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Finocket for Wholesale Exporters

Use cases

How a working day runs, step by step.

Invoice a foreign buyer in their currency

Raise the invoice in USD, EUR or the buyer's own currency and keep the rupee rate used with it, so your books and GST returns read the rupee value.

  1. Add the buyer with their country and address
  2. Keep the rates you use on the Currency conversion rates screen
  3. Create an Export invoice and pick the buyer's currency
  4. The form fills the rate in force on the invoice date and says where it came from; change it if your bank's rate differs
  5. Save, and the rate is kept with the invoice
  6. Download the PDF and send it to the buyer

Print a commercial invoice your forwarder can use

One document with INCOTERM, IEC, ports, country of origin, packages and gross weight. A separate export packing list is not built yet.

  1. Open the Export template under Document templates and set up its recommended fields
  2. That adds INCOTERM, IEC, ports of loading and discharge, country of origin, packages and gross weight, set to print
  3. Create an Export invoice and fill those fields once for the shipment
  4. Choose the customs port the goods leave through from the notified list
  5. The PDF is titled Commercial Invoice, with the consignee, a shipment block and an HS code column
  6. Download it for your forwarder

Revalue foreign-currency receivables at month end

Restate open USD or EUR receivables and payables at the closing rate you enter for the month, and post the unrealised gain or loss to the books. It uses the balances that are open when you run it.

  1. Enter each currency's month-end rate on the Currency conversion rates screen
  2. Open FX revaluation under Reports and pick the month
  3. Read the open foreign-currency balances by currency, receivables and payables apart: what they were booked at, the closing rate, the revalued amount and the gain or loss
  4. A currency with no closing rate on file is named and left as it is
  5. Post the revaluation, or reverse it and run the month again

Keep the LUT current

Hold your LUT number and validity, and see the renewal coming on the GST returns screen. You apply for the LUT itself on the GST portal.

  1. Enter the LUT number and the date it is valid until in your business profile's GST settings
  2. On an Export invoice, turn on Export under LUT, and the tax on every line is cleared to nil
  3. The invoice prints the LUT declaration with your LUT number
  4. In the month before it lapses, LUT renewal due shows under Upcoming on GST returns
  5. Enter the renewed LUT number and date once you have it

Price and chase wholesale buyers

Party-wise price lists for domestic buyers, with bill-wise ageing and a statement for each party.

  1. Create a price list for each buyer group on the Price lists screen
  2. Set the list on each buyer's record, and their invoices pick up its rates
  3. Check bill-wise ageing by buyer on Outstanding
  4. Tap the WhatsApp button on an unpaid bill to open a reminder with a link to their open bills
  5. Download the party statement as a PDF from the buyer's ledger

Put your exports into GSTR-1

Export invoices go into the GSTR-1 export file in rupees. The port code and shipping bill columns are not filled in yet, so you add them on the portal.

  1. Pick the month on GST returns and download the GSTR-1 files
  2. Each export invoice is a row in the export file, marked with or without payment of tax from its LUT switch
  3. Foreign-currency invoices are converted to rupees at the rate saved on each invoice
  4. An LUT invoice that still charges tax is listed on screen before you file
  5. Add the port code and shipping bill on the GST portal, then file there yourself or through your CA

Record an import on a bill of entry

If you also import, the IGST you paid at customs shows in the month's GSTR-3B summary when you mark it eligible. Whether it is eligible is a question for your CA.

  1. Open Bill of Entry from GST returns and add the bill's number and date
  2. Pick the customs port from the notified list
  3. Enter the assessable value, the IGST and any cess paid at customs
  4. Mark the credit eligible or not, as your CA advises
  5. The GSTR-3B summary for that month carries the IGST under import of goods

Warn before a buyer goes over their credit limit

Set a limit for each buyer, and the invoice form warns before you raise one that takes them past it. It warns; it does not stop the sale.

  1. Set a credit limit on the buyer's record
  2. Raise an invoice for that buyer
  3. The form adds their open receivables to this invoice and warns when the total is over the limit
  4. The warning shows by how much, and you can still save
  5. If their open bills cannot be read, it says the limit was not checked instead of staying quiet

Give each buyer a link to their account

A buyer opens one link, with no login, to see what they owe you. Buyer orders and shipment updates are not on it yet.

  1. Open the buyer's ledger and tap Portal link to copy their link
  2. Or tap the WhatsApp button to open a chat with the link in it
  3. The buyer sees their balance, open invoices and recent payments
  4. They can accept or decline an estimate you sent
  5. They download a statement of account for the dates they choose
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