Invoices

Use this application to review, edit, and post invoice transaction files that were created in Interactive Billing and Batch Billing. You can also create a new invoice transaction file in Invoices.

Use the Invoice lookup to search for and select the invoices that you want to open in the Transaction Center. You can search invoices by project, phase, or task. The Invoice lookup returns date, client, and amount information for the selected search criteria.

Invoices Notes

• Unless specified otherwise in Settings, you can only post transaction files that are in balance.
• When you post a transaction, Vantagepoint credits the revenue account specified in the Invoice file, and debits the accounts receivable account that is mapped in Settings > Billing > Accounts Receivable in the Invoice Mapping Accounts section in the AR Account column in the grid. If an AR account is not mapped to an invoice account in Settings > Billing > Accounts Receivable, the debit is posted to the AR account that is entered in Settings > Accounting > Posting Accounts in the Company Accounts section of the Posting Accounts form.
• To adjust an invoice that has already been posted, create and post the adjustment using Invoice Transaction Entry.
• Invoices and their transaction files are created automatically in Interactive Billing and Batch Billing. In Interactive Billing, you can modify the invoice amounts to post, or you can modify the invoice in the transaction file in Invoice Transaction Entry.
• Use the Invoice Transaction List report to review invoices before you post them. The report displays the name of the billing client for an invoice as follows:

  Transaction File For…..	Billing Client Displayed in the Transaction File
  Accepted invoices from Interactive Billing and Batch Billing	The name of the billing client that was assigned to an invoice when the invoice was accepted in those applications (unless you changed the billing client in Invoice Transaction Entry after you accepted it).
  Invoice transactions entered directly in Invoice Transaction Entry	The name of the billing client that was entered on the Invoice Transaction Entry form.
  Credit memos and voided invoices	The name of the billing client that was entered for the original invoice.

  The billing client that is assigned during the invoice acceptance process and when you enter an invoice directly in Invoice Transaction Entry is the client that is currently entered in the Billing Client field on the Accounting tab of the Projects hub for the project that is associated with the invoice. You can change the billing client on the Invoices form in Invoice Transaction Entry.

• The Invoice Transaction List report for accepted invoices from Interactive Billing and Batch Billing displays the name of the billing client that was assigned to an invoice when the invoice was accepted in those applications. The billing client that is assigned during the acceptance process is the client that is currently entered in the Billing Client field on the Accounting tab of the Projects hub for the project that is associated with the invoice.

  The Invoice Transaction List report for credit memos or voided invoices displays the name of the billing client that was entered for the original invoice.

• The Invoice Section field controls where the transaction displays in the Billings to Date section of the invoice.
• You must specify a revenue account on invoices.
• A Retainer column displays on the Invoice Transaction List if you set the Enable Retainers option to Yes in Settings > Billing > Options. This column indicates whether the Retainer check box on the Invoices form in Transaction Entry was selected.

Warning: When you open a transaction file in Transaction Entry for invoices or credit memos that were created in Interactive Billing, if you edit the amounts or accounts for these invoices or credit memos, the changes are not updated in Invoices on File in Interactive Billing or in Project Review.

What Happens When You Post an Invoice Transaction File

During an invoice posting, Vantagepoint:

• Credits, explicitly, the billed revenue accounts that you entered on the Invoice forms for their respective amounts. (For sales tax and interest, you can also credit an asset, liability, or other revenue/expense account; for example, you post sales tax directly to a liability account.) This account is typically a 400-level account.
• Debits, implicitly, the accounts receivable account(s), typically 111.00, which is mapped to the revenue accounts in Settings > Billing > Accounts Receivable in the Invoice Mapping Accounts section in the AR Account column in the grid, for the total amount of all invoices.
• Posts the billed amounts to projects. The billed amounts posted to revenue accounts for projects display in the Office Earnings report and in the financial analysis section of the Project Progress report.
• Posts revenue to the Billed Revenue account(s) for projects for which you are recognizing revenue. When Revenue Generation is enabled, Vantagepoint also performs a reversal by crediting the Unbilled Services and debiting the Unbilled Revenue and Accounts Receivable accounts by the same revenue amount.
• The billing client that is entered for an invoice in the Client field in the invoice transaction file at the time of posting is assigned to the invoice, and its subsequent invoice adjustments, including voids and credit memos. If you change the billing client for the project in the Projects hub after you post an invoice, that change does not affect the posted invoice or its cash receipts, voids, or credit memos. It affects only new invoices going forward. For more information about changing the billing client, see the Changing a Project's Billing Client topic.

The posted invoice displays on both the Aged Accounts Receivable report and the Accounts Receivable Ledger report.

For Intercompany Billing, if the Post intercompany transactions as they are generated option is not selected and the Enable for all transaction types field is set to Yes, then you may also need to put the created Invoice transaction file through the manual approval process.

If this process creates one or more Invoice files, then these Intercompany Billing Accounting processes are marked as Submitted.

Invoice Posting Log

Use the Invoice Posting log to view information about a batch of posted invoice transactions. Vantagepoint produces a posting log when you post a transaction file.

You can view and print an Invoice Posting log in Invoice Transaction Entry or in Posting Review in the Transaction Center.

In addition to the posting log, Vantagepoint generates a General Ledger summary for invoices. This report lists the general ledger accounts that were affected by the posting. The report shows the total amounts debited and credited to each account.

If the you set the Enable Tax Auditing Feature option to Yes in Settings > Cash Management > Options, then tax-related data (tax code, tax basis, and tax amount) also displays in the Invoice Posting Log.

A Retainer column displays in the Invoice Posting Log if you set the Enable Retainers option to Yes in Settings > Billing > Options. This column indicates whether the Retainer check box on the Invoices form in Transaction Entry was selected.

The Invoice Posting log displays the name of the billing client that an invoice was posted with, which is the billing client that was assigned during the invoice acceptance process, unless you changed the billing client in Invoice Transaction Entry before you posted the invoice. The billing client assigned when you accept an invoice is the client that is entered in the Billing Client field on the Accounting tab of the Projects hub for the project that is associated with the invoice. Credit memos and voided invoices in the Invoice Posting log display the billing client that the original invoice was posted with.

Multiple Companies

If you use multiple companies, you can modify or post only those transaction files owned by the active company.

If you use Intercompany Billing, your company can generate intercompany invoices. On the Transaction Entry form, intercompany invoices are labeled as created by Intercompany Billing and the filenames follow the format: ICBill Invoice date company

When you open the intercompany invoice file, you can also see the identifiers for the link project, phase, and task, which represent the other side of the intercompany billing transaction.

A billing group belongs to the company that owns the billing group's main project. You can enter invoice transactions for all portions of a project that you have permission to bill. This includes:

• All projects owned by the active company (as long as they are not part of a billing group owned by a different company).
• Any projects from other companies that are part of a billing group owned by the active company.

Multiple Currencies

If you use multiple currencies, the invoice currency is determined by the project's billing currency.