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  13. (Accounting) Invoice a project...

(Accounting) Invoice a project transaction

Related topics

The following describes the accounting transactions the system creates when you invoice project transactions, which can be project activities, project services or items issued to project.

Prerequisites
The following values are used in the transaction calculations for the purpose of this example:

Variable Value
Project transaction price 50
Project transaction quantity 12
Discount on order line 5%
Line discount VAT 30
VAT 25 %
Postage 80
VAT output of order lines 142.50
VAT postage 20
Total net sales value 650.00
Total VAT amount 162.50
Total 812.50
Invoice total 813.00

Created transactions

The following transactions are created when a project transaction is invoiced:

Transaction type Description Amount
Debit		 Amount
Credit		 Additional info
750 Sales value VAT proj final   600.00  
751 Line disc. VAT proj final 30    
960 VAT output of order lines   142.50  
827 Postage VAT   80 Postage fee
961 VAT output of order   20 VAT amount of postage fee
802 Coin adjustment   0.50  
A/R Invoice total 813.00   To be accounted on Account Receivable

Note: Transaction type 802 is a coin adjustment. In the Currency table for the SEK currency, the Adjust inv amount field is 1.00, which means that invoice amounts should always be rounded off to the nearest even Swedish krona.

Calculations

The following equations outline how the values in this example have been calculated:

Calculated value Equation Calculation
Sales value gross VAT Project transaction price * Project transaction quantity 50.00 * 12 = 600.00
Line discount VAT Project transaction price * Project transaction price * Discount on order line 50.00 * 12 * 0.05 = 30.00
VAT output of order lines (Sales value Gross VAT – Line discount) * VAT percentage of VAT handling code (600.00 – 30.00) * 0.25 = 142.50
VAT postage Postage * VAT 80.00 * 0.25 = 20.00
Total VAT amount VAT output of order lines + VAT postage 142.50 + 20.00 = 162.50
Total net sales value Sales value Gross VAT – Line discount VAT 600.00 – 30.00 = 857.00
Total Total net sales value + Postage + Total VAT amount 570.00 + 80.00 + 162.50 = 1041.25
Coin adjustment Invoice total – Total 813.00 – 812.50 = 0.5

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