Invoice/Statement

The Invoice/Statement form displays a summary of all billable transactions for a client over a specific time period.

Invoice/Statement

Statements are created when you choose the Generate Statements option in the Month End menu. You can select Print from the top menu bar and then select Monthly Reports from the drop-down choices. This will display a sub-menu. Select Generate Statements to calculate all invoice/statement information for the period and create the invoices. This information and is displayed in the Invoice/Statement form to be used when you print the statements and checks.

Checks can be printed for statements with a positive balance owing, that is, you owe the client.

After you generate statements, use the Month End menu to print statements. This menu can be accessed from the Main Menu. You can also select Print from the top menu bar and then select Monthly Reports from the drop-down choices. Then select Statements from the sub-menu that is displayed. This will begin the process to print the invoices that you generated earlier. You can also create invoices manually, edit the invoices yourself if you need to make some changes, and print individual invoices, if needed.

You must generate statements before you can print them.

Click here to view sample of printed statement

Date

This is the statement date of the invoice. Statements are usually dated for the 1st of the month.

When generating statements you are prompted for a date range, usually from the 1st to the last of the previous month. The statement date is set to one day after the last date the statements are generated for.

For example, if you generate statements for January 1st through 31st, the statement date is February 1st.

Type

This displays the type of invoice, whether Gross or Net or Combined remit.

This setting is read from the Client when generating statements. The Client Settings form, available from the Client form, has an option to control the Gross or Net or Combined remit.

This setting also determines the name of the report used when printing the statement batch.

Net Remit statements use the report called 'STATEMENT' while Gross Remit statements print the 'GSTATEMENT' report. The Combined statements print the 'CSTATEMENT'.

Calculations are also altered by this switch. The fields explained below have more details about the different calculations.

From

This is the From Date for the Date range selected when this Statement was generated.

To

This is the To Date for the Date range selected when this Statement was generated.

Client

This is the name of the Client this statement is for.

Number

This field displays the Client ID number.

Check

This is a check number generated by Collect!, if you entered a check number when prompted.

Collect! prompts you for a starting check number when printing checks. Each statement in which you owe the client money will have a check number inserted, starting with the number you enter.

This field can be used as a check register to keep track of the checks sent to your clients.

See Help topic, Print Checks, for details.

Cleared

This field can be used for tracking the date that the client's check cleared your bank account.

Counter

This field can be activated to begin a numbering sequence for statements.

Alternatively, you can have your statements fill this field with the record's UID value when the statements are printed.

To Us

This field shows the total month's payments paid by debtors to the agency.

This is the sum of all To Us amounts in the line items for this statement.

To Us Comm

This field shows the total billing period commission payable by the client on monies collected by the agency. This is the total of the commissions in all To Us items in this invoice.

To Us Tax

This field displays the total of tax on commissions for moneys collected by the agency during the billing period. The tax amount is totaled from the tax amount displayed on each To Us transaction covered in the billing period. This is calculated from the debtor's tax rate.

Net Remit will withhold tax amount from total that is returned to the client. Gross remit will add this tax amount to the remit requested from the client.

Return

This is the amount of money returned to the client during the billing period for this invoice.

It is defined as the total payments to the agency plus the total direct payments to the client, minus the total commissions paid.

Direct

This is the total month's payments paid by debtors directly to the client.

Direct Comm

This field shows the total billing period commission payable by the client on monies paid directly to the client. This is the total of the commissions in all Direct items in this invoice.

Direct Tax

This field displays the total of tax on commissions for moneys paid directly to the client during the billing period. The tax amount is totaled from the tax amount displayed on each Direct transaction covered in the billing period. This is calculated from the debtor's tax rate.

Net Remit will withhold tax amount from total that is returned to the client. Gross remit will add this tax amount to the remit requested from the client.

Currency

This is the currency the debtor account is recorded in.

By default, this field is blank or is set to the System Default. Collect! reads your Regional Settings and uses whatever you've set your computer to.

This means that if you've set up your computer for North America, you'll see the $ symbol displayed in currency fields. Other countries will show different currency symbols.

