In the last post we talked about other types of invoice https://faoblog.com/processes-ap-invoice-othertypes/
We continue on this today.
- Rental Equipment / Property – This is self explanatory, this is for anything taken on lease or rent. This is practically a service.
- Trial Equipment invoice (with a Zero Payable) – This is an interesting one, there are times when some equipment is sent for trial. Since the material is moving out, your client may create an entry for the same, the payable on this invoice will be Zero. The invoice can be cut with a 1$ or 1EURO or 1 unit of the local currency or a lesser amount.
- Compensation Invoices – These are used when your client has to receive some compensation, and a debit note may be issued for the same. This becomes very important for insurance companies.
- Inter-departmental invoices – As the name suggests, these are invoices for inter-departmental movements, and may have a margin mark-up. These are resorted to normally in case where some material or service moves from one tax jurisdiction to another, inter-country, interstate etc.
- Travel Bills – These are normally Travel & Entertainment (T & E) transactions, but may be processed for entities other than employees.
- Expense Bills – Simply for any expenses incurred, some clients like to process these through the AP module in the ERP, some create a separate flow altogether.
I will continue this in the next post.
Did you see our blog’s ranking in google? https://faoblog.com/rank-2nd/
Also, check the post for tomorrow. Another great paper from Aberdeen group.