Overview
The Property Dashboard supports the creation and tracking of invoices for investment properties.
This functionality is beneficial for clients who own commercial properties and need to invoice tenants regularly (e.g., monthly rent).
Once the invoice has been created, approving the invoice posts income transactions with the invoice attached, streamlining property income reconciliation. Additionally, emails can be sent out to relevant recipients with invoices automatically attached.
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Creating an Invoice
| From the Main Toolbar, Select Investments. | |
| Select the Property Dashboard. | |
| Click on a property. | |
| Then click the Create Invoice button. |
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- Select the toggle to set up a recurring invoice.
- Select the contact that will receive the invoice. If the contact has an address and email, Simple Fund 360 will prefill those fields.
- Simple Fund 360 will automatically enter an Invoice Reference number. This can be changed via the settings on the Invoice Dashboard screen.
- The Invoice date and the Due date are automatically set as today's date and ten days from the invoice date, respectively. This automatic entering of the due date can be changed in the settings on the Invoice Dashboard under Settings.
- Click the pencil icon to enter the bank details. This will be automatically filled if the bank details are entered in the settings of the Invoice Dashboard. If the bank account has been created in the fund, instead click Select Bank Account and select the relevant bank account.
Toggle on Apply as Default Invoice Account to ensure that the bank account entered will be selected automatically when creating a new invoice.
- The line items table allows for as many items to be added to the invoice. For each line item, there must be a description, quantity, and unit price; you may also select the applicable account code for each line item. GST can be set to 10% or not-applicable. GST will be automatically applied based on the fund's GST status.
- Additional notes can be added to the invoice.
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If the invoice is incomplete, it can be saved as a draft. Once complete, select one of the following options:
- Approve and Send - Marks the invoice as approved and prepares an email to the Recipient. Other attachments can be added to the prepared email.
- Approve - Marks the invoice as approved.
- Email - Prepares an email to the Recipient without changing the status of the invoice.
- Copy Invoice - Copies the selected invoice, using is as a template to create a new invoice.
Once an invoice has been approved, the system will automatically post each line item as its own transaction on the Transaction List screen with the invoice attached.
By default, Simple Fund 360 records each line item in the invoice as a debit to a linked Rent Receivable (62720/PropertyName) and a credit to Property Income (28000/PropertyName). If a GST amount is selected in the creation of the invoice, the correct GST total will be posted as a credit within the transaction.
9. If the invoice is being edited, the invoice status can be manually updated by clicking draft and selecting one of the other options.
The Invoice Dashboard
| From the Main Toolbar, Select Investments. | |
| Select the Property Dashboard. | |
| Then click the Invoice Dashboard button |
The Invoice Dashboard is separated into two views: Entity View and Global View.
The Entity View is best used when reviewing a specific entity in Simple Fund 360 or Simple Invest 360, or when you want to see information for just that entity.
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- Use the drop-down to select a preset reporting period or enter a custom period by changing the start or end date. Use the refresh button to update the screen if any changes have occurred.
- The Entity view will display the total values (excluding GST) of the invoices within the period and what stage the invoice is in (Draft, Unpaid, Paid). The search bar can be used to quickly find a specific invoice.
- Clicking on an invoice will open the invoice for editing.
- Change the status of the Invoice to one of the following
- Draft
- Sent
- Paid
- Voided
- Click the Cash Icon
to open a pop up to allocate payments to the invoice. any amounts credited to the Accounts Receivable account (63330) or Rent Receivable (62720/PropertyName) will be displayed.
These transactions can have partial or the full amounts allocated to the invoice, This can be used to keep track of the outstanding amount if there are multiple payments transactions. - Click the PDF Icon
to generate the Invoice as a PDF, which can be printed or downloaded.
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The Settings button will open a pop-up. The following settings can be changed.
- The Default due date can be changed, so when a new invoice is created, the due date field will be filled with a date, however many days after the invoice date.
- The invoice prefix and suffix can be altered.
- Default bank account details can be entered. If the details are entered, Simple Fund 360 will automatically prefill the bank details section when creating an invoice.
- The Default due date can be changed, so when a new invoice is created, the due date field will be filled with a date, however many days after the invoice date.
The Global View is best used when reviewing multiple entities in Simple Fund 360 or Simple Invest 360 that have created invoices, or when you want to compare information across all entities.
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- Use the drop-down to select a preset reporting period or enter a custom period by changing the start or end date. Use the refresh button to update the screen if any changes have occurred.
- The search bar can be used to quickly find a specific invoice.
- The Global view will display all invoices for all entities including amounts (excluding GST), date, due date, and what stage the invoice is in (Draft, Unpaid, Paid). Clicking on an invoice will open the invoice for editing.
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Change the status of the Invoice to one of the following
- Draft
- Sent
- Paid
- Voided
- Click the Cash Icon
These transactions can have partial or the full amounts allocated to the invoice, This can be used to keep track of the outstanding amount if there are multiple payments transactions. - Click the PDF Icon
Reoccurring Invoices
When setting up invoices, you have the option to select Create reoccurring invoice, allowing you to automate how invoices are sent out to your clients.
After selecting this option, the New Invoice screen will display with an extra section allowing you to choose the frequency of invoices sent, how many times the reoccurring invoice repeats, and the due date for these invoices:
Once completed