Creating Liquidation Expenses
- Go to Navigation Panel > Expense > Liquidation.
- Click Add New Liquidation.
- A pop-up form will appear.
Fill all the ( * )important fields:
Transaction Date - current date.
Direct Voucher - click the dropdown and select from the list of direct vouchers, you have assigned for cash advance.
Supplier - select the name of the supplier indicated at the direct voucher that you selected.
Account - account to where you will record the liquidation. You may select from the list
or create a new account by clicking the + New Account button.
Date - the date of transaction stated on the direct voucher.
Amount - total amount of your purchase.
Generate 2307 - mark to record the withholding tax amount stated in the liquidation to BIR Report Form No. 2307.
VAT Report - mark to record the VAT amount stated in the liquidation to VAT Report(BIR Form No. 2550M and 2550Q).
Click here to learn more about BIR Reports.
- Click Add Lines to add additional row if needed.
- Click Clear Lines to clear all rows or click to remove a specific row.
- Click Save.
- Mark the checkbox of the liquidation row that you want to approve.
Click Bulk Action and click Approve. The approval level depends on the number authorization level that
Go to Company Setup > Default Settings
, head to the System Preference
tab to enable/disable the approval for Credit Note.
Learn more about Approval
To cancel/delete a liquidation:
- Check the row of the liquidation, click Bulk Action button and click Cancel.