Accounting and Invoicing

• Getting Started
  • Accounting Memento For Entrepreneurs (US GAAP)
  • Initial Configuration
    • Initial setup of Flectra Accounting and Flectra Invoicing
    • Chart of Accounts
  • Process overview
    • From Customer Invoice to Payments Collection
    • From Vendor Bill to Payment
• Account Receivables
  • Customer Invoices
    • Overview of the invoicing process
    • Offer cash discounts
    • Cash Rounding
    • Payment Terms and Installment Plans
    • Deferred Revenues
    • Credit Notes and Refunds
    • Add EPC QR Codes to invoices
    • Send your Invoices by Post (Snailmail)
  • Customer Payments
    • Different ways to record a payment
    • Invoice Online Payment
    • Register customer payments by checks
    • Follow-up on invoices and get paid faster
• Account Payables
  • Vendor Bills
    • Manage vendor Bills
    • Purchase Receipts
    • Deferred Expenses and Prepayments
    • Non-current Assets and Fixed Assets
  • Vendor Payments
    • Pay by Checks
    • Pay several bills at once
  • Miscellaneous
    • Forecast future bills to pay
• Bank & Cash
  • Setup
    • Bank Accounts
    • Manage a cash register
    • Manage a bank in a foreign currency
  • Bank Feeds
    • Bank Statements
  • Bank Reconciliation
    • Bank reconciliation process - use cases
    • Reconciliation Models
• Taxation
  • Taxes
    • Taxes
    • Default Taxes
    • Fiscal Positions (tax and account mapping)
    • Manage withholding taxes
    • Manage cash basis taxes
    • VIES VAT numbers validation
  • Fiscal Year
    • Manage Fiscal Years
    • Do a year end in Flectra (close a fiscal year)
• Reporting
  • Overview
    • Main reports available
    • Create a customized reports with your own formulas
  • Declarations
    • Tax Return (VAT Declaration)
• Others
  • Analytic
    • Analytic account use cases
    • Track costs of human resources with timesheets
    • Track costs of purchases, expenses, subcontracting
  • Adviser
    • Manage a financial budget
  • Multicurrency
    • Flectra’s multi-currency system
    • Manage invoices and payment in multiple currencies
    • Record exchange rates at payments
    • Automatic Currency Rate
  • Inventory
    • Impact on the average price valuation when returning goods
    • Inventory valuation configuration
• Fiscal Localizations
  • Overview
    • Fiscal Localization Packages
    • List of supported countries
  • Localizations
    • Argentina
    • Australia
    • Chile
    • Colombia
    • Colombia (ES)
    • France
    • Germany
    • India
    • Indonesia
    • Italy (IT)
    • Mexico
    • Netherlands
    • Peru
    • Spain
    • Switzerland

Flectra Invoicing is a standalone invoicing app that allows you to issue invoices, send them to your customers, and manage payments, including online payments. It works as a “lighter” version of Flectra Accounting, and you can upgrade it to Flectra Accounting if you need more advanced accounting features.

Flectra Accounting is a complete and strong accounting app. The automation of processes is at the core of its development with its perfect integration with all Flectra apps and with features such as <accounting/bank/reconciliation/reconciliation_models>`.

See also

• Flectra Accounting: product page

Double-entry bookkeeping

Flectra automatically creates all the behind-the-scenes journal entries for each of your accounting transactions: customer invoices, point of sale order, expenses, inventory moves, etc.

Flectra uses the rules of double-entry bookkeeping system: all journal entries are automatically balanced (sum of debits = sum of credits).

See also

• Understand Flectra’s accounting transactions per document

Accrual and Cash Basis Methods

Flectra supports both accrual and cash basis reporting. This allows you to report income / expense at the time transactions occur (i.e., accrual basis), or when payment is made or received (i.e., cash basis).

Multi-companies

Flectra allows one to manage several companies within the same database. Each company has its own chart of accounts and rules. You can get consolidation reports following your consolidation rules.

Users can access several companies but always work in one company at a time.

Multi-currencies

Every transaction is recorded in the default currency of the company. For transactions occurring in another currency, Flectra stores both the value in the currency of the company and the value in the currency of the transaction. Flectra can generate currencies gains and losses after the reconciliation of the journal items.

Currency rates are updated once a day using a yahoo.com online web-service.

International Standards

Flectra accounting supports more than 50 countries. The Flectra core accounting implements accounting standards that are common to all countries. Specific modules exist per country for the specificities of the country like the chart of accounts, taxes, or bank interfaces.

In particular, Flectra’s core accounting engine supports:

• Anglo-Saxon Accounting (U.S., U.K.,, and other English-speaking countries including Ireland, Canada, Australia, and New Zealand) where costs of good sold are reported when products are sold/delivered.

• European accounting where expenses are accounted at the supplier bill.

Flectra has modules to comply with IFRS rules.

Accounts Receivable and Payable

By default, Flectra uses a single account for all account receivable entries and one for all accounts payable entries. You can create separate accounts per customers/suppliers, but you don’t need to.

As transactions are associated to customers or suppliers, you get reports to perform analysis per customer/supplier such as the customer statement, revenues per customers, aged receivable/payables, …

Wide range of financial reports

In Flectra, you can generate financial reports in real time. Flectra’s reports range from basic accounting reports to advanced management reports. Flectra’s reports include:

• Performance reports (such as Profit and Loss, Budget Variance)

• Position reports (such as Balance Sheet, Aged Payables, Aged Receivables)

• Cash reports (such as Bank Summary)

• Detail reports (such as Trial Balance and General Ledger)

• Management reports (such as Budgets, Executive Summary)

Flectra’s report engine allows you to customize your own report based on your own formulae.

Import bank feeds automatically

Bank reconciliation is a process that matches your bank statement lines, as supplied by the bank, to your accounting transactions in the general ledger. Flectra makes bank reconciliation easy by frequently importing bank statement lines from your bank directly into your Flectra account. This means you can have a daily view of your cashflow without having to log into your online banking or wait for your paper bank statements.

Flectra speeds up bank reconciliation by matching most of your imported bank statement lines to your accounting transactions. Flectra also remembers how you’ve treated other bank statement lines and provides suggested general ledger transactions.

Calculate the tax you owe your tax authority

Flectra totals all your accounting transactions for your tax period and uses these totals to calculate your tax obligation. You can then check your sales tax by running Flectra’s Tax Report.

Inventory Valuation

Flectra support both periodic (manual) and perpetual (automated) inventory valuations. The available methods are standard price, average price, LIFO (for countries allowing it) and FIFO.

See also

• View impact of the valuation method on your transactions

Easy retained earnings

Retained earnings are the portion of income retained by your business. Flectra automatically calculates your current year earnings in real time so no year-end journal or rollover is required. This is calculated by reporting the profit and loss balance to your balance sheet report automatically.