Invoices Collected/Paid in Advance

OBJECTIVE

The Invoices Collected/Paid in Advance option is used to distribute deferred income or expense to one or more months.

 

PREREQUISITE 

• Categories of Inv. Coll/Paid in Advance
• Contract Management, if the distribution is from a service call agreement.

 

Steps

maestro* > Accounting > Financial Management > Deferrals > Invoices Collected/Paid in Advance

 

Enter an invoice received or paid in advance

1. Enter the required information in the Details tab:

Fields followed by the * character are mandatory fields.

Field	Description
Code	Transaction code. NOTE: If no code is entered, the system assigns a default code.
Description	Description that identifies the invoices collected / paid in advance.
Type	Available values: Service Call Assigned to a contract created with the Contract Management option in the Service Managementmodule. Expense Assigned for an invoice paid in advance. Income Assigned for an invoice collected in advance.
Start Date*	Date on which collections or withdrawals begin.
Customer or Supplier	Varies by Type. Customer code associated with the invoice or contract and from Customer Management for the Service Call or Income type. Supplier code associated with the invoice and from Supplier Management for the Expense type.
Contract No	Contract number attached to the transaction.
Invoice No.	Invoice number attached to the transaction.
Category	Invoice category from Management Categories Collected/Paid in Adv.
No. of Payments*	Number of expected payments. NOTE: For service call agreements, the number of payments equals the number of visits.
Frequency	Frequency of payments. The choices are: Yearly, Bimonthly, Monthly, Triannual, Biannual or Quarterly. NOTE: The distribution of payments is based on the selected frequency.
Calculation	Method for calculating the distribution. NOTE: The choice of calculation method affects the columns that will be modifiable in the Distribution section. For example, if the method is set to Amount, only the Amount column can be modified. The same logic applies to the Quantity and Rate methods. Available values: Amount Calculates the distribution based on the amount. NOTE: Amount / No. Payments fields Quantity Calculates the distribution based on the quantity. NOTE: Quantity / No. Payments fields. Rate Calculates the distribution based on the amount. However, the Rate field in the Distribution section is modifiable. NOTE: Amount / No. Payments fields
Total Qty	Total quantity to be distributed.
Amount*	Total amount to be distributed.
Balance	Balance of collections or balance due.

1. Allocation* section:

You can allocate the quantities and amounts attached to the transaction to a project or general ledger account.

Field	Description
Project	Allocation to a project. NOTE: An allocation to a project requires the entry of a project code, activity and group.
General Ledger	Allocated to a general ledger account. NOTE: An allocation to a general ledger account requires the entry of a general ledger account number.

2. Revenue / Expense section:

You must select the project or account assigned based on your selection in the Type field. For example, an income project for a Service Call or Income type and an expense project for an Expense type.

Field	Description
Project	Income or expense project to which the distribution is allocated.
Activity	Income or expense activity to which the distribution is allocated.
Group	Income or expense group to which the distribution is allocated.
Account	General ledger account to which the income or expense is posted.

3. Distribution calculated section:

The calculated distribution is where the transaction initially generated. For example, in the case of a service contract, the invoice collected in advance for the contract is posted in this location before transferring the distribution to the project or the appropriate general ledger account. In Configuration for the Contract Management option, you can specify the number of payments based on the visit dates, the number of payments or simply 12 payments.

Field	Description
Project	Project in which the distribution is generated.
Activity	Activity in which the distribution is generated.
Group	Group in which the distribution is generated.
Account	General ledger account to which the income or expense is posted.

2. Click Prepare the Distribution.

This function is used to complete the Distribution section.

3. Enter the amounts in the Amount to Invoice column. The total amounts to be invoiced must equal the amount entered in the Amount field.
1. Distribution* section:

If changes are made, you can recalculate the distribution by clicking the Recalculate Distributionicon.

Field	Description
Date	Expected transaction date.
Active	Confirms that the transaction can be transferred, if the box is checked.
Quantity	Quantity in the transaction.
Amount	Amount of the transaction.
Rate	Proportion in relation to the number of payments. NOTE: By default, a rate of 100% is divided equally based on the number of payments.
Amount to Invoice	Amount to be invoiced for each transaction.
Actual	Actual amount of the transaction. NOTE: This amount is displayed automatically after the transaction is transferred.
Trans No. transferred	Transaction number assigned during the transfer. NOTE: This number is displayed automatically after the transaction is transferred.
Account Project	Project counter number. NOTE: This number is displayed automatically after the transaction is transferred.
Transfer Date	Transfer date of the transaction.

4. Click Save.

You can cancel an invoice by clicking the Cancel an Invoice in Process icon

 

See also

• Customer Management
• Supplier Management
• Transfer Invoices Coll/Paid in Advanced

 

Last modification: September 20, 2024