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Not Posted Invoices to appear on P & L

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billswan
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Not Posted Invoices to appear on P & L

Post by billswan » 21 Oct 2018, 09:09

Hi

I was wondering how I could add another line on the P&L under sales, product sales of invoices not posted?

My dad is in the construction industry and invoices initially generated are called ' application for payment '. When monies are received then the invoice is posted to the ledgers, all to do with VAT.

I think I need category, function, filter and expression... way over my head when all I do is edit existing reports / copying and pasting...lol

Thanks

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brucedenney
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Re: Not Posted Invoices to appear on P & L

Post by brucedenney » 24 Oct 2018, 10:21

You can do it with a journal.

You set up an extra nominal code for "4350 - Applications not yet fulfilled" or something like that in the P&L and a corresponding account in the Balance Sheet which is "1050 - Work In Progress the applications not yet fulfilled" (Numbers are there to indicate the approximate location in the standard sage chart of accounts, these are indicative only, you should pick a number of your own.

At the end of each period you can then calculate the value of "applications not yet fulfilled" by applying a filter on the invoices to show only un-posted and then run a report to get the net value of those invoices.

You then do a journal between the two accounts so that the balance of the accounts is the value of unposted invoices.

This has the effect of increasing profits in the current period, for tax purposes you may want to adjust this to move the tax liability into a different period but that is a separate issue.

If it is possible that some of the applications may never be realised so it may be more prudent to only post 90% of the value of unposted invoices.
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PCSatSTC
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Re: Not Posted Invoices to appear on P & L

Post by PCSatSTC » 28 May 2020, 13:30

Is there any way that an Application for Payment can be raised in Sage 50 Pro for the full value for the work carried out and held as a not posted document? Then turned into a Sales Invoice at a lower value (Customer holds back a retention) and posted to the Sales Ledger?
The customer insists on operating on a Self-Billing basis; hence the Application document but we want the invoices into Sage asap so we can control our debts.

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brucedenney
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Re: Not Posted Invoices to appear on P & L

Post by brucedenney » 29 May 2020, 12:02

What you could do is raise a Sales order for the full amount.

As each part becomes due/paid, you part dispatch the sales order thereby creating an invoice for the part that has been invoices and leaving the part that has not been invoiced outstanding.

You could then run a report against the Sales Order Module to calculate the value of the "undispatched" items, ie the net amount that is held on retention.

This net value could then be journaled at year end into the P&L 4350 Applications Outstanding and the Balance Sheet 1110 Application Debtors on the last day of the year, then reversed on the first day of the new year. The report could be kept to show how the amount was arrived at.

There are a number of other ways it could be handled.
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PCSatSTC
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Re: Not Posted Invoices to appear on P & L

Post by PCSatSTC » 29 May 2020, 13:58

Many thanks, I need to look at Sales Orders in Sage. I understand the priniciples though.

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