If you select a currency, statements are printed in the selected currency rather than the system default.

The debtor's currency records the currency of the account.

Collect! does no calculations using exchange rates and currencies yet. These fields are provided for your own informational purposes only.

This field is visible only when Multi Currency is switched ON in the Company Details form, available from the Options pull-down menu.

Due

This is the amount due FROM or TO the client, depending on how many payments were sent directly to the client vs. payments made to the agency.

POSITIVE amounts are OWED TO THE CLIENT, while NEGATIVE amounts, displayed in parentheses, are OWED TO THE AGENCY by the Client.

For Net Remit statements, this is the amount due from the agency to the client. This amount is calculated as the total payments to the agency (not to the client), minus total commissions on all payments, whether to agency or Direct to client. The Due amount is positive when the agency received debtor payments exceeding the total amount of commissions earned. This means that the agency will need to send money to the client.

For Gross Remit statements, the Due amount is the commission amount due from the client to the agency. It is the total commissions earned on all payments. It represents the amount the client must send to the agency.

Combined statements read the To Us, Direct and Commission fields and the totals are summarized when you print the 'CStatement'.

Comm

This field shows the total billing period commission payable by the client.

This is the total of the commissions in all line items in this invoice.

To view Invoice details. press F5 to activate the list of individual invoice lines and F5 again to review details for an individual invoice line item.

AGENCY COMMISSION

This is the total amount of commission earned by the agency during the invoice billing period. It is the total of all commission entries in all transactions over the period.

When most payments were Direct to the client, the Comm amount will exceed the total payments to the agency, and the Due amount will be negative. In this case, the agency doesn't have to send money to the client, but instead, the client must send money to the agency.

Tax

This field displays the total of tax on commissions for the billing period. The tax amount is totaled from the tax amount displayed on each transaction covered in the billing period. This is calculated from the debtor's tax rate.

Note that Net Remit is handled differently from Gross Remit tax when the Subtotal is calculated.

Subtotal

This is the total payable to or from the client.

For Net Remit statements, this amount is calculated as the Due amount minus the tax owing on agency commission earned.

For Gross Remit statements, this amount is calculated as the Due amount plus the tax owing on agency commissions earned.

Combined statements read the To Us, Direct and Commission fields and the totals are summarized when you print the 'CStatement'.

30 Days

This is the amount outstanding from the last statement.

Client payments are credited toward the 30 days owing only after the 60 and 90 days owing amounts (if any) have been paid.

60 Days

This is the amount outstanding from between 31 and 60 days.

Client payments are credited toward the 60 days owing only after the 90 days owing amounts (if any) have been paid.

90 Days

This field displays the amount outstanding from between 61 and 90 days. Any amount owing for longer than 90 days will also show up in this field.

Payments

Payments made by the client during the last billing period.

Payments are credited toward outstanding (30/60/90 days) owing amounts, then, to the current amount due.

Total

This field shows the Total Amount to be paid by the client to the agency or vice versa.

For NET Remit clients, if the amount is POSITIVE, your company must pay the client this amount. A NEGATIVE value indicates that the client owes this amount to the agency.

For GROSS Remit clients, this is the amount the client owes you.

Combined statements read the To Us, Direct and Commission fields and the totals are summarized when you print the 'CStatement'. The Invoice Total represents the net amount that you are actually paying your client. It is actually a combination of what you are remitting to them and what they are remitting to you, as summarized in the CStatement.

When changing a client's billing type from Net to either Gross or Combined, or vice versa, Collect! will alter the value this field of the last invoice to match the applible billing type. Please refer to the Help topic How to Understand Net or Gross or Combined Remittances for more information.

Invoice Lines

This is the list of individual Invoice Line items in this statement.

Press F5 to open the list and F5 again to open individual line items.

OK

Select this button to save any data you have entered and return to the previous form.

<<

Selecting this button will take you back to another record.

>>

Selecting this button will take you forward to another record.

Print

Choose a report to print from a list of reports relating to invoices and statements.

You can easily print an individual statement from this Print button. Choose the 'Statement' report from the list to print for Net clients, or 'GStatement' for a Gross Remit client.

It is important to pick the correct type of report for Net or Gross remit clients.

Cancel

Select this button to ignore any changes you may have made and return to the previous form.

Help

Press this button for help on the Invoice/Statement form and links to related topics.

Delete

This button is visible only on the list of all statements. Select this to delete the highlighted item from the database.

Edit

This button is visible only on the list of all statements. Select this to open and modify the highlighted item from the database.

New

This button is visible only on the list of all statements. Select this to open a new blank statement form.

Examples Of Net And Gross Remit

Some examples of Net and Gross Remit calculations are given here.

Example 1:

The agency collects $1000 for the client. The money is paid to the agency, the commission is 30% and tax rate is 10%.

At month end, the client owes the agency the $300 commission plus 10% tax on $300 for a total of $330.

If this is a Net Remit statement, and the agency received a check for $1000, they will need to send back $670 (that's $1000 minus $330) to the Client while keeping the remaining $330.

If this is a Gross Remit statement, the agency will send back the whole $1000, and the Client is billed $330.

Example 2:

The agency collects $1000 for the Client. The money is paid Direct to the client, the commission is 30% and tax rate is 10%.

At month end, the client owes the agency the $300 commission plus 10% tax on $300 for a total of $330.

If this is a Net Remit statement, and the client received a check for $1000, the agency has no money due the Client, and instead the client is billed the $330 commission amount.

If this is a Gross Remit statement, the agency sends nothing to the Client and the Client is billed $330.

Combined Statements

Combined statements read the To Us, Direct and Commission fields and the totals are calculated when you print the 'CStatement'. With Combined, the agency keeps its share of commissions only on amounts paid to the agency. Then the agency requests a payment of commission on amounts paid directly to the client.

For example:

The Agency receives $100 and gets a commission of 15%. In the same period, the Client receives $100 and must return $15 commission to the agency.

The statement will indicate enclosing a check for $85 and requesting a check for $15. This enables your clients to keep a completely separate account of the amounts received by you and those received directly by them.

Create A Statement For A Client

1. From the Main Menu, choose the Month End option. This will open the Month End menu.

2. Choose Generate Statements.

3. Accept the default date range or select different FROM and TO dates. All transactions posted over that date range will be analyzed when building the statements. The statement date will be one day after the TO date.

4. Leave the Client# blank.

5. Click OK.

6. If invoices already exist and Collect! prompts, click YES to delete them.

7. Enter a starting Check Number when prompted.

8. Collect! will tell you when it's done.

Print The Statement You Just Created

1. Open the Month End menu again, as described above.

2. Choose Print Statements.

3. Accept the default date range or select a different date.

If you generated statements for January 1st to 31st, the statements will be dated February 1st. Therefore, you must choose 1 day after the last date you generated statements for, when printing the statements. Both FROM and TO should contain the same date.

4. Leave the Client# blank.

5. Click OK. A prompt will display.

6. Click the LETTERS button at the bottom of the message screen.

7. Click the PRINT button in the Print dialog to print the statement.

Print Any Statement In The System

You can print any statement that you have previously generated. Also, you can print a check if you owe your client an outstanding amount.

1. Select BROWSE from the top menu bar and a drop-down menu will display.

2. Select Statements. The list of all your Statements/Invoices will display.

3. Click on the statement you want to print. This will display the Statement form.

4. Select PRINT from the top menu bar and a drop-down menu will display a list of choices.

5. Select REPORTS AND LETTERS from the list. This will display a list of all reports that you can print now.

6. Select the 'Statement' report for a NET client or 'GStatement' report for a GROSS client. You will advance to the REPORT OUTPUT OPTIONS dialog.

7. Press the PRINT button to print your statement.

OR

If you owe your client, you can select the Select the 'Check' or 'GCheck' report and Collect! will print a check for you.

Collect!'s default check-printing uses Form #1000 forms. This is an attractive standard for printing checks. Please refer to How To Print Client Checks for details.