Overview:
The Calculate Invoices window allows you to begin the invoice generation process for a job; you can calculate costs for a given invoice cycle through a specific ending date.
Invoice calculation is the first step in the multi-stage invoice processing cycle. In the invoice calculation stage, you tell PENTA which invoicing cycle you want to process and the date through which it should select costs.
PENTA uses the information you enter in this window to:
- Determine which jobs and related line items you want to invoice. It uses the Through Date you enter to select incurred costs and contract completion entries (percent and units complete) for calculating invoice amounts.
- Retrieve job, line item, and billable cost records. It then calculates indirect amounts, fees, and retention for the selected items. PENTA also finds the pricing schedules associated with each job and line item and calculates invoice amounts for labor, equipment, materials, and miscellaneous job costs. When this process is complete, you can generate reports to review the calculations PENTA made.
When making entries in this window, you can invoice all jobs by entering a Cycle Number and Through Date, then exiting the screen. (You can only begin calculations for one invoice cycle at a time—after making your entries, you must exit the screen to begin processing. When calculation is complete, you can re-enter the screen and make another set of entries for another cycle). Optionally, you can make entries indicating that you either want to limit the jobs PENTA invoices or invoice retention for particular jobs. You can make only one type of optional entry—if you limit the jobs for which PENTA performs calculations, you cannot invoice retention amounts, and vice versa.
Notes:
Benefits:
- Automatically calculates billing amounts using pre-defined pricing schedules
- Ability to override billable or non-billable status after the initial calculation
Roles:
- Accounting Receivable Manager
- Accounting Receivable Clerk
Additional Content:
- N/A
Location:
- Billing and Accounts Receivable>Automated Invoice Processing> Calculate Invoices
Video: