Invoice basis transactions

If your GST structure is invoice basis, you will need to create an invoice to identify the correct GST period

Updated over a week ago

How to create an invoice

  1. In the Actuals - Needs Action screen, click on + Record

  2. Select:
    - Money in for income
    - Money out for withdrawals

1. Enter the following invoice details

  • Invoice date (this determines the GST period)

  • Due date (for your reference only)

  • Other party (also known as contacts) can be created in Settings.

  • Reference (if required)

  • The bank account the transaction relates to

  • The total due amount  

2. Enter the transaction code details

  • The code and extended code for the transaction

  • A clear description for your reference

  • Tags and quantities if applicable

  • Line amount

  • Additional note (if you want to capture any assumptions or additional information)
    TIP: You can break your transaction down by adding lines until the total amount is reached. To do this select Add new line either at the bottom of the invoice or selecting the three dots allows you to add a line below hence a new line can be added anywhere in the invoice.

3. Save the invoice

Click Save when you are finished coding. The invoice will then be showing in the Invoices area of your needs action screen.

What happens next?

Farm Focus will recognise the invoice date and pull the coded lines into the correct GST period, despite not yet being matched to a bank transaction.  

When the bank transaction arrives you will match the bank transaction to the pre-coded invoice. The bank transaction date will then reflect in your actual cashflow. 

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