Tag Archives: Invoice

QuickBooks Subtotal item

Software: #QuickBooks Desktop accounting software

Subtotal is an item type in QuickBooks which allows the user to have a section total for the products and services they sell. For example, you have a list of products and services on the sales invoice which you like to show the total value of the products sold; you can insert the Subtotal item after the last product to show a total of the products sold before continue with the service item or give a discount.

QuickBooks Subtotal

It is common for project sales invoice to have multiple subtotal items breaking down the services and products. A software developer may breakdown the invoice by software licenses, development and support from various phases. The invoice from a renovation firm may breakdown the invoice by carpenter work, disposal of fittings, design, wet work, etc. As a client, you will like to see the total you paid for each category such as the cost of fabricating the cabinets, the total for the wet work done on each room, etc.

QuickBooks Invoice

QuickBooks has Cloud-based ( #QBO – QuickBooks Online) and Desktop version which built for small businesses. Sign up a demo to find out how to use QuickBooks to manage your business finance.

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.