Mastering Purchase Invoices in Vincere
Click on the links ⬇️ to skip to the section you're interested in:
⭕ What is a Purchase Invoice?
A Purchase Invoice is your go-to document for reconciling internal costs. It includes any expenses you bear as an agency, like candidate travel expenses, which are not billed to the client. This document is vital for accurate financial reporting within Vincere Analytics.
🤔 Why It's Important:
Accurate Profit Calculation: Subtract total purchase invoice costs from sales invoice totals to determine net placement profit.
Expense Tracking: Keep a close eye on agency-borne expenses.
Financial Transparency: Maintain clear and accountable financial records.
⭕ How to Access Purchase Invoices
Click on the Show More menu.
Navigate to Pay & Bill > Invoices tab.
Filter by "Purchase Invoice" in the Type column.
⭕ Creating a New Purchase Invoice
According to Vincere's automated algorithm, as soon as a perm placement is made inside Vincere two invoices are automatically created in draft:
1 x Sales Invoice (you send this to your client)
1 x Purchase Invoice (you keep this one internally to reconcile your cost of sale and work out your profits)
And as soon as a timesheet has been submitted and approved by a manager (via TimeTemp) two invoices are automatically created in draft:
1 x Sales Invoice (you send this to your client)
1 x Purchase Invoice (you keep this one internally to reconcile your cost of sale and work out your profits)
But you totally have the option to disable the automatic creation of invoices
Head to Settings > Pay and Bill settings > Invoice settings > Default Settings > Scroll down in the Invoice Generation.
But if you wish to manually create a Purchase Invoice please follow the steps below ⬇️
Click on Quick Add > Invoice.
Select "Purchase Invoice" from the Type drop-down menu.
Fill in mandatory fields and optional details:
Invoice Recipient: Contact or candidate.
Job-related
Placement Related
Pay Rate & Billing Contact: Specify as needed.
Profit Split: Choose to display as a percentage or numeric value.
Please refer to the video below for your visual guidance:
⭕ Key Invoice Fields and Descriptions in Purchase Invoice
1. Invoice Header Section:
Invoice Number (INV-P-3554): Unique identifier for the invoice.
Status: Current Invoice status and Payment status of the invoice
Invoice status: Draft, Approved, Cancelled, Approved & Sent, Approved not Sent.
Payment status: Paid in full, Partially paid.
Purchase Invoice: Type of document being created.
2. Details Tab:
Send To: The recipient of the invoice.
Billing Contact: The person responsible for the billing on the recipient's side
Invoice ID: A unique identifier for internal tracking.
Invoice Date: The date the invoice is issued (e.g., 19/07/2024).
Terms (Days): The payment terms specifying the number of days the recipient has to pay the invoice (e.g., 30 days).
Due Date: The date by which the invoice should be paid.
Billing Address: The address where the invoice will be sent (if different from the recipient).
Reference: Any reference number or information related to the invoice.
Invoice PO Number: The purchase order number related to the invoice.
Service Delivery Date: The date when the service was delivered.
3. Line Items Section:
Description: Description of the invoice.
Quantity: The number of units of the item or service
Rate: The unit price of the item or service
Discount %: Any discount applied to the item or service
Account: The accounting code for the item or service
Tax %: The applicable tax rate for the item or service
Pay Code: The payment code associated with the item or service.
Amount: The total amount for the line item after applying the quantity, rate, and discount
4. Invoice Totals Section:
Subtotal GBP£: The total amount before tax and discounts
Total Discount: The total discount applied
VAT: The total VAT amount
Total GBP£: The total amount including tax
Amount due GBP£: The total amount due after applying all calculations
5. Currency and Conversion Section:
Home Currency: The currency in which the invoice is issued (e.g., GBP£).
Bank Spot Rate: The exchange rate if the invoice involves multiple currencies.
Conversion Total GBP£: The converted total amount in the home currency
6. Attachments Section:
Add a row: Option to add additional line items to the invoice.
Add attachment: Option to attach supporting documents to the invoice
⭕ Saving the Invoice
Here you will have 2 options:
Save & Preview: Review the invoice before finalizing.
Save: Directly save the invoice (Automatically saves as a draft)
⭕ Payment Processing of Purchase Invoice
Once you Save the invoice, here is how you make the Purchase Invoice in progress
Click on the Actions button.
Select Approve.
Click on Add Payment.
Fill in payment details:
Payment Received
Payment Date
Paid to Account
Notes
Click Save
You also have the option to change the brand or template, split the profit, and cancel the invoice.
Please refer to the video below for your visual guidance:
⭕ Configuring Purchase Invoice Templates
Go to Settings > Document Builder.
Choose the correct brand.
Select Purchase Invoice from the document type drop-down.
Click the Blue Plus button, name your template, and hit Save.
⭕ Reporting and Analytics Purchase Invoice
Track Invoices: Use filter functions or the stats button.
Comprehensive Analysis: Access the Invoices Dashboard in Intelligence.
Steps:
Filter by Invoice Type: Purchase Invoice and Invoice Status (Draft, Approved, Canceled, Approved and Sent, or Approved not sent, Payment status).
Click the Stats button next to the Actions button.
By utilizing Vincere’s Purchase Invoice, you can manage expenses efficiently and gain valuable insights through analytics. Keep your records accurate, your profits transparent, and your financial operations smooth.
Happy Recruitment #TheVinnyWay🤩