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Company Name - The company for whom the invoice is being created
Contract - The contract linked to the invoice
Entity Name - The entity issuing the invoice
Basis Document - The document on which the invoice is based
Project - The project related to the invoice
- Invoice Type - Indicates whether the invoice is Progressive, Advance, Milestone, or Standard. Set automatically based on the contract. This setup ensures that invoicing aligns with the contract’s agreed terms, including how retention, VAT on retention, and advance payments are handled. If the contract allows for advance billing, an Advance Invoice can be issued to request payment before any work begins. The system then enables the creation of related payment documents such as bank receipts, cash receipts, or cheque entries to record the received advance. These payments are linked to the contract and properly reflected in financial records, allowing for accurate offsetting in future invoices.
- Auto Advance Offset – When this option is onenabled, the system automatically reduces the invoice by deducts a portion of the advance payment receivedfrom the invoice. It works by checking how much of the project is being billed and applies the same percentage to the advance, so the right correct amount is deducted without doing it manuallymanual intervention.
Inventory and services tab
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