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How to Create and Manage Invoices and Receipts in Gridlex Sky?
Management of invoices and receipts plays a crucial role for any organization. An invoice is a document that indicates the goods/services that a company has provided to a customer. Invoices also itemize the goods or services sold and may include discounts, taxes, and other fees. A receipt is a document that proves that a customer has paid for the goods/services that they have received. Gridlex Sky allows users to manage their invoices and business receipts in a single place. It can help businesses to record all their sales and receipts. Gridlex Sky accounting software is a powerful tool that allows you to easily create and manage invoices and receipts. In this user manual, we will provide step-by-step instructions on how to use the software to create and manage your invoices and receipts. If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. How to Create Invoices and Receipts in Gridlex Sky? Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice where you want to create and manage your invoices and receipts. Step 2: Click on the "Revenue" tab in the left navigation menu. Click on the "Add Invoice/SO" button at the top of the screen. Step 3: Here, you can view different types of invoice templates. Click on the invoice template of your choice. Step 4: Enter the necessary information for the invoice, including the customer's name, invoice date and invoice due date, the items or services being invoiced, the price for each item, and add a discount if applicable. Step 5: Once you have entered all of the necessary information, click on the "Save" button to save the invoice. Users also have the option to “Save and Print” or “Save and Send Later.” Step 6: Voila! You have created a new invoice in Gridlex Sky. To manage your invoices, click on the " View Invoices" tab in the top navigation menu. Furthermore, users can select the "Receipt due" option to view the receipt. In addition, users can use the filters and search bar at the top of the screen to quickly find the invoice they are looking for. Step 7: To manage your receipts, click on the "View Receipts" tab in the top navigation menu. This will open a list of all of your receipts. You can use the filters and search bar at the top of the screen to quickly find the receipt you are looking for. To view a receipt, simply click on its row in the table. To edit a receipt, click on the "Edit" button. This will allow you to make any necessary changes to the receipt. With the Gridlex Sky accounting software, creating and managing invoices & receipts is quick and easy. By following the steps outlined in this user manual, you will be able to efficiently manage your invoicing and payment processes. Quick Tip Gridlex Sky offers a list of shortcuts for common tasks. Users can click on the “Create an invoice” tab in order to go directly to the Revenue page without having to scroll down and click on other sections.
Published | Aug. 22, 2023, 11:39 a.m.
Get Detailed Business Insights with Gridlex AI Advisor
Gridlex AI Advisor is a great tool for managing profit, revenue, cost, and inventory items. With the help of Gridlex Sky AI Advisor, businesses can track and manage their inventory levels, optimize their pricing strategies, reduce their costs, analyze revenue and profit, and improve their overall profitability. If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. Gridlex AI Insights Gridlex AI insights can provide valuable information about a business's profit, revenue, cost, and inventory. With the help of Gridlex AI Insights, users can analyze financial data and provide insights and predictions about a business's financial health and future performance. This can help accountants identify potential issues and opportunities and make more informed decisions. AI Profit Advisor Gridlex AI profit advisor uses artificial intelligence (AI) to analyze a business's financial data and provide insights and recommendations for increasing profit. This can include identifying opportunities for cost savings, identifying potential new revenue streams, and suggesting strategies for improving financial performance. Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “AI Advisor” tab and select the “AI Profit Advisor” option mentioned in the top menu. Here, users can view their total profit insights, accounts increased the most in Revenue, accounts decreased the most in Cost, etc. Step 2: If you scroll down, users can view a graphical representation of the total profit from last period to current period. Step 3: Users can also download the data in different formats by clicking on the button. Step 4: Users can also view the profit and loss insights by items. For example, in the image mentioned below, you can see the profit for the item named Mobiles has increased from INR 0 to INR 7,63,112. Users can view this data in different periods ranging from 30 days, 90 days and for the past year to date. Step 5: Users can also view the data in a tabular format for clear understanding of the percentage change in different periods. AI Revenue Advisor Gridlex AI revenue advisor uses artificial intelligence (AI) to analyze a business's financial data and provide insights and recommendations for increasing revenue. This can include identifying new potential revenue streams, analyzing customer data to identify upselling opportunities, and suggesting strategies for improving financial performance. Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “AI Advisor” tab and select the “AI Revenue Advisor” option mentioned in the top menu. Here, users can view their total revenue insights, accounts increased the most in Revenue, accounts decreased the most in revenue, etc. Step 2: If you scroll down, users can view a graphical representation of the total revenue from last period to current period. Users can also download the data in different formats by clicking on the button. Step 3: Scroll down to view the revenue insights by item. For example, in the image mentioned below, you can see the revenue for the item named Dry Fruits has decreased from INR 0 to INR 15,00,000. Users can view this data in different periods ranging from 30 days, 90 days and for the past year to date. Step 4: Here, users can view a graphical representation of the total revenue from last period to current period as well as view it in a tabular format for clear understanding of the percentage change in different periods. AI Cost Advisor Gridlex AI cost advisor uses artificial intelligence in identifying areas where it can be applied to save costs, analyzing financial data to identify patterns and trends, and providing recommendations on how to reduce costs while still achieving the desired business outcomes. Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “AI Advisor” tab and select the “AI Cost Advisor” option mentioned in the top menu. Here, users can view their total cost insights, accounts increased the most in cost, accounts decreased the most in cost, etc. If you scroll down, users can view a graphical representation of the total profit from last period to current period. Step 2: Users can also view the cost insights by items. For example, in the image mentioned below, you can see the cost for the item named Mobiles has increased from INR 0 to INR 30,000. Users can view this data in different periods ranging from 30 days, 90 days and for the past year to date. Step 3: Here, users can view a graphical representation of the total items cost from last period to current period as well as view it in a tabular format for clear understanding of the percentage change in different periods. AI Inventory Advisor With the help of Gridlex AI Inventory Insights, users can identify past sales data and other factors to predict future demand for products, and adjust inventory levels accordingly. It can also help the users to understand inventory levels, sales patterns, and other factors to optimize inventory levels and reduce excess stock. Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “AI Advisor” tab and select the “AI Inventory Advisor” option mentioned in the top menu. Here, users can view their total inventory sales insights, items that have increased the sales, items that have decreased the sales, etc. If you scroll down, users can view a graphical representation of the sales from last period to current period. Step 2: Users can also view the inventory purchases insights by items. For example, in the image mentioned below, you can see the purchase for the item named Mobiles has increased from 0 to 2. Users can view this data in different periods ranging from 30 days, 90 days and for the past year to date. Step 3: Here, users can view a graphical representation of the total inventory purchases from last period to current period as well as view it in a tabular format for clear understanding of the percentage change in different periods.
Published | Aug. 22, 2023, 12:57 p.m.
How to Generate a Trial Balance Report in Gridlex Sky?
A trial balance is a statement that lists the ending balances in all the ledger accounts of a business as of a specific date and time. The purpose of a trial balance is to verify the equality of the debit and credit for the ledger accounts. With the help of Gridlex Sky, users can ensure that all entries made into an organization's general ledger are properly balanced. With Gridlex Sky, users can be ascertained that there is no room for arithmetical errors as the software will help to locate errors (calculation errors, error in totalling trial balance, etc). If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. Generate a Trial Balance Report in Gridlex Sky Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and select the “By Entity” tab in the Trial Balance module. Step 2: Here, users can ensure that the debits and credits in their financial records are in balance or not. Select the date range for which you want to prepare the trial balance. For example, you can set the time period for the previous month, or previous year or customize your dates as per your business needs. Step 3: Select the Account Type head i.e., Asset, Expense, Revenue or Liability. Users can view all account types at once by selecting “All”. Once done, click on “Go” to review the balances. Note: Users can download the Trial Balance in Excel and PDF format by clicking on the “Download” button. Step 4: If you need to make any adjustments, you can do so by clicking on the relevant account and revising the required changes. Once you have verified that the balances are correct, you can save the data by clicking the "Save" button. Step 5: Here, you viewed Trial Balance Entity-wise. Gridlex Sky allows you to view Trial balance by customer, by vendor, by item, by tax-item, by center, by division and by label. Quick Tip Gridlex Sky offers a list of shortcuts for common tasks. With the help of these quick shortcuts, users can easily navigate to the Trial Balance page without having to scroll through other sections. Click on “Review your Trial Balance” under the Reports section to view and generate your trial balance in one single click.
