down payment.
Fill down payment in charge head and select cash in account head. Down payment subtract from the total bill amount therefore we will select minus. Click on save.
Now select down payment in particulars list. Fill the amount the customer is paying at a time. Now click on add item.
Now we will back to EMI by clicking on EMI.
Thus now it is showing 10,000 rupees in finance amount after subtracting cash amount given by customer. Now select number of installment. Here we select 10 then software will automatically calculate installments according to no. of installment. If you want to change the first installment amount then you can change it manually.
Suppose you change the Ist installation from 1000 RS to 800 RS then the software will automatically calculate the rest EMI amount.
For now we will take 1000 as first installment. The date of paying first installment is filled in start on date. In frequency select the month after which the customer has to pay each installments. For eg. If customer is paying first installment on 05/06/2018 and we select one month frequency. Then next installment paying date is 05/07/2018. Now click on calculate to check the EMI paying date of customer.
If the customer paying through cheque then fill the check number. Then press enter.
Now software will automatically display the other cheque numbers. If you want to change any cheque number then you can change it manually. You can also fill guarantor name, address etc then click on save.
Click yes if you want to see print preview of bill otherwise click on NO. Now close it by clicking on close.
Whenever customer comes to you to pay installment then the entry of that installment is done in quick receipt. Thus click on quick receipt on right hand side.
Now select date and payment mode. In payment mode we will select bank name as the customer is paying through bank. Now select customer name in account name. Then press enter. As you press enter a tab will display. Fill the cheque number, cheque date and bank name through which customer is paying. Press enter. Total amount to pay
Total amount to pay by customer is shown above. Now fill the first installation amount in total amount block. Then press enter. After pressing enter it will display the installation detail. Now first installation is cleared then click on continue.
Click on save.
Thus this entry will add. Now close it.
Now we will check how much installments we have collected. Thus to check this report click on bill wise collection register in display menu.
Select date range and tick bills due within. Click OK.
Thus you can check EMI detail. Now close it.
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