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Time and Fees provides the facility to record, produce and report on invoices sent to clients.
Posting an invoice
Invoices can be posted in both the Time and Fees Ledger, however it is recommended that invoices are posted into the Fees Ledger. There are three methods of posting invoices within Time & Fees.
On Screen Billing
On Screen Billing is a Fees Ledger invoice that is accessible in both the Time & Fees Ledger. It is presented to a similar format as the billing decisions report.
Tip: By using on-screen billing with practice management, the draft billing feature can be used.
Fees Posting
Invoices can be recorded within the Fees Ledger by Adhoc posting or batches. Using this method provides additional features cross matching and using the detailed write out screen
Auto invoicing
Practices that send clients regular fixed fee invoices can use the auto billing facility within the Fees Ledger.
Time Ledger Manual Invoices
Invoices posted into the Time Ledger are called Manual Invoices. This provides a simple form on invoicing and many of the benefits of posting within the Fees ledger will be lost
Click here for a list of advantages / disadvantages.
Note: It is recommended that either On-Screen-Billing or Fees Posting methods of invoicing are used.
Producing the invoice document
Within the Fees ledger a number of documents can be produced and printed to send to a client. To produce an invoice document you will first need to post the invoice within the Fees Ledger. The invoice can then be produced using the Fees documentation feature.
Click here for further information on invoice documents.
VAT on invoices
Invoices are posted with a VAT element which will increase the VAT liability for the practice. How VAT is treated (cash accounting or on normal invoices) will depend upon your practice type.
VAT rates can be used to discount invoices by using a contingent discount. For example, to discount an invoice by 10%.
An invoice can be posted to multiple VAT rates if required. For example, £1000 at 17.5% and £50 at 0% (if you wish to include disbursements on the invoice)
Nominal Codes
The Fees Ledger keeps a nominal breakdown for each posting. This can be used to track movements and totals of postings within the ledger.
Click on the item below to view nominal movements by practice type:
Nominal postings for normal invoices.
Nominal postings for low turnover businesses that produce invoices.
Nominal postings for businesses that post proforma's.
Click here for an explanation of practice type.