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How to Define an Invoice Type Account Group | |
In the Name field within the first available field grouping, type a descriptive name for the invoice type account group (for example: Invoice – Blue Collar). | |
2. | In the Invoice Type field, select the type of invoice that applies to the group. |
3. | In the Accounts Receivable field, type the account code of the debtor account from which invoice payments will be made. |
4. | In the Income Account field, type the account code of the account to which payments made by the debtor will be paid. |
5. | In the list of taxation items on the right-hand side of the screen, type the account code for each taxation item that is listed in the corresponding Taxation Account fields. |
6. | If your system is integrated to a third-party financial system, key in the profit/loss account number in the financial system to which un-invoiced sales will be posted in the P/L Export Account field. Un-invoiced sales occur when payees' earnings have been paid but are yet to be invoiced due to different pay and bill cycles. Where the pay and bill cycles do not align, the un-invoiced sales account can be used to track amounts that are yet to be invoiced. Once invoiced, the corresponding un-invoiced amounts are automatically reversed within the financial integration. |
7. | If your system is integrated to a third-party financial system, key in the balance sheet account number in the financial system to which un-invoiced sales will be posted in the B/S Export Account field. Un-invoiced sales occur when payees' earnings have been paid but are yet to be invoiced due to different pay and bill cycles. Where the pay and bill cycles do not align, the un-invoiced sales account can be used to track amounts that are yet to be invoiced. Once invoiced, the corresponding un-invoiced amounts are automatically reversed within the financial integration. |
8. | Repeat steps 1-7 to define more invoice type account groups as required. Note that you may need to click Add to add a new empty group if an empty group is not already available. Repeat this step as many times as required until you have defined all of the relevant invoice account groups for the billing company. |
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