Published | Aug. 22, 2023, 12:35 p.m.
How to Prepare Ageing Analysis Report in Gridlex Sky?
Ageing reports are financial reports that show the outstanding balances of a company's accounts receivable/payables. Gridlex Sky offers different Ageing reports such as Accounts Receivable Ageing, Accounts Payable Ageing and Inventory Ageing. With the help of these reports, you can view the total outstanding due from the customer and due to the vendor. In addition, this report can be used to follow up with customers who have outstanding receivables. The report is typically broken down into 15-Days, 30-Days, 45-days, and >45-Days categories. This will allow you to view the customers who are delinquent on their payments and by how much. Furthermore, users can view inventory ageing reports. If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. Inventory Reports in Gridlex Sky Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and select the “Inventory Summary” option mentioned in Inventory Reports module. Step 2: Here, users can view a list of inventory items and details like the opening quantity, stock on (+ve) or (-ve), current quantity etc. Step 3: To view the details of the item, click on the item name. Users will be redirected to the Inventory List where they can view the batch added date, batch ID, available stock value, etc. Step 4: Gridlex Sky allows you to view Inventory Valuation Summary as well. To view it, go to Reports section >> Inventory Reports >> select Inventory Valuation Summary from the module. Step 5: To know more details on the item, click on the Item Name. Once you click, you can view the complete details of that particular item like batch added date, batch ID, available stock value, etc. Ageing Reports in Gridlex Sky Ageing reports are financial reports that show how long an asset or liability has been outstanding. These reports can be useful for tracking the age of accounts receivable (customer invoices that have not yet been paid) and accounts payable (bills that have not yet been paid), as well as other assets and liabilities. Accounts Receivable Ageing Accounts Receivable Ageing Report is a financial report that shows how long customer invoices have been outstanding. This report is used to track the age of accounts receivable, which are amounts that customers owe to a business for goods or services that have been delivered but not yet paid for. Users can use this feature in Gridlex Sky to identify which customer invoices are overdue and may need follow-up action. It can also be useful for identifying any trends or patterns in payment times, which can help you better manage your cash flow. Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and select “Accounts Receivable Ageing” option mentioned in Ageing Reports module. Step 2: Specify filters or criteria for the report (if required), such as a specific date range. Click on “Go” to view the updated accounts receivable ageing report. Once done, download the file in PDF or Excel spreadsheet format for further analysis. Accounts Payable Ageing An accounts payable ageing report is a financial report that shows how long bills or other payments owed to vendors or suppliers have been outstanding. This report is used to track the age of accounts payable, which are amounts that a business owes to vendors or suppliers for goods or services that have been received but not yet paid for. Users can use this feature in Gridlex Sky to identify which bills or payments are overdue and may need follow-up action. It can also be useful for identifying any trends or patterns in payment times, which can help you better manage your cash flow and relationships with vendors and suppliers. Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and select “Accounts Payable Ageing” option mentioned in Ageing Reports module. Step 2: Specify filters or criteria for the report (if required), such as a specific date range. Click on “Go” to view the updated accounts payable ageing report. Once done, download the file in PDF or Excel spreadsheet format for further analysis. Inventory Ageing Inventory ageing reports are financial reports that show how long inventory has been held by a business. These reports can be useful for tracking the age of inventory items, which can help businesses identify slow-moving or obsolete items that may need to be sold or discarded. Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and select “Inventory Ageing” option mentioned in Ageing Reports module. Step 2: Specify filters or criteria for the report (if required), such as a specific date range. Click on “Go” to view the updated inventory ageing report. Once done, download the file in PDF or Excel spreadsheet format for further analysis. How to View Duplicate Transactions in Gridlex Sky? Step 1: Choose the entity of your choice. Go to Reports >> Banking Reports Module and click on Duplicate Statement Lines. Step 2: Here, users can view Duplicate Transactions in the statement. They can also select the account of their choice. Number Format Settings in Gridlex Sky By default, the Gridlex Sky will use the number format that is set in the system preferences of the computer. However, users can usually change the number format in the software to suit their preferences or the requirements of their business. Step 1: Choose the entity of your choice. Go to Reports >> Reports Settings and click on Number Format. Step 2: Here, you can view two options i.e. US Number Format and Indian Number Format. Change whatever is convenient and meets your business requirements. Once done, click on the “Save” button to submit the changes. Quick Tip Gridlex Sky offers a list of shortcuts for common tasks. With the help of these quick shortcuts, users can easily navigate to account receivable and account payable page without having to scroll through other sections. Click on “Review your Accounts Receivables” to directly view the data. Click on “Review your Accounts Payable” to directly view the data.
