Enter Invoice Info per Company
Explanation
This activity is used to enter the basic company invoice data required by
IFS/Invoicing.
The tax regime for the company in combination with the tax regime for the
customer/supplier determines from where, e.g. from customer or from sales
part/object, tax code information will be fetched. In a VAT tax regime most of
the tax will be depending on sales part/object and for a Sales tax regime most
of the tax will be depending on the customer. In a Mixed tax regime tax will be
based on both sales part/object and customer. In a VAT or Mixed regime it will
be mandatory to enter at least one tax code on the customer order/invoice lines.
Prerequisites
- Information should be entered for the company in the General
tab of the Company window.
- If you want to use the posting proposal feature, by selecting the Use
Posting Proposal check box, IFS/Supplier Invoice Workflow must
have been installed.
System Effects
As a result of this activity, the IFS/Invoice basic features will be
defined.
If you use the posting proposal feature for the company, it would not be
possible to post supplier invoices in the Supplier Invoice Entry
window. You will have to use the Posting Proposal window to post
the invoice. When you select the Use Posting Proposal check box on the
General tab in the Company window, the Supplier
Invoice Workflow tab will be made available.
Window
Company
Related Window Descriptions
Company,
Company/Invoice
Procedure
Before you begin, verify that the correct company ID appears in the header of
the
Company window.
On the Invoice/General tab:
- In the Postings Parameters section, select the Create Posting
at Invoice Entry check box if you want a voucher to be automatically
created when the invoice is saved.
- Select the Same No on Prel. and Final Suppl. Invoice Voucher
check box if you want the same voucher number for both the preliminary and
final posting of a supplier invoice.
- Select the Same Date on Prel. and Final Suppl. Invoice Voucher
check box if you want the same date on the vouchers for the preliminary and
final posting of a supplier invoice.
- Select the Use Posting Proposal check box if you want to use the
posting proposal feature, when posting supplier invoices for the company.
- In the Accepted Invoice Voucher Difference in Accounting Currency
field, enter the maximum difference in accounting currency that should be
allowed when an invoice is posted.
- Under Misc Parameters section, select the date to be used when
calculating the planned payment date from the Base for Calculation of
Planned Payment Date list. Either the payment term base date or the
arrival date can be used for this purpose.
- Select the Supplier Invoice Authorization Only by Separate Function
check box. This means that invoices can be authorized for payment using the
Authorize Payment Plan window only. Otherwise, invoices can also be
authorized at final posting, manually or automatically. For more
information, see the Supplier/Invoice
tab.
- Select the Cash Discount Based on Gross Amount check box, if
appropriate. Otherwise, cash discount is based on the net amount.
- Select the Set Invoice Date to Current Date when Printing Outgoing Invoices check box if you want the invoice date to be updated to the
date of printing when the invoice is printed.
- Select the check box Print Advance Payments Information On Customer
Invoice if you want any advance payments made for an invoice to be
disclosed in the printed invoice.
- Select the Print Invoice Amount Verbally
check box if you want the invoice amount to be printed verbally on the
invoice print-out.
- In the Cust Inv Creation Method, select a
value for payment reference number on customer invoices. This may not apply
to all countries and it is optional. Unless the value selected is Not Used,
it would not be possible to enter information in the Payment Reference
field in the Payment Proposal Details window.
- Select whether there should be a validity check of
payment reference number on supplier invoices. This may not apply to all
countries and it is optional. If the Used value is selected, the Payment
Reference field in the Payment Proposal Details Window
cannot be edited.
- In the Page Footing field, you can enter optional text, for example
visit address, invoice address, telephone numbers, etc. Separate each
address with ^. Your own company's VAT number will appear automatically when
the last information has been entered on the first line. Text entered is
printed on two lines on customer invoices created in the Instant
Invoice window.
- Save the information.
On the Invoice/Default Invoice Types tab:
Verify that the appropriate default invoice type is defined for each
invoicing activity.
On the Invoice/Tax Information tab:
- Select the Tax Regime that the company operates under. There are
three alternatives; VAT, Sales tax and Mixed.
- Select the Tax Liability, from the List of Values, to define
the companies tax liability. There are two main option, taxable or exempt.
- Select the default Amount Method, whether net or gross amount
should to be open for input when invoices are to be entered.
- Select an Invoice Fee Tax Code, from List of Values, if tax is
applicable for invoice fees.
- Select a value for the Sales Tax Calculation Method field to
specify whether sales tax should be calculated based on the tax rates
defined in the Tax Code
window or whether the software from Vertex, Inc. should be installed to
retrieve the tax rates from the rate database. The value selected here is
only applicable if Sales Tax is selected as the tax regime of the
company.
- Select an Income Type ID, from the List of Values, if this
information is required by tax authorities for tax reporting.
- Specify the default tax code to be used to withhold tax when invoicing
customers by selecting a value from the list of values for the field
Default Tax Withholding Code.
- Select the Correspondence, Invoice Net Amount - Tax Withholding Base
Amount check box if you want the system to verify that the tax
withholding total net amount of the tax code (tax base amount) equals the
total net amount of the invoice lines per tax code. This only applies for
supplier invoices when the withholding base amount specified for the
supplier is Invoice Net Amount.
- Select the Tax Correspondence,
Invoice Lines - Postings check box if you if you want the system to
verify that the total amount per tax code on the posting lines equals the
corresponding net amount on the invoice lines.
- Select the Tax Amount Limit,
Outgoing Invoice Lines check box if
you want the customer invoice tax lines
and outgoing supplier invoice tax
lines to be checked against the tax amount
limits for each tax code. If the tax amount in the invoice line is within
the tax amount limit for the tax code, then tax will not be posted for the
invoice.
- Select the Supplement Report Codes to Tax Withholding Lines check
box if you want to add special report codes to tax lines based on tax codes
whose tax type is Tax Withhold. Only applicable if withholding tax is used.
-
Select the
Use Tax Invoice check box if you
want to create a tax invoice
for showing details of the
type and value of goods sold or the services provided, and the VAT amount.
It is used as evidence for claiming input tax credit. The tax invoice will
be printed when true tax transactions are created within the invoicing and
payment process except when creating advance invoices.
-
Select the Post Preliminary Tax Withholding check box if you want a
voucher created for tax withholding at the time of posting the invoice.
Note: The value of this check box is not considered for customer tax
withholding.
- Create a new record in the Tax Liability Countries table.
- In the
Country field, select the country in which the company is liable for
tax.
- Enter a tax ID number in the Tax ID Number field.
- Modify
the dates displayed in the Valid From and Valid Until dates if
required.
- Repeat steps 16-19 in order to enter more tax liability
countries for the company.
- Save the information.
On the Invoice/PO Matching tab:
- Select a value in the Invoicing Supplier on PO line(s) not equal to
Supplier on Invoice field to specify how purchase orders should be
matched with invoices if the invoicing supplier on the purchase order is not
the same as the supplier on the invoice.
- Enter values in the Tolerance % and Tolerance Amount
fields, if desired. These values will be used when matching supplier invoice
amounts to purchase order amounts if no tolerance parameters are set on the
supplier. If the Self-billing
check box is selected on the Supplier/Invoice tab, no
tolerance checks will be performed. The currency code used for tolerances
will be displayed in the
Tolerance Currency field and will not be editable.
- Select the method of authorizing the postings from the Posting
Authorization list. Authorization can be done automatically, manually,
or manually when tolerance amounts match.
- Select the Create Tolerance Posting according to Posting Control
check box if the tolerance lines should be posted according to posting
control. If it is not selected, the tolerance postings will be posted in a
similar way the previous cost posting line was posted.
- Save the information.