Empowering SME's for Electronic Transactions

 

Executing electronic transactions need not be the privilege of only the Large Enterprises any more! eDropBox will change the way businesses transact among themselves just as much as emails changed the exchange of messages. It is not only a Transaction Enabler but also introduces the concept of 3G accounting where execution of a transaction itself leaves a trail for formal accounting. Only the initiator of a transaction needs to do the data entry and the recipient has to merely acknowledge and direct it to the destination account without any data entry from his / her side.

 

Case Study: Transactions between A & Co and B & Co.

 

A & Co prepares an invoice and sends to B & Co

 

Steps:

The user logs into eDropBox client software, enters the invoice details and then saves. Prepares a Sales Voucher, attaches the invoice and then sends electronically to eDropBox. Until the internet connection is available it will be saved in the Outbox titled 'Transactions NOT yet Sent'. The entry will appear in Pink colour. The voucher and the Invoice may be viewed. The printout of the invoice may be taken. At this stage the complete transaction can be deleted.

When the connection is available, pressing the SEND button will send the transaction to eDropBox server. The entry will now appear in the next window in Green Colour titled 'Transactions NOT taken by the customer'.

 

Ledger, Trial Balance, Reconciliation Statement, and Bills Receivable statements are immediately available.

 

A & Co logs out.

 

B & Co logs into his eDropBox client software may be from a different city. Just like checking for emails with the internet connection on, presses the SYNCHRONIZE button and the transaction sent by A & Co is downloaded into the inbox with maroon colour, titled 'Transactions to be Taken by us'.

 

B & Co may accept the transaction at the appropriate instant applying his business rule. He may decide to 'Take' the invoice into his / her account only after the goods arrive. By pressing the TAKE button and picking the right entry, the voucher will appear on the credit side automatically filled as a complementary transaction for the debit entry sent by the sender. The destination account is selected from the drop down list and pressing the CONFIRM button will update the accounting system.

 

The invoice sent by A & Co will also appear as a printable document and Ledger, Trial Balance, Reconciliation Statement, Bills Payable and the Due Date Manager statements are available. Without a single data entry the accounting on the receiver's side is completed. eDropBox provides the maximum comfort level to the users, a true feature of 3G accounting.

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