Published | Aug. 22, 2023, 12:50 p.m.
How to Create and Manage Chart of Accounts (COA) with Gridlex Sky Accounting Software?
The chart of accounts is the list of all the financial accounts included in the financial statements of a company. It provides a way to categorize all of the financial transactions that a company conducts during a specific accounting period. The main account types include Revenue, Expenses, Assets, Liabilities, and Equity. Gridlex Sky allows users to view a list of accounts and their balances in the system. It is a great way to track your finances and ensure that all your accounts are in order. If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. How to Create a New Account? Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice where you want to create and manage your Chart of accounts. Go to the settings tab to make the required changes. Step 2: In the settings dashboard, click on “Manage Accounts” Step 3: Click on the Add/Edit Account. Step 4: Fill in the required details like the Account Head, Account Type Detail, Account Name, Parent, Opening Balance Amount, Opening Balance Type, and Date. After filling in all the required details, click on “Save” to confirm the mentioned details. Step 5: Tada! You have created a new account in 4 simple steps. Note: Users can edit their account details by clicking on the edit button. Further, they can download their list of account details anytime and anywhere. Quick Tip Users can view a list of shortcuts for common tasks on the dashboard. In one single step, users can directly navigate to the accounts section by clicking on “Update your Chart Of Accounts to customize for your business” present on the screen.
Published | Aug. 23, 2023, 6:57 a.m.
Streamline your Stock Process with Gridlex Sky Inventory Management
Inventory management is the process of recording, tracking, and controlling inventory within a business. An inventory management system can help to keep track of inventory levels, reorder information, adjust items, etc. With Gridlex Sky, users can store their stock information, track their items, get detailed inventory reports and more. If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. Inventory Management in Gridlex Sky Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the "Inventory" tab and click "Add Inventory." Step 2: Next, add your products to the system by creating product listings for each item you want to track. You can input the item's name, quantity, price, etc. Select the debit and credit accounts and click the "Save" button. Opening inventory will be added. Step 3: Go to Inventory Items List and click "Adjust." Users are required to provide the date, adjusted quantity, and unit value to which the inventory item needs to be adjusted. Mention the Reason for Adjustment. Step 4: To view a complete list of inventory items, click on "Inventory List." Use Gridlex Sky Inventory Management to track the movement of your inventory, including sales, returns, and restocks. This will help you keep track of your stock levels and ensure that you always have the products your customers need. Quick Tip Gridlex Sky offers a list of shortcuts for common tasks. With the help of these quick shortcuts, users can easily navigate to this different page without having to scroll through other sections. Click on "Manage Inventory" to directly visit the Inventory Items List.
Published | Aug. 22, 2023, 12:10 p.m.
How to Create and Pay Bills in Gridlex Sky?
