The GM-X Invoice subsystem is responsible for preparing and sending customer invoices to support order-to-bill processes.
Invoice creation from sales orders
- Maintains and tracks invoices and details for goods, services or features
- Optionally links each invoice to the relevant sales order
- Maintains invoice date and tax date
- Supports multiple user-defined terms of trade for invoices
- Allows terms of trade for invoices to be linked to individual invoices or invoice details
- Supports automatic creation of invoices directly from sales orders
- Supports multiple user-defined invoicing roles such as data entry clerk, approver, receiver
- Identifies respective roles of an invoice’s issuing and receiving parties
- Constructs invoices as PDF documents that can be sent to customers by email
- Maintains subject and message text for invoices sent to customers by email
- Supports invoice statuses such as pending, approved, sent, void
- Automatically tracks the status history for each invoice
- Fully integrated with the GM-X General Ledger, Blockchain and Audit subsystems to automatically post sales invoices to each fiscal period
Manual invoice and credit note creation
- Automatically adds standard or required features to invoice details
- Allows user selection of optional features for invoice details
- Automatically determines applicable prices, discounts and allowances
- Automatically determines applicable surcharges and taxes
- Supports manual creation of credit notes and details
- Fully integrated with the GM-X General Ledger, Blockchain and Audit subsystems to automatically post manual invoices and credit notes to each fiscal period
Organizational Setup
- Option to specify default balance sheet accounts for trade receivables, customer deposits, value-added taxes (VAT) or sales tax payable and input VAT or sales tax accrued at the company level
- Option to specify balance sheet accounts for inventories and work in process (WIP) by product category
- Option to specify default income or expense accounts for revenues (goods, use, services, expense recovery and VAT recovery), cost of goods sold (COGS), recoverable VAT and reimbursable expenses and sales commissions at the company level
- Option to specify income and expense accounts for revenues (goods, use, services, expense recovery and VAT recovery), COGS, and discounts and allowances taken by product category
Customer Setup
- Maintains customers as organizations or persons in the GM-X Party subsystem
- Option to assign each customer to a specific sales organization in the GM-X Party subsystem
- Supports default user-defined terms of trade for each customer, including payment due days and early payment discount days
- Option to indicate, for each customer, the person or organization which earns sales commissions on sales to the customer, whether or not sales commissions automatically accrue on sales to the customer, and the commission percentage
- For split sales commissions, the organization which earns sales commissions on sales to the customer (such as a sales team) may comprise multiple people or organizations who receive split commissions, and the percentage split that each receives is set up in the GM-X Party subsystem
Tax Setup
- Output VAT and sales tax rates configurable for standard, reduced and zero rates by customer, product category and geographic area
- Option to specify balance sheet accounts for VAT or sales tax payable and accrued VAT or sales tax by tax category
- Option to specify income and expense accounts for tax recovery by tax category, or by individual customer
- Option to indicate, for each customer, whether output VAT or sales tax becomes due and payable to tax authorities upon issuance or payment of an invoice