Billing Company Maintenance

A billing company defines the legal entity within a recruitment agency that issues an invoice or credit note. When an invoice or credit note is issued, the invoice or credit note is assigned to a billing company based on the relevant office code.

When an invoice/credit note is generated from a job order, the office code set on the job order determines the billing company to which the job order is linked and therefore which billing company details will be printed on the invoice/credit note.

A job cannot be submitted to a timesheet if there is no active billing company for the office which created the job.

Once the Submit to Timesheet option is enabled on a job order in Recruitment Manager the billing company details, as referenced by the office code of the job order, are used for the life of the job. If changes are made to the billing company record, the changes apply only to those jobs that are submitted to timesheet after the changes have been applied. However, when a submitted job is un-submitted the billing company that is assigned to the job is also unassigned. This means that if the job is subsequently resubmitted, the job will pick up any changes made to the billing company record since the job was originally submitted.

When a non-timesheet based invoice or credit note is generated, validation is carried out to check if the assigned billing company record is active. Invoice/credit note generation will be successful only if the assigned billing company is active.

A billing company record captures the following information:

• Contact details

• Additional details

• Office links

• Rounding

• Invoice Type Account Groups

• Custom fields.

 Each of these areas are described below.

Contact Details

The billing company contact details define the billing company’s address and contact information. This information is used for information purposes and is printed on invoices/credit notes that are issued by the billing company.

Additional Details

The billing company additional details define the type of document (invoice or credit note) that the billing company issues when an adjustment is made to an invoice that has already been issued to a debtor.

The additional details allow you to upload the company logo of the billing company so that the logo can be printed on invoices/credit notes that are issued by the billing company.

The additional details also capture the taxation number that corresponds to each type of taxation item that is included on invoices. For example, if Goods and Services Tax (GST) is applicable to invoice amounts billed by the billing company, the taxation number identifies the unique GST number under which the billing company is registered to collect GST. Note that the relevant taxation items must first be configured in Taxation Maintenance.   

Office Links

The billing company office links define the agency offices to which the billing company is linked and therefore identifies the billing company as being responsible for billing job orders managed by those agency offices.

Many agency offices may be linked to a single billing company but an agency office cannot be linked to multiple billing companies at the same time. Therefore, each link between a billing company and an agency office has a validity period that determines the period during which the billing company invoices job orders that are managed by that office.

The validity period is defined by a mandatory start date and an optional end date. Where the validity period end date is not defined the link applies indefinitely until an end date is specified.

Rounding

The billing company rounding rules defines how invoice item amounts and invoice totals are to be rounded when invoice data, which is linked to the billing company, is generated.

At the transaction level, the system calculates and stores monetary amounts with an accuracy of six decimal places. However, when invoice data is generated the invoice item amounts and invoice totals can be rounded or truncated to a smaller number of decimal places if necessary. This is determined by creating one or more sets of rounding rules on the billing company record. The rounding rules define the rounding precision for the following invoice items types:

• Invoice Item Sub Total (Excluding Tax)

• Invoice Item Tax Total

• Invoice Item Total (Including Tax)

• Invoice Sub Total (Excluding Tax)

• Invoice Sub Total (Including Tax)

• Invoice Tax Total

For each of the abovementioned item types, the rounding rules defined the following:

• the rounding type

• the number of decimal places.

The rounding type determines if a monetary is to be rounded or truncated to a certain number of decimal places. The number of decimal places determines the rounding or truncating precision that applies and can be a value in the range 0-6.

For example, if the rounding type is set to Round and the number of decimal places is set to 4 the value 105.333379 would be rounded to 105.3334. However, if the rounding type is set to Truncate, the same value would be truncated to 105.3333.

The rounding rules are validity date driven, whereby the set of rounding rules that are valid on the invoice date will be used to determine the rounding that is to be applied when the invoice data is generated. The validity period is defined by a mandatory start date and an optional end date. If the end date is not defined the corresponding set of rounding rules remain valid indefinitely.

Invoice Type Account Groups

The billing company invoice type account groups determine the financial accounts to which the sales that are invoiced by the billing company are to be posted. This information is required if your business exports sales data from the FastTrack360 system to a third-party finance system because it allows sales transactions to be mapped to the corresponding accounts in the finance system.

Each invoice type account group captures the following information:

• name of the account group

• invoice type

• accounts receivable account

• income account

• un-invoiced sales profit/loss account

• un-invoiced sales balances sheet account

• taxation account.

The name of the account group is a site-definable name that uniquely identifies a specific invoice type account group.

The invoice type determines the type of invoice to which the invoice type account group corresponds and can be any of the following:

• Timesheet Based Invoice

• Timesheet Based Credit Note

• Non Timesheet Based Invoice – Perm/Service

• Non Timesheet Based Credit Note – Perm/Service

• Non Timesheet Based Invoice – Vendor/Supplier

• Non Timesheet Based Credit Note – Vendor/Supplier

The accounts receivable account identifies the accounts receivable account code or number in the finance system to which sales are to be posted when sales transactions are exported into the finance system from FastTrack360.

The income account identifies the income account code or number in the finance system to which sales are to be posted when sales transactions are exported into the finance system from FastTrack360.

The un-invoiced sales profit/loss account identifies the profit/loss account code or number to which un-invoice sales are to be posted when sales transactions are exported into the finance system from FastTrack360.

The un-invoiced sales balance sheet account identifies the balance sheet account account code or number to which un-invoice sales are to be posted when sales transactions are exported into the finance system from FastTrack360.

The taxation account identifies the account code or number in the finance system to which tax amounts are to be posted when sales transactions are exported into the finance system from FastTrack360.

eInvoicing Registration

If a billing company is to use eInvoicing to deliver invoices and credit notes to debtors, a registration process must be completed first. The registration process is required so that the PEPPOL gateway can identify the sender of eInvoices and can establish that the sender is linked to an account that allows use of the gateway.

Before you attempt to register a billing company for eInvoicing, make sure that you have discussed the pricing tier that is appropriate for your business with your FastTrack360 account manager and that you have been allocated an Access Workspace ID. For more information about this and other important information about using eInvoicing, click here.

 For more information, see How to Register a Billing Company for eInvoicing.

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