With the help of Gridlex Sky accounting software, users can create, manage purchase orders/bills, and record payment against the bills. In addition, users can add vendor credits, vendor advance, refunds at one place. If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. Bill Creation in Gridlex Sky Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Costs” tab. Here, users can view a complete list of all the Bills/Purchase Orders. Step 2: Add Bill/PO by selecting one of the Bill Templates available. Step 3: In the Vendor Section, add/select the vendor and fill the required fields like tax related fields (if any). Fields marked with (*) are to be filled mandatorily in order to get tax reports accurately. Step 4: If the vendor currency is other than Entity’s Reporting, give the conversion rate applicable as on the date. Give the Bill Date, Bill Due date, Invoice Reference (Supplier), Is Reverse Charge Applicable and description (if any). Step 5: In the Item Section, users can add/select the Item from the drop down. Give the quantity and price per unit for the item. Fields marked with (*) are to be filled mandatorily in order to get tax reports accurately. To add multiple items in the bill, click on the “Add Item” button. Step 6: To add taxes, click on “Add Tax” and fill the Tax Line Item Name with Tax Amount. Step 7: Once done, click the “Save” button. Step 8: You have created a new Bill. In order to view a complete list, click on “View Bills/PO”. You can click on any of the Bill ID to view the details of the bill. Step 9: Here, you can edit the bill, pay due and print the bill. Bill Payments in Gridlex Sky Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Costs” tab. Click on “View Bills/PO”. Here, choose the bill to be paid and click on the “Pay Due” button. Step 2: Enter the amount or link the amount from Advances, Credit, Excess payments and Bank transactions. Verify the payment date, select the Payment Mode (Cash/ Debit/Credit Cards/ UPI/ Bank Transfer) and choose Payment Account. Step 3: You can add more taxable items to the bill by clicking on the “Add Tax” button. To make the bill payment, click on the “Save” button. Step 4: To view the complete list of payments, click on the “View Payment” tab mentioned on the top menu of the screen. Here, click on the Payment ID to view the details of the payment. Here, users can edit the payment details by clicking on the “Edit Payment” button. Quick Tip Gridlex Sky offers a list of shortcuts for common tasks. With the help of these quick shortcuts, users can easily navigate to this page without having to scroll through other sections. Click on “Create a Bill” under Costs section to create a bill in a single click.
Published | Aug. 23, 2023, 8:50 a.m.
How to Generate TDS Reports in Gridlex Sky?
Tax Deducted at Source (TDS) is a system of tax collection in India that is used to collect tax from various sources of income, such as salary, interest, rent, and commission. A TDS report in accounting software typically includes details such as the TDS rate applied, the amount of TDS collected, and the amount of TDS paid to the government. This information can be used to ensure that the business is complying with TDS regulations and to track the amount of tax withheld from payments made to employees, contractors, and other recipients. Gridlex Sky Accounting Software provides a simple and efficient way to generate TDS reports for India. It is designed to help businesses keep track of their TDS obligations, and to ensure that they are compliant with the latest regulations. Gridlex Sky offers a wide range of features, including a range of attributes to make report generation easy and efficient, including the ability to create custom reports, export data to Excel, and more. If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. Generate TDS Reports in Gridlex Sky Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and go to “TDS Reports Module”. Click on “By Vendor”. Step 2: Here, users can view vendor-wise TDS data. Users can select the date range they want to view the TDS reports. Once done, download the file in PDF or Excel spreadsheet format for further analysis. Step 3: Go back to the reports section, go to the TDS Reports module and select “By TDS Section”. Here users can view Section-wise TDS Reports. For example, click on any TDS section. Once done, they can view the transaction details, total after TDS deduction, total tax deducted at source, and other important details. Note: Download the file in PDF or Excel spreadsheet format for further analysis.
Published | Aug. 22, 2023, 1:37 p.m.
