How-To:Creditor Invoice

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.