Select Invoice or Credit Note as appropriate. Once selected the program will automatically post the transaction in the appropriate manner.
This will be the sales invoice number, these numbers should work sequentially, once entered the system will automatically generate the next number on the next sales batch entry / invoice production option. If you are entering invoices using all invoice entry screens this reference field is linked to all sales transaction screens and will run sequentially no matter which sales entry screen you use.
Setting up a New Customer during transaction entry
If the sale is to a new Customer which does not already exist within the Customer listing then, without closing the invoice production entry screen, from the main menu, select Sales> Add/Amend Customer> and setup the new Customer.
This will add the Customer to the drop down list within the Invoice Production screen.
Enter the NET Amount (sales figure excluding VAT).
This differs to the Sales Batch Entry option where the Gross figure was required to be entered. It also differs from the point of view that no distinction need be made between a positive figure for an invoice entry or a negative figure for a credit note entry, the user has already indicated to the program at the start of the transaction if an invoice or a credit note is being posted therefore only a positive figure need be entered at this point.
The VAT Rate will automatically be assigned according to the sales account selected. However should you need to assign a VAT Rate you may do so from the drop down list.
Type the appropriate narrative to appear on the invoice related to the sale, e.g. brief description with batch number/purchase order number. As a printed invoice will be produced from this entry this is a compulsory field and gives the Customer the appropriate information for what is being invoice.
This Customer - Repeatedly clicking on this button will scroll through the previous narratives used for this customer, you can attach any of these previously used narratives as appropriate. You can also select a previous narrative and edit it as appropriate.
All Customers - Repeatedly clicking on this button will scroll through the previous narratives used for all customers, you can attach any of these previously used narratives as appropriate. You can also select a previous narrative and edit it as appropriate.
The profit and loss account (P&L) records the actual income generated by the business on this particular sale, therefore the P&L can only ever reflect a particular sale once as the income generated on this sale is only generated once.
The Balance Sheet (B/S) records amounts payable/receivable and amounts paid/received. In posting a sales transaction the amount of the invoice is recorded as a receivable so is therefore the total is automatically posted to the “Trade Debtors” account which represents amounts receivable from Customers.
In the above transaction the entry relates to a sale so this will be credited to the “Sales at Standard Rate” account in the P&L, however as the business is VAT registered the business must pay the VAT element of the invoice to the Revenue therefore they are not actually gaining the full income (Gross amount) of the invoice only the amount excluding VAT (Net Amount). The Net amount (excl. VAT) is posted as the actual P&L income and the VAT element (balance) is posted to the VAT account (B/S) as a credit meaning it is payable to the Revenue.
The VAT report will capture the VAT element for inclusion in the appropriate VAT return.
The total Gross amount (incl. VAT) is receivable from the Customer so this amount is posted to the Trade Debtors account as a debit as it is receivable.
AN INVOICE IS NOW AVAILABLE TO PRINT FROM THE INVOICE PRINTING MENU UNDER THE SALES> INVOICE PRODUCTION> MENU.
ALTERNATIVELY SIMPLY SELECT "PRINT" TO BRING YOU STRAIGHT TO THE INVOICE PRINTING MENU.
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