Distribute Required Field Invoice For Free

An invoice is a document used to itemize and record a transaction between a vendor and a buyer. Typically, a business sends an invoice to a client after they deliver the product or service. The invoice tells the buyer how much they owe the seller and sets up payment terms for the transaction.

To create a Full Distribution Set: In the Distribution Sets window, enter the Name and Description of the Distribution Set you are creating. Enter the Account and Description for each distribution and enter the Percentage of the invoice amount that you want to distribute to the Account.Save your work.

If you've provided the good or service, the finance team will note the amount you expect to be paid in accounts receivable. If you are paying the invoice, you'll note the amount in accounts payable.

Invoice distributions contain account distribution information such as debit and credit accounts, the amount to distribute, and whether to classify distributions using projects, classes, grants, or transaction codes. You add invoice distribution information when you add a new invoice.

Invoice processing by definition is a business function performed by the accounts payable department which consists of a series of steps for managing vendor or supplier invoices from receipt to payment, and recorded in the general ledger.

Every business entity is mandated by the Bureau of Internal Revenue (BIR) to issue an official receipt and/or sales invoice for every sale of goods, properties or services. The invoice and/or receipt serves as supporting document.

The distributions you enter for an invoice allocate the total invoice amount to various expense or asset accounts. For example, you can distribute expenses from one office supply invoice to expense accounts for several departments. Payables uses distributions to create general ledger journal entries for invoices.