How-To:Creditor Invoice: Difference between revisions

Latest revision as of 17:43, 10 December 2024

In ContactsLaw, creditor invoice journals provide a systematic way to record and track invoices received from service providers. This structure helps maintain organised financial records and ensures transactions are efficiently managed for each business.

1. Getting Started

Go to the General Accounting section within the ribbon group.
Select Journals and click on Create Creditor Invoice Journal.

2. Specify Options

In the Creditor Invoice Journal window, several fields require input to accurately reflect the invoice details:

Date: Set the date for recording the invoice, which can reflect past, present, or future transactions, depending on when the expense was incurred.
Invoice Number: Enter the unique identifier provided by the creditor for this invoice.
Invoice Date: Record the date the creditor issued the invoice.
Due Date: Set the deadline by which the invoice payment is expected.
Related Document: Upload the actual invoice file, providing documentation for the recorded transaction.
DR Account: Specify the account to be debited for this expense.
CR Account: Define the account that will be credited.
Ledger: Identify the relevant creditor to link this transaction with the associated contact.
Description: Provide a brief explanation of the invoice purpose or services received.
Amount: Enter the transaction amount, excluding tax (or GST).
GST: The default GST (Goods and Services Tax) in Australia is 10%. Modify if necessary to align with the tax specifics for the transaction.
Add and Remove Line: Use this option to add or remove line items in the invoice, allowing flexibility in detailing multiple charges.
Process: After reviewing the entered details, click Process to finalise and save the creditor invoice journal entry.

This step-by-step process ensures that all aspects of creditor invoices are thoroughly recorded, providing transparency and accuracy in the firm’s financial documentation.

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-This section of ContactsLaw provides the overview of recording the creditor invoice journals based on the invoices that have been received from someone who provided you a service. This structure ensures that financial records and transactions are organised clearly and efficiently for each business you operate.
+{{DISPLAYTITLE:How to Record Creditor Invoices}}
+In [[ContactsLaw]], creditor invoice journals provide a systematic way to record and track [[Creditor Invoice|invoices]] received from service providers. This structure helps maintain organised financial records and ensures transactions are efficiently managed for each [[business]].
+== 1. Getting Started ==
-The below guide will explain about creating a creditor invoice journal:
+*Go to the '''''General Accounting''''' section within the ribbon group.
-. Getting Started
+* Select ''Journals'' and click on ''Create Creditor Invoice Journal.''
-Navigate to the ribbon group and choose General Accounting. Proceed to Journals and click on Create Creditor Invoice Journal.
+[[File:Step 1 - Creditor Invoice Journal.png|none|thumb|500x500px]]
-. Specify Options
+== 2. Specify Options ==
-In the creditor invoice journal window, there are options that you need to fill up.
+In the '''Creditor Invoice Journal''' window, several fields require input to accurately reflect the invoice details:
-Date: Setting the date when you record the creditor invoice. Date can be past, present, or future. There are in some cases there will be backdated transactions or forwarded transactions.
+* '''Date''': Set the date for recording the invoice, which can reflect past, present, or future transactions, depending on when the expense was incurred.[[File:Step 3 - Creditor Invoice Journal (Date).png|none|thumb|500x500px]]
+* '''Invoice Number''': Enter the unique identifier provided by the creditor for this invoice.[[File:Step 4 - Creditor Invoice Journal (Invoice Number).png|none|thumb|500x500px]]
+* '''Invoice Date''': Record the date the creditor issued the invoice.[[File:Step 5 - Creditor Invoice Journal (Invoice Date).png|none|thumb|500x500px]]
+* '''Due Date''': Set the deadline by which the invoice payment is expected.[[File:Step 6 - Creditor Invoice Journal (Due Date).png|none|thumb|500x500px]]
+* '''Related Document''': Upload the actual invoice file, providing documentation for the recorded transaction.[[File:Step 7 - Creditor Invoice Journal (Related Document).png|none|thumb|500x500px]]
+* '''DR Account''': Specify the account to be debited for this expense.[[File:Step 8 - Creditor Invoice Journal (DR Account).png|none|thumb|500x500px]]
+* '''CR Account''': Define the account that will be credited.[[File:Step 9 - Creditor Invoice Journal (CR Account).png|none|thumb|500x500px]]
+* '''Ledger''': Identify the relevant creditor to link this transaction with the associated contact.[[File:Step 10 - Creditor Invoice Journal (Ledger).png|none|thumb|500x500px]]
+* '''Description''': Provide a brief explanation of the invoice purpose or services received.[[File:Step 11 - Creditor Invoice Journal (Description).png|none|thumb|500x500px]]
+* '''Amount''': Enter the transaction amount, excluding tax (or GST).[[File:Step 12 - Creditor Invoice Journal (Amount).png|none|thumb|500x500px]]
+* '''GST''': The default GST (Goods and Services Tax) in Australia is 10%. Modify if necessary to align with the tax specifics for the transaction.[[File:Step 13 - Creditor Invoice Journal (Add and Remove Line).png|none|thumb|500x500px]]
+* '''Add and Remove Line''': Use this option to add or remove line items in the invoice, allowing flexibility in detailing multiple charges.[[File:Step 14 - Creditor Invoice Journal (Process).png|none|thumb|500x500px]]
+*'''Process''': After reviewing the entered details, click '''Process''' to finalise and save the creditor invoice journal entry.
-Invoice Number: The details for invoice numbers are provided by the creditor.
+This step-by-step process ensures that all aspects of creditor invoices are thoroughly recorded, providing transparency and accuracy in the firm’s financial documentation.
+[[Category:How-To]]
+__FORCETOC__
-Invoice Date: Setting the date when the creditor created the invoice.
+[[Category:Accounting]]
-Due Date: Setting the date when the deadline of the creditor invoice will be.
-Related Document: You can upload the invoice given by the creditor. This may also be the proof that certain transactions for creditors do exist.
-DR Account: This option is about what account will be going to credit this invoice.
-CR Account: This option will show where the invoice will be directed.
-Ledger: This option is about the creditor which means this is adding a contact.
-Description: Describe what the creditor invoice is all about.
-Amount: State the exact amount of the transaction excluding the tax or its GST.
-GST: This is a set of metrics or base items specific to Australia in the preparation of tax records for businesses which is 10% of the total amount. In case the GST amount is different you have the option to edit it.
-Add and Remove Line: This is an option to add another item or remove an item.
-Review the details and click Process.