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Process Supplier Invoices

As with all transactions in Costbucket the entity to be transacted with must first be selected i.e. a customer, item or supplier. Entering accounts payable transactions then requires the selection of a supplier first. Once a supplier is selected, the menu of options shows for the supplier among them "Enter an Invoice". The process below applies equally to entry of supplier credit notes as it does to entry of purchase invoices. In every case, entry of invoices and supplier credit notes (debit notes) requires entry of:

  • Invoice Date
  • Invoice Reference
  • Invoice exchange rate

Invoice Date

This is the date from which Costbucket determines the accounting period to create the general ledger postings for the transaction - should AP general ledger interface be activated. It is also the date from which, in conjunction with the supplier's payment terms the due date of the invoice is determined. This is used by the payment run to get all amounts due to a supplier for payment collated and listed. The system will use the information in the payment run to prepare a listing for producing a file of direct credits or printing cheques.

Invoice Reference

This is the supplier's invoice number or alpha reference uniquely identifying the invoice for the supplier. Costbucket checks that the same supplier invoice reference is not entered previously and reports an error if it has - this is to prevent the duplicate entry of purchase invoices and potentially paying the supplier twice.

Invoice Exchange rate

This rate is used to convert the currency amounts entered on the invoice to the local currency and for the purposes of posting the invoice to the general ledger (in local currency) should the GL interface be active. This rate is recorded with the invoice and forms the basis of the calculation of differences on exchange against the rates entered against payments to the supplier. Note that differences on exchange are only calculated when the payments are allocated to the invoices. General ledger journals are created for differences on exchange also (if the AP->GL interface is active).