Content Comparison

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• When processing the invoice lines, the system will sort them by the Start Date. Then, it’ll process the invoice lines sequentially.

• The system will create at least two Lease Amortization Lines entries from First Invoice Line:

  • Initial Entry

    • Lease Receivable = LR Booked Amount

  • Monthly Entry

    • It will calculate the Remaining Principal Amount = LR Booked Amount - Total LR Amount Paid

    • Interest Amount = Remaining Principal Amount * Interest Rate / 100 / 12

    • Lease Receivable = MRR Amount - Interest Amount

    • Tax = Salesforce Invoice Line Tax Amount

    • Invoice Amount = Salesforce Invoice Line Total Amount
      

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• When processing the invoice lines, the system will sort them by the Start Date. Then, it’ll process the invoice lines sequentially.

• It will calculate the Remaining Principal Amount = LR Booked Amount - Total LR Amount Paid

• Monthly Entry

  • Interest Amount = Remaining Principal Amount * Interest Rate / 100 / 12

  • Lease Receivable = MRR Amount - Interest Amount

Cancel an Amortization

• Navigate to the Lease Amortization record that you want to cancel.

• Click the Cancel Lease button to initiate the process.
  

  

• A cancellation entry will be inserted into the amortization schedule.

  • Lease Receivable = LR Booked Amount - Total LR Amount Paid

  • Invoice Date = Today()

  • The system will flag the amortization as canceled.

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• Lease Amortization Line Type = Initial Entry

  • Debit Lease Receivable Account

  • Credit Product Revenue Account

    

• Lease Amortization Line Type = Monthly Entry

  • Debit Cash Account (Invoice Amount $18.35)

  • Credit Lease Receivable Account (Lease Receivable $11.40)

  • Credit Interest Income Account (Interest Amount $5.55)

  • Credit Sales Tax Payable Account (Sales Tax $1.40)

    

• Lease Amortization Line Type = Cancellation

  • Debit Write-off Account

  • Credit Lease Receivable Account

    

• Lease Amortization Line Type = Discount

  • Debit What Account?

  • Credit What Account?

• Lease Amortization Line Type = Down Payment

  • Debit What Account?

  • Credit What Account?

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1. Do not create GoldFinch invoices. - Done

2. Create Amortization and Amortization Lines directly from Salesforce Invoice Lines. - Done

3. Salesforce Invoice Lines should have a field for Sales Tax (I think you need to bring Sales Tax to a field on the Amortization Line to create debit and credit)

   1. [SW] - Done, Tax in Salesforce Invoice Lines are copied to the Tax Amount field in the Lease Amortization Line.

4. Discount and Down Payment are separate Salesforce Product

5. For Down Payment, and Monthly Invoices payments. Don’t debit to the Cash Account.,

   1. DR Accounts Receivable

   2. CR Lease Receivable

6. Work with Umiar to create and test different test cases:

   1. Salesforce Invoice with one product

   2. Salesforce Invoice with multiple products.

   3. Salesforce Invoice with discount

   4. Salesforce Invoice with sales tax (Texas charges Sales Tax on the first invoice?)

      1. SW: Please send some examples. Most invoices

   5. Salesforce invoice with downpayment

7. For the first invoice, which field is the deposit amount?

   1. It is a separate product

8. 1. 1. SW: Need the Home Water team to create test invoices with a down payment line

   2. Excel Sheet with Examples

      1. https://microdatanet1988.sharepoint.com/:x:/s/Clients/ES-9cKPQSJtKjv2iacvcnsoBie47orn_Gk8W_rOBTOMsPw?e=shJ7lo

9. How do Discounts and Write-offs affect Sales Tax Payable?

   1. ???

10. GL Accounts for Posting?

    1. GL Ledger

       1. SW: The System is assigning GL Ledger

       ?

       1. to GL Entry by CurrencyCode.

    2. Chart of Account should not have GL Ledger code

11. Any fields in the invoice or invoice line that indicate when the subscription ends?

12. Go Live, how should we handle open invoices?

    1. if we mass-create GF invoices and Amortization entries for existing Salesforce Invoices will it cause GL issues? such as double count?

13. The current First Invoice flag does not work on Renewed subscriptions, it does not flag the First Invoice of the renewed subscription!!!

Reference

1. Home Water Amortization Schedule

2. Amortization Mapping

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