In WorkBook you can create different types of invoices. Each invoice type acts in a different way financially, so it is important you select the correct one at invoice creation.
Invoice on account is a standard invoice. The job is kept open after the initial invoice is created, allowing for additional invoices and expenditures to be added on the job. This is the most commonly used invoice type and was covered in the advanced user induction.
A final invoice can be used to create an invoice and close the job at the same time. There is a company setting that automatically closes the job, once the final invoice is finalized. However, for agencies that do not wish for job closure to be aligned with invoicing this can be switched off and the job closure done manually. In this case, the final invoice would have the same effect as an Invoice on account.
A credit note is used to credit a previously issued invoice. This can be for the full amount or for a partial amount, depending on what needs to be credited.
There are two types of Credit Note:
A partial invoice is most commonly used when invoicing time and expenditures on jobs. In order to create a partial invoice, job expenditures need to be financially posted first. Often financial teams will be involved in partial invoicing, as this invoice type is usually configured to recognize revenue via the invoice. Once a partial invoice is posted, billings are posted straight to the profit and loss, reducing work in progress (WIP) accounts.
A consolidated invoice is used when you want to invoice multiple jobs on one client facing invoice and still keep the invoice values on the individual jobs for reporting purposes.
In the next three lessons, you will learn about credit notes, partial invoices, and consolidated invoices.
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