| Table of Contents | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
...
Navigate to Salesforce Invoice Line - First SF Invoice Lines w/o AMT Linesosted without Lines view
Select the lines you want to create Amortization Entries for.
Click the Create Amortization Entries button
...
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
...
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.
...
Lease Amortization Line Type = Initial Entry
Debit Lease Receivable Account
Credit Product Revenue Account
Lease Amortization Line Type = Monthly Entry
Debit Cash Account Accounts Receivable (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?
...
The system will create reverse G/L entries if un-post is successfully run.
Sample reverse entries:
...
Open Questions/To Dos
...
Do not create GoldFinch invoices. - Done
...
Create Amortization and Amortization Lines directly from Salesforce Invoice Lines. - Done
...
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)
[SW] - Done, Tax in Salesforce Invoice Lines are copied to the Tax Amount field in the Lease Amortization Line.
...
For Down Payment, and Monthly Invoices payments. Don’t debit to the Cash Account.,
DR Accounts Receivable
CR Lease Receivable
Work with Umiar Umair to create and test different test cases:
Salesforce Invoice with one product
Salesforce Invoice with multiple products.
Salesforce Invoice with discount
Salesforce Invoice with sales tax (Texas charges Sales Tax on the first invoice?)
SW: Please send some examples. Most invoices
Salesforce invoice with downpayment
SW: Need the Home Water team to create test invoices with a down payment line
Excel Sheet with Examples
How do Discounts and Write-offs affect Sales Tax Payable?
???
GL Accounts for Posting?
GL Ledger
SW: TheGL Accounts for Posting?
GL Ledger
How to determine the value?
by Warheouse, or by CurrencyCode on the Salesforce Invoice?
If by Warehouse, how to determine the Warehouse on the Salesforce Invoices?
Should add GL Ledger to the Amortization Schedule.
SW: Currently, the System is assigning GL Ledger to GL Entry by CurrencyCode.
Chart of Account should not have GL Ledger code
Go Live, how should we handle open invoices?
if we mass-create GF invoices and Amortization entries for existing Salesforce Invoices will it cause GL issues? such as double count?
The current First Invoice flag does not work on Renewed subscriptions, it does not flag the First Invoice of the renewed subscription!!!
...