This function allows you to manage your knock off transactions. Knock Off Entry is usually used to perform knock off on amount that belongs to Debtor or Creditor. It can be adjustments or contras from Journal, payments at Cash Book, Credit Note or Purchase Return which can be used to knock off against outstanding invoices.
To access Knock Off Entry, click on the Accounting Menu > Knock Off Entry.
Knock Off Entry will have a listing of all your Knock Off records. You can View, Edit or Delete any Knock Off record from the listing by accessing the last “Action” column.
Creating a new Knock Off Entry
1. Click on the “+New” button.
2. Select Debtor or Creditor that you wish to perform knock off.
3. Outstanding invoices and not fully applied transactions of the creditor will be listed out. Tick on the transactions that you wish to perform knock off. You can also tick multiple transactions if the knock off is to be applied against multiple transactions.
4. Make sure the total amount that you apply for knock off is the same for positive outstanding and negative outstanding. The Total Applied Amount should be 0 to proceed.
5. Click on the “Save” button to save the transaction.
Usually knock off can also be performed at Journal, Cash Book, Credit Note or Purchase Return transaction. You can browse to the specific not fully applied transaction and there should be an “Apply” under “Action” selection. You can use this to create the Knock Off transaction as well.
You can also access the “Apply” when you view the specific transaction at the “Action” button.
Print Knock Off Listing
If you want to printout a listing of your Knock Off transactions, you can use “Print Listing” function to achieve this.
1. At Knock Off Entry, click on the “Print Listing” button.
2. Select the Report Name.
3. Define your filters and options. This will determine the results and presentation of the generated report.
4. Click on the “Run Report” button to generate the report.
5. The report will be generated based on your selection.
6. You can now print or export to the format that you want.