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Pro Gold i2 Online User Manual

 

Chapter 19 - Creating an Invoice/Establishing Agent Receivable Balances

Helpful Hints

  • Receivable accounts are called Customer records
  • A customer record is automatically created for an Agent when Agent record is first entered
  • System uses invoice format to process charges for agents
  • Typically, create one invoice per Agent per month (e.g., Jan, Feb, etc…) due to G/L impact
  • Each invoice is tracked by date (i.e., aging) to monitor payback status (i.e., 30, 60, 90 days)
  • Overall invoice amount is posted as a debit to the default Accounts Receivable G/L Account (e.g., 1040) assigned during setup
  • Individual line item transactions are posted as credits (i.e., reductions) to appropriate G/L expense accounts assigned as they are entered (e.g., Advertising, MLS Fees, Phone Fees, etc…) noting agent paybacks for these expenses or as income (i.e., revenue) to appropriate revenue G/L accounts (e.g., Misc Income, Desk Fee Income, Monthly Fee Income, etc…)
  • Each invoice has a “Post” button for entering data into the General Ledger
  • Should not post an invoice to the G/L until all charges have been finalized (Note: Once posted, an invoice can be unposted and reposted as needed to make corrections)
  • The date of the invoice determines its G/L posting date  [Most companies use the last day of the month]
  • Should open invoices at beginning of the month/period
  • Enter/add items throughout the month/period
  • Post invoice(s) once all charges have been entered (i.e., finalized)
  • Payments to invoices are separate G/L transactions and can be applied to any posted or unposted invoices (Do not have to unpost an invoice to apply payments)
  • There are three methods for creating an invoice:
    • 1)  Manual (individually)
    • 2)  Global Template (Replicate/duplicate one invoice for all)
    • 3)  Invoice Template (Customizable template for each agent)