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:

1. 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.
2. 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. 
3. 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.
4. Select the Use Posting Proposal check box if you want to use the posting proposal feature, when posting supplier invoices for the company.
5. 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.
6. 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.
7. 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.
8. Select the Cash Discount Based on Gross Amount check box, if appropriate. Otherwise, cash discount is based on the net amount.
9. 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.
10. 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.
11. Select the Print Invoice Amount Verbally check box if you want the invoice amount to be printed verbally on the invoice print-out.
12. 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.
13. 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.
14. 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.
15. 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:

1. Select the Tax Regime that the company operates under. There are three alternatives; VAT, Sales tax and Mixed. 
2. Select the Tax Liability, from the List of Values, to define the companies tax liability. There are two main option, taxable or exempt.
3. Select the default Amount Method, whether net or gross amount should to be open for input when invoices are to be entered. 
4. Select an Invoice Fee Tax Code, from List of Values, if tax is applicable for invoice fees.
5. 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.
6. Select an Income Type ID, from the List of Values, if this information is required by tax authorities for tax reporting.
7. 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.
8. 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.
9. 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.
10. 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.
11. 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.
12. 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.
13. 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.
14. Create a new record in the Tax Liability Countries table.
15. In the Country field, select the country in which the company is liable for tax.
16. Enter a tax ID number in the Tax ID Number field.
17. Modify the dates displayed in the Valid From and Valid Until dates if required.
18. Repeat steps 16-19 in order to enter more tax liability countries for the company.
19. Save the information.

On the Invoice/PO Matching tab:

1. 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.
2. 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.
3. Select the method of authorizing the postings from the Posting Authorization list. Authorization can be done automatically, manually, or manually when tolerance amounts match.
4. 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. 
5. Save the information.