Proforma Invoices

Geraldine
Geraldine Member Posts: 16
edited April 2020 in Accounts Hosted
Our company deals with exports, and we are required to produce a commercial invoices so deposits can be paid and letter of credits can be applied etc. However when an invoice is raised it takes the items out of stock, as the goods or consignment is not shipped until a later stage, how can I show an invoice to produce to the customer but not have the stock taken out of inventory until it is shipped. Sometimes the consignment is not shipped until the next period which means it upsets my stock on hand report and EOM stock take. What is the best way to go about this in Reckon Hosted please?

Comments

  • Kim Chapman - COS Business Solutions
    Kim Chapman - COS Business Solutions Accredited Partner Posts: 204 Accredited Partner Accredited Partner
    edited October 2017
    Hi Geraldine Perhaps you could use an Other Charge Item with descriptions explaining the stock to be sold. Have this item linked to a Liability (Holding) Account. When it comes time to invoice the real stock. raise an adjustment note for the Original amount to the Other Charge Item again. Then raise an invoice for the stock and apply the adjustment note to this real invoice. Are going to pay the GST in the Quarter that the original invoice is raised, if not then you would have to not include a tax code on the original invoice or the adjustment note, only on the final invoice. While I have not tested this and obviously I can't fully asses your situation. You could trial it to see if it works for you, but please be mindful of your legislative requirements. Hope this helps. Kind Regards Kim Chapman Reckon Accredited Consultant www.chapmanofficeservices.com
  • Kwikbooks (Professional Partner)
    Kwikbooks (Professional Partner) Member Posts: 824 ✭✭✭
    edited April 2020
    Hi Geraldine

    Is the purpose of raising the invoice for internal use only i.e apply deposit payment from customer, or does the customer actually require a copy of the invoice before they will pay?
  • Geraldine
    Geraldine Member Posts: 16
    edited April 2016
    Both purposes. Commercial invoice is also required to accompany export docs and for letter of credit for export orders. Previously we generated these by word documents so as not to record inventory when they were raised, but some were being missed being entered into the system once they were fully paid, so we have started invoicing via Reckon. Thanks