Some of your payments may recur frequently such as monthly rental income, or family loan payments etc. Farm Focus allows these invoices to be automatically generated, once the first invoice has been created, by using the repeat invoice function or an invoice can be copied.
Benefits of a repeating invoice?
Way to check your monthly rental has been paid (Eg: you have a farm house and receive rent monthly. Create a repeating invoice. If you are unable to match this invoice to a corresponding monthly transaction you know your rent has not been paid for that period)
If you have a hire purchase and claimed all the GST, create a repeating invoice for future repayments to ensure you don't claim the GST twice.
If a repeating invoices occurs in the current month, Farm Focus can predict your daily bank balance in your Working Plan and you will be alerted if your bank balance is predicted to exceed your Overdraft limit.
In the Needs Action screen, click Create Tax Invoice or Record Money in/out invoice.
Fill in the relevant details for the invoice.
Dropdown the More options list and click on Repeat invoice.
You will be given options of how often you want the invoice to recur. Select a Frequency and choose an end date or continue until further notice. Select Apply.
Once this invoice is set up, it will sit in the Repeating tab, and the next upcoming invoice will appear in the Needs Action screen.
If you wish to remove the repeating invoice, you can click the bin icon to Delete.
Copy Tax Invoices
Go into the Actuals screen and select the Tax Invoices tab.
Find the relevant invoice you have previously created and click on the details. You will see a dropdown box with More options where you can choose to Copy invoice.
This will create an exact copy with the same Contact, payment information, coded lines and amounts, but the date will be updated to today's date. Change the date to the relevant payment date and then click to Save. The new invoice will appear in your Needs Action screen, coded and ready to be matched.