Exercise - Create and process a free text invoice
In this exercise, you will:
- Create a free text invoice.
- Assign a free text invoice template to a customer.
- Generate and post recurring free text invoices.
Before you begin
To get the most benefit from this and other exercises in this module, we recommend that you have the standard sample data available in finance and operations that is installed by using Lifecycle Services.
Create a free text invoice
In company USMF, go to Accounts receivable > Invoices > All free text invoices.
Select New.
In the Customer account field, select US-003. The invoice account will default to the same account that was used for the customer account.
Note the value of the Accounting status field. The accounting status starts with In process if the invoice is not posted and the invoice number will be assigned when the invoice is posted.
Under the Invoice lines FastTab, in the Description field, enter Selling old computers.
In the Main account field, specify account number 130700.
The sales tax group is populated from the customer. If the customer does not have a sales tax group, the sales tax group from the main account is used.
The item sales tax group is populated from the main account. If the main account does not have an item sales tax group, then the item sales tax group in the General ledger sales tax parameters is used.
In the Quantity field, enter 15. The value of quantity is optional.
In the Unit price field, enter 128. The value of unit price is optional.
The amount is calculated as the quantity times the unit price. However, you can override that calculation and enter an amount.
On the menu at the top of the screen, select Sales tax to view the sales tax that was calculated for your invoice.
View the sales tax amounts on the Sales tax page, or override the amounts on the Adjustment tab.
Select OK to close the window.
On the menu at the top of the page, select Charges to add a charge to your invoice.
In the Charges code field, select FREIGHT.
In the Charges value field, enter 150.
Select Save and close the page.
On the menu at the top of the page, select Totals to view the summary invoice details and totals.
Select Close.
Expand the Line details FastTab so you can add dimensions to your main account.
Select the Financial dimensions line tab.
In the Cost center field, select 007. The dimension values are for the selected line only.
On the menu at the top of the page, select Post to post the invoice. You will be able to cancel before you post.
To change the timing of your invoice printing: in the Print field, select Current to print each invoice as it is updated, or select After to print after all invoices have been updated.
If you want to change how the customer's credit limit is checked before posting, change the Credit limit type field.
If you want to print the invoice, select Yes.
If the Posting field is enabled, the free text invoices that are selected will be posted when you select OK. To print a pro forma invoice, clear this option and select the Print invoice option.
Select OK.
On the Action Pane, select New > Payment journal.
Select New.
In the Name field, enter or select CustPay.
Select Enter customer payments.
In the Customer field, specify the values US-003.
In the list, find and select the row with the value of 2,209.20 in the Amount available to pay field.
Select Mark selected.
Set the Amount field to 2198.85.
Select Save in journal. Close the page.
Select Lines.
Select the Bank tab.
Select Yes in the Use a deposit slip field.
In the Payment reference field, enter FreeText Payment.
Select Post.
Close all pages.
Assign a free text invoice template to a customer
Go to Accounts receivable > Customers > All customers.
In the list, find and select the desired record.
On the Action Pane, select Invoice.
Select Recurring invoices. Use this page to assign free text invoice templates to customers and specify how frequently invoices will be sent to the customer.
Select New to assign a new template to the customer.
Select the free text invoice template that you want to assign to the customer.
In the list, find and select the desired record.
In the list, select the link in the selected row.
Enter the date when the first invoice will be generated.
Enter a recurring end date. Select one of the following options:
No end date - Invoices will be generated indefinitely until the template is removed from the customer account.
Billing end date - Select this option and enter the last date that the invoice can be generated.
Select the maximum cumulative amount after which invoice generation will stop. For example, if you enter 1,000.00 and generate monthly invoices for 100.00 each, invoices will stop generating after the tenth invoice is generated.
Generate recurring invoices by using the default values from either the free text invoice template or the customer account. Select the option that applies.
Select from the following recurrence patterns:
- Daily - Select this option and enter the number of days in the Per field. For example, if you enter 15, an invoice will be generated every 15 days for the customer.
- Weekly - Select this option and enter the number of weeks in the Per field. For example, if you enter 2, an invoice will be generated every two weeks for the customer.
- Monthly - Select this option and enter the number of months in the Per field. For example, if you enter 6, an invoice will be generated every six months for the customer.
- Yearly - Select this option and enter the number of years in the Per field. For example, if you enter 2, an invoice will be generated every two years for the customer.
In the Per field, enter a number.
Generate and post recurring free text invoices
To generate and post recurring free text invoices, follow these steps:
- Go to Accounts receivable > Invoices > Recurring invoices > Generate recurring invoices.
- Select an Invoice date and Template.
- Select OK.
- Go to Accounts receivable > Invoices > Recurring invoices > Post recurring invoices. Use this page to view and print recurring invoices that have already been generated.
- In the list, select the recurring invoice group.
- Select Totals. Verify totals for the recurring invoice group.
- Select Close.
- Select Validate. Verify that the selected invoices do not have errors.
- Select Post to post the selected invoices.