When a sales invoice is posted to the ledger the following actions occur:
The Outstanding Balance on the account is increased by the total including tax, unless the invoice is also paid in which case it remains unchanged.
The Turnover Figures on the account are increased by the total excluding tax.
The last transaction date, last invoice date and, optionally, the last payment date, for the account is updated
The cost figures for the account are updated
The debtor control total is increased by the total including tax, unless the invoice is also paid in which case the debtor total is unchanged.
An invoice transaction is written to the transaction file, followed by an analysis line for each invoice line.
A payment transaction is written to the transaction file if the invoice is marked as paid.
If the stock files are updated, the following actions occur for each stock item used on the invoice:
The current stock level is reduced by the quantity invoiced
Period and year demand figures are increased by the quantity invoiced
Period and year sales figures are increased by the total excluding tax invoiced
Period and year cost figures are increased.
The last transaction date is updated
A sales issue transaction record is written to the stock transactions file
If the job costing files are updated, the following actions occur:
The amount invoiced on the job is increased by the total excluding tax.
The last invoice reference, amount and date is updated
An ‘invoiced’ transaction is written to the job transactions file.
Article ID: 921
Created On: Tue, Jun 26, 2012 at 3:01 PM
Last Updated On: Mon, Jun 12, 2023 at 7:51 PM
Online URL: https://kb.datafile.co.uk/article/sales-invoices-file-updating-and-ledger-controls-921.html