There are many features you can utilise to make your invoice creation process, reconciliation and automation simple and swift. With RazorpayX, you can do the following:
You can use the
Add the vendor/s details.
Make the payment as per your business requirements.
While creating an invoice, you can select from the existing
- To deduct flat 20% TDS when the PAN of the vendor is unknown.
- To deduct TDS at a lower rate based on a certificate from the government for a particular vendor.
- To deduct TDS on a cumulative basis when the contractor’s yearly income goes over a certain threshold.
GST breakup is one of the vital pieces of information on the invoice. It is necessary to keep a record of this. RazorpayX enables you to select the type of breakup and edit the amount accordingly. It also records the GST split in the report for accurate bookkeeping.
Given below are 2 ways to apply GST:
- Intrastate purchase
- Levies CGST and SGST
- Interstate purchase
- Levies IGST
For example, the invoice amount is ₹100 and the subtotal is ₹80.
- Intrastate - CGST - ₹10; SGST - ₹10;
- Interstate - IGST - ₹20;
You might have uploaded an invoice on Vendor Payment , but made the payment offline. In such scenarios, you can mark the invoice as
paid via the RazorpayX Dashboard.
The invoice moves to the
paidstate without creating a corresponding payout.
When marking an invoice as
paid, you have the option to select the external method you chose to pay the invoice (such as bank transfer, cheque or cash).
This makes Vendor Payments an end-to-end solution to track all your vendor payments, irrespective of how you choose to make the payment.
Invoices marked as
paidare considered for TDS payments. This allows you to calculate and pay the TDS using
Watch this short video on how to mark an invoice as
paid, or keep reading.
To mark an invoice as paid, you must:
- Log in to your
- Navigate to Menu → Vendor Payments.
- The Vendor Payments overview screen appears. From the list of invoices shown, click on the relevant invoice you want to mark as
- A pop-up appears to the side showing the various invoice details. Here, click on MARK AS PAID.
- In the next Mark as paid - PAYMENT SUMMARY window, fill out the details requested, such as how you have made the payment, the UTR and other comments, if applicable.
- Click Mark Paid, or click No, Go Back if you do not want to mark the invoice as
You cannot change the invoice status to
unpaid once you have marked the invoice as
You have successfully marked the invoice as
paid. This helps you reconcile your payments to vendors and gives you an accurate summary on Vendor Payments bookkeeping.
The RazorpayX Vendor Portal is a platform created for your vendors where they can upload the invoices and receive updates to the payment. Know more about how to
You can assign assign users roles to limit their access to the RazorpayX Dashboard as per your business requirements. Know more about