FI- Sales Invoice Verifying & Submit

Executed by

Accounts Executive - Receivable Finance Manager

Processes triggered from

Student Admission - New Student Admission "(Variant)", Existing Student "(Variant)"
Student Transfer
Other Sales
Stundent Refund - Credit Note
Asset Managment - Selling an Asset

Navigation 1 : Home > Accounting Module > Select Sales Invoice > Click on New Sales Invoice

Navigation 2 : Home > Go to Selling Module > Go to Sales Invoice

Steps

Open the Sales Invoice.
Select the invoice in Draft status.
Verify the invoice based on its Invoice Type.

i) Registration Invoice

Header Section

Invoice Type: Registration Invoice
Customer Details (Customer, Student Name, Guardian Name)
Academic Year
Class
Invoice Date and Posting Time
Payment Due Date
Profit Center and Cost Center

Line Item Section

Check that the item is correct (e.g., Registration Fee)
Verify Quantity and Discount % / Discount Amount, if applicable
Ensure correct Income Account, Expense Account, and Discount Account
Deferred Revenue should be disabled
Ensure Profit Center and Cost Center fields are filled (Mandatory under Accounting Dimensions)

ii) Academic Invoice

Header Section

Invoice Type: Academic Invoice
Customer Details (Customer, Student Name, Guardian Name)
Academic Year
Class
Invoice Date and Posting Time
Payment Due Date

Line Item Section

Check that the academic item is selected correctly
Verify Quantity and Discount % / Discount Amount, if applicable
Ensure correct Income Account, Expense Account, and Discount Account are mapped
Deferred Revenue should be enabled & Enter Service Start Date and Service End Date
Profit Center and Cost Center are mandatory

iii) Service Invoice

Header Section

Invoice Type: Service Invoice
Customer Details
Academic Year (if applicable)
Class (if applicable)
Invoice Date and Posting Time
Payment Due Date

Line Item Section

Check that the service item is correct
Validate any Discount % / Amount, if applicable
Ensure correct Income Account, Expense Account, and Discount Account are mapped
Deferred Revenue should be enabled (only if applicable to the scenario)
Enter Service Start Date and Service End Date if Deferred is active
Profit Center and Cost Center are mandatory

iv) Credit Note

Steps to Create a Credit Note:

In the Sales Invoice, select the invoice for which a credit note needs to be created.
Click on the Create button. A new Sales Invoice form will open with existing data.

Credit Note Processing:

In Header Data: Verify the student details and make sure Is Return (Credit Note) is ticked.

In Line Item Data:
- Delete the Development Fee line.

Update the Refund Rate using the formula:
Unit Price - Revenue consumed amount = Refund Rate

Save the credit note to let the system calculate the net refund amount, considering any discount provided.
- The discount category & percentage will be fetched from the original Sales Invoice.
  Note: Refund amount will not be calculated unless the Credit Note is saved and status is 'Draft'.
After saving:
Ensure 'Enable Deferred Revenue' & 'Enable Deferred Expense' are unchecked.

Preview the Accounting Ledger.
Submit the Credit Note.

Post-Submission:

A new entry will be created in the Sales Invoice with the status: "Return".
The original invoice's status will be updated to: "Credit Note Issued".

v) Selling an Asset

Steps to Generate Sales Invoice from Asset:

Navigate to the Asset Module.
Open the asset record that needs to be sold.
Click on the “Sell Asset” button located in the top-right of the asset document.
This will automatically generate a new Sales Invoice with pre-filled asset details.

Header Section

Invoice Type: Sale of Asset
Customer Details (Customer Name and Contact Information)
Asset Name and Asset ID (automatically pulled from Asset record)
Invoice Date, Posting Time, and Payment Due Date

Line Item Section

Asset Item appears as the line item
Verify the Item Code, Asset Name, and Description

Validate Selling Price / Amount
Check Income Account also ensure Expense Account and Cost Center are mapped

Confirm Payment Terms are correctly set based on the agreement or fee structure.

Match the invoice against any advance/deposit received, if applicable (especially for admission deposits or prepayments).

Conduct a Final Review of the invoice and Preview the Accounting Ledger to ensure proper account mappings and totals.

Submit the Sales Invoice and automatically generate the corresponding journal entry.