Received Progress Payment Invoice


A progress payment is for the project whose contract has been signed and implementation has been started; It is the price paid to the contractor for the amount of work done at intervals specified in the contract.


Route: ERP > Sales & Distribution > Invoice > Purchase Invoice


What to Consider?

  • If “Accounting Transaction” is not checked in the transaction category, the warning “No accounting transaction is performed for the selected transaction” is displayed in the accounting transactions.
  • If the invoice amount is 0, even if "Accounting Transaction" is selected in the transaction category selected for the invoice, transactions with a value of 0 do not make accounting transactions.
  • The right product should be chosen. Otherwise, category sales cannot be reported.
  • Bought by must be selected. Otherwise, vendor performances cannot be monitored
  • Payment Method must be entered. Otherwise, payment performances cannot be monitored.
  • The 2nd currency of the row must be entered, otherwise, the report cannot be obtained according to the transaction currency.

"Received Progress Payment Invoice" is selected from the "Transaction Type" section on the Purchase Invoice new registration screen, and the transaction is recorded after filling in other necessary information.

In the detail of the resulting purchase invoice, there is the "Accounting Transactions" icon at the top right. You can view the offsetting receipt of your invoice by clicking this icon.


How are Received Progress Payment Invoice accounting records created?

Through the Received Progress Payment Invoice, the money that the contractor deserves in return, such as productions/works, is followed up. "350 Service Progress Account" and "191 VAT accounts to be deducted" will be debited and credited to "320 Current Account".

VAT and the product will be written as a debit on the purchase invoice. It will post a credit entry to Current. If a project is selected, it will take the accounting code from the project detail, not from the product detail.

Invoices create accounting receipts both according to the criteria selected in the transaction category and according to the criteria selected in the document.

If the cash purchase box is checked on the invoice and the cash account is selected, a Payment Voucher will be created in addition to the offsetting receipt.

Feedback

Did you find this content helpful?
Related Contents