Bank Reconciliation and Management with Gridlex Sky: Step-By-Step Process
Gridlex Sky can help businesses manage their bank reconciliations. The purpose of bank reconciliation is to ensure that the cash balance reported on the company's balance sheet is correct. This process is necessary because there is often a difference between the cash balance reported on the company's books and the actual cash balance in the bank account. With Gridlex Sky, users can reconcile their bank accounts in a few minutes, check balance mismatches, categorize and filter details, and many more. If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. Bank Reconciliation in Gridlex Sky Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Banking” section. Step 2: Click on “Add Bank or Credit Card” present on the right side of the screen. Select the Bank for which you want to sync the transactions. Step 3: Provide Internet Banking Customer ID and Password. Submit for the authentication once done. Step 4: Once it is approved, Bank accounts will be added automatically and all the transactions will be synced to the Gridlex Sky accounting software. To view the details of the uncategorized transactions, click on the “Transactions” present in the uncategorized tab. Step 5: To Match Bank Statement, you can click on “Match”. Step 6: Here, you can view Statement Balance Total and Statement Balance Available. In addition, you can filter the bank statement by mentioning the keyword, start data and end date. Step 7: Once done, click on “Link Transactions” to link all the transactions selected in the statement. Step 8: Users also have the flexibility to categorize the transactions based on Customer Advance, Customer Payment, Transfer/Deposit from Another Account, Interest/Other Income, Expense Refund, and Owner’s Contribution. Step 9: To view all the categorized transactions, click on “Categorized transactions”. Here, you can view a dropdown. Select “All”. After clicking, users can view a list of transactions. If not relevant, you can unmatch it by clicking on the “Unmatch” button. Step 10: To reconcile, click on “Reconcile Account”, click on “Initiate Reconciliation” to reconcile the data. Step 11: Once you click on initiate reconciliation, you will be directed to this page. Here, fill in details like Start Date, End Date and Closing Balance. Once done, click on “Start Reconciliation”. Step 12: Here, you can view the reconciliation data of the period entered. In addition, users have the option to reconcile the data later as well. Cleared Balance and Balance difference can be viewed at the end of the page. Step 13: To add or import statements, click on “Add Statements” or “Import Statements”. Step 14: Here, users can add their statements manually. They have to enter important details like the Transaction Type, Amount, Reference Number, Payee, and Description. Once done, click on the “Save” button. Step 15: To upload a file, click on “Import Statements”. Choose the file of your choice and click on “Upload” to transfer the data into the system. Quick Tip Gridlex Sky offers a list of shortcuts for common tasks. With the help of these quick shortcuts, users can easily navigate to the Banking page without having to scroll through other sections. Click on “Upload, categorize and reconcile your Bank Transactions” to go to the banking section with one click.
Published | Aug. 22, 2023, 12:17 p.m.
How to Prepare and Analyze Balance Sheet and Cash Flow Reports in Gridlex Sky?
The balance sheet and cash flow reports are two of the most important financial statements in accounting. The balance sheet report shows a company's assets, liabilities, and equity, while the cash flow report shows a company's cash inflows and outflows. With the help of Gridlex Sky, users can utilize these reports to capture the condition of the company's finances. Users can dive deeper in the Balance Sheet and Cash Flow Reports that can be used to make business plans for the future. Furthermore, they can export these reports in PDF format as well. If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. Balance Sheet Reports in Gridlex Sky Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and select the “By Entity” tab in the Balance Sheet module. Step 2: Here, users can view a financial statement that shows the assets, liabilities, and equity of a business at a specific point in time. Select the date range for which you want to prepare the balance sheet. For example, you can set the time period for the previous month, previous year or customize your dates as per your business requirements. You can also customize the view of the sheet. Vertical View Horizontal View: Step 3: If you need to make any adjustments, you can do so by clicking on the relevant particulars and revising the required changes. Once you have verified that the balances are correct, you can save them by clicking the "Save" button. Step 4: Users can view and generate their balance sheet according to item-wise, center-wise, division-wise, and label-wise. Balance Sheet Reports - Schedule III Format Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and select the “Schedule III” tab in the Balance Sheet module. Step 2: Enter your asset and liability accounts into the appropriate sections of the balance sheet template. Click on “Edit Account Mapping” to edit the mapping of the Account Types. Once done, click on the “Save” button. Cash Flow Reports in Gridlex Sky Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and select the “By Entity” tab in the Cash Flow module. Step 2: Users will be directed to the “Entity Cash Flow” section. Here, users can view the Profit & Loss Statement for a certain period. Furthermore, users can utilize the filters to view custom time period i.e From and To Date. In addition, users can view the entire report in Vertical view and Horizontal view. To expand the section, click on (+) and to collapse click on (-). Note: Users can download the Profit & Loss Statement in Excel and PDF format by clicking on the “Download” button. Step 3: Apart from Entity Cash Flow, users can view and generate their cash flow reports by customer, by vendor, by item, by center, by division, and by label.
Published | Aug. 23, 2023, 6:47 a.m.
How to Generate GST Reports in Gridlex Sky?
The Goods and Services Tax (GST) is a value-added tax that is levied on the supply of goods and services in India. The GST is administered by the Central Government of India and is charged at different rates depending on the type of goods or services being supplied. A GST report in accounting software typically includes details such as the GST rate applied, the amount of GST collected, and the amount of GST claimed as input tax credit. This information can be used to ensure that the business is complying with GST regulations and to identify any potential tax savings opportunities. Gridlex Sky Accounting Software provides a simple and efficient way to generate GST reports for India. It is designed to help businesses keep track of their GST obligations, and to ensure that they are compliant with the latest regulations. Gridlex Sky offers a wide range of features, including a range of attributes to make report generation easy and efficient, including the ability to create custom reports, export data to Excel, and more. If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. Generate GST Reports in Gridlex Sky GSTR-1 Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and go to “GST Reports Module”. Here, Gridlex Sky offers various GST Reports like GSTR-1, GSTR-3B, etc. Select “GSTR - 1”. Step 2: GSTR-1 is a monthly return that businesses registered under the Goods and Services Tax (GST) in India are required to file. The return contains details of all outward supplies made by the business during the month, including the value of supplies, the applicable GST rate, and the GST amount collected. Here, you can view the taxable value, IGST Amount, CGST Amount, etc. Users can select the date range they want to view the data. Once done, download the file in PDF, JSON, or Excel spreadsheet format for further analysis. GSTR-3B Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and go to “GST Reports Module”. Here, Gridlex Sky offers various GST Reports like GSTR-1, GSTR-3B, etc. Select “GSTR-3B”. Step 2: GSTR-3B is a monthly self-declared summary return that businesses registered under the Goods and Services Tax (GST) in India are required to file. The return contains a summary of the tax liability for the month, including details of the taxable supplies made and received, the applicable GST rates, and the GST amount paid or collected. Users can select the date range they want to view the data. Once done, download the file in PDF, or Excel spreadsheet format for further analysis. GST Filing Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and go to “GST Reports Module”. Here, Gridlex Sky offers various GST Reports like GSTR-1, GSTR-3B, etc. Select “GST Filing”. Step 2: Enter your GST User Name and click on “Login”. Once done, users can view a pop-up. Click on “Request OTP”. An OTP will be sent to the registered mobile number. Step 3: Here, click on Save. Once done, users can view the report they want to view like GSTR-1, GSTR-2, GSTR-3B, etc. Step 4: If not filed, users can view this red alert on the screen. Step 5: Users can also select the GST Filing Preferences. Quick Tip Gridlex Sky offers a list of shortcuts for common tasks. With the help of these quick shortcuts, users can easily navigate to account receivable and account payable page without having to scroll through other sections. Click on “Review your GSTR-1, GSTR-3B” to directly view the data.
Published | Aug. 23, 2023, 6:45 a.m.
How to Create a Journal Entry in Gridlex Sky?
Journals are used to keep track of financial transactions. i.e., a record of all business transactions. Transactions are typically recorded in a journal before being recorded in a ledger account. With Gridlex Sky, users can develop detailed journal reports that can be used to make decisions about financial planning. They can keep a track of their debits and credits, income and expenses, money transfer, and many more. If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. Creation of Journal in Gridlex Sky Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Journal” section and click on “Add Transaction”. Step 2: Here, you can add a transaction by selecting one of the Transaction Templates available. For example, you can select a salary template, manual journal, vendor payment, etc. Step 3: Give the Journal Date, Journal Mode, Journal Reference, and Journal Description (if any). If the transaction currency is other than Entity’s Reporting, give the conversion rate applicable as of the date. Step 4: After that, fill in all the necessary transaction details. Select the “Debit Account” and enter the transaction amount and also enter the notes (if any). Next, Select the Credit Account and enter the transaction amount and enter the notes (if any). Once done, click on the “Save” button. Note: If the transaction had multiple Debit/Credit accounts, you could add them by clicking on the “Add Debit/Credit Transaction” and entering the amount (if any). How to View Transactions in Gridlex Sky? Step 1: To view a complete list of transactions, go to the “Journal” section and click on the “View Transactions” from the top menu. Here, users can utilize the filters to avail the transaction details more effortlessly. Step 2: To view more details like Journal Mode, Date, Reference, etc, click on the “Transaction ID”. In addition, you can edit and print the journal entry by clicking on the “Edit” and “Print” buttons present on the right side of the page. How to View Journals in Gridlex Sky? Step 1: To view a complete list of Journal Entries, go to the “Journal” section. Here, users can view a list of Journal entries. Users can also utilize the filters to avail the transaction details more effortlessly. Click on the “Transaction ID” to view more details about the journal. Note: Users can download the list of Journal Entries in Excel and PDF format by clicking on the “Download” button. Step 2: After clicking on the “Transaction ID”, users can view the complete details like the amount, currency, date, etc. Step 3: To view Audit Trail details, click on the “Audit Trail” button present next to the “Journal Details” button. Quick Tip Gridlex Sky offers a list of shortcuts for common tasks. With the help of these quick shortcuts, users can easily navigate to this page without having to scroll through other sections. Click on “Create a Manual Journal Entry / Transaction” to edit/add/view Journal or Transactions with one click.
Published | Aug. 23, 2023, 6:55 a.m.
How to View Profit & Loss Statement in Gridlex Sky?
Gridlex Sky allows users to view detailed Profit and Loss Statements that can be used to track the financial performance of a business over time. Businesses can use these reports to assess whether they are making a profit or loss and to track the total income and expenses. For example, all the business related transactions like invoices, bills, expenses, other income, etc will be recorded in the P&L statement. In addition, users can view P&L Statements in accordance with the Center, Division and Label-wise. Gridlex Sky offers Schedule - III format for the companies as per the requirement of the Companies Act, 2013. If you need any help with any feature, data migration of your old accounting data, questions on Chart of Accounts (COA) or anything at all, just email apps@gridlex.com, and our team of expert accountants will be here to help you. Remember, that one of Gridlex’s core values is Customer Success. We want you to be successful. How to View Profit & Loss Statements in Gridlex Sky? Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and select “By Entity” tab. Step 2: Users will be directed to the “P&L By Account” section. Here, users can view the Profit & Loss Statement for a certain period. Furthermore, users can utilize the filters to view custom time period i.e. From and To Date. In addition, users can view the entire report in Vertical view and Horizontal view. Note: Users can download the Profit & Loss Statement in Excel and PDF format by clicking on the “Download” button. Vertical View: Horizontal view: Step 3: Go to “Dashboard” to view the Graphical Representation of the Profit and Loss. Users can also customize the period they are willing to view. In addition, this allows users to gain a visual representation of the expenses, revenue, and P&L. Step 4: Click on “Variance Analysis” to compare Period 1 with Period 2 i.e., users can compare actual financial results to a budget or forecast. With the help of variance analysis, users can identify any significant deviations from the budget or forecast. Step 5: To view complete details by account, go to Reports >> Click on By Entity (Under P&L Statement) and Click on “P&L by Account''. Here, click on any property to view the entire details. For example, Click on “Supplies and Materials - DE” to view the transaction details, transaction type, reference, credit & debit amount, etc associated with that particular property. How to View Schedule III in Gridlex Sky? Step 1: Login into your Gridlex App Suite Account and choose the entity of your choice. Go to the “Reports” tab and select “Schedule III” tab. Step 2: Here, users can view the P&L Statement in Schedule - III format as per the requirement of the Companies Act, 2013. Users can use filters like Time period, filter by center, division, labels, etc to narrow their view for a specific period. Furthermore, users can edit their account mapping by clicking on the “Edit Account Mapping” present in the top right corner of the screen. Consolidated View: Detailed View: Step 3: Here, users can edit their account types, write notes and descriptions (if any). Once done, click on the “Save” button. Quick Tip Gridlex Sky offers a list of shortcuts for common tasks. With the help of these quick shortcuts, users can easily navigate to this page without having to scroll through other sections. Click on “Review your P&L” under Reports section to view the Profit and Loss Statement in a single click.
Published | Aug. 23, 2023, 6:56 a.m.