Tag Archives: Invoice

Advance invoices

Software: MoneyWorks accounting system

Advance invoices are to request a payment from the customer before goods and services delivered.

Rental and loan businesses or services and maintenance businesses usually required to invoice their client in advance. These businesses include property management, property rental, equipment rental, IT service and maintenance, serviced office, etc. Following month invoice will be out and received by the client by the end of the current month to arrange payment on or before the rent period.

One of the methods is to set the invoice date as the following month; however, this method requires you to open a new period before month-end closing which some accountants may not comfortable in doing it.

Another method is to set the invoice date as the current month but charge the income to the deferred income account. Then, record a general journal on the following month debiting the deferred income account and credit sales.

You may have to set the invoice template in such that it shows the billing is for the following month’s rent or services although the invoice date is current if the deferred income method is preferred.

For example, if you want to show the invoice description as item description with a note stated as ‘For the month of FOLLOWING MONTH – YEAR’; then you can add:

“For the month of ” + Slice (PeriodToDate (Transaction.Period + 1), “2”, ” “) + ” ” + Slice (PeriodToDate (Transaction.Period + 1), “3”, ” ” )

after the item description formula.

template design

Serviced office Invoice

GST realisation on both methods is different. The next month billing method realised the GST in the following month, whereas deferred income method realised the GST in the current month.

Discuss with your accountant if you are not sure which is a better method to adopt or the method allowed in your country.

Contact your MoneyWorks consultant if you need help in designing the invoice template.

Currency description and currency code on sales invoice template

Software: MoneyWorks accounting software

It’s important to show the currency code or currency name in invoices if you are trading in multiple currencies. Showing USD100,000, EUR100,000 or S$100,000 is better than printing 100,000 alone on the sales invoice (it’s much clearer to the recipient). The default sales invoice template in MoneyWorks accounting software has the built-in formula which prints the transaction gross with a currency code in front.

Below is the formula in the default template such as Product1, which you can copy and paste it to the custom template you have created.

CurrencyFormat (Transaction.Gross, Transaction.Currency)

However, if you prefer to have a transaction gross in English on the sales invoice, you can add a calculation box field with a formula:

Lookup (Transaction.Currency, “Offledger.description”) + ” ” + NumToEnglish (Transaction.Gross) + ” Only”

this formula will print the transaction gross of USD100,000 in English as ‘UD dollars One hundred thousand Only’.

Currency name and code

You can also add a currency field on the sales invoice showing the currency (currency description) used. The formula for the calculation box is:

Lookup (Transaction.Currency, “Offledger.description”)

This formula prints the currency name such as US dollars, EURO, Malaysia Ringgit, etc. (Use the Transaction Currency field alone without any function if you prefer to show only the currency code instead of the currency description on invoice). It is good to indicate the currency used on the Sales Invoice to omit discrepancy.


Can I have an individual auto running invoice number for each individual customer?

During my QuickBooks demo, this prospect asked whether can he had an individual auto running invoice number for each of his customer.

Example: his two customers ABC Pte Ltd and DEF Pte Ltd.

Invoices to ABC Pte Ltd will be started running from “ABC2009001”, while DEF Pte Ltd’s invoices will be from “DEF2009001”.

If you want to do it manually, you can simply edit the invoice number each time you created an invoice.

How to do this process automatically?

Personally, I don't advice customer to do so; but, if this requirement is a must, you may try the below method.

You can create one Account Receivable account for each individual Customer:Job. In QuickBooks, every Account Receivable account has its own set of running number. Thus, this will fulfilled this prospect’s requirement of having an individual auto running invoice number for each individual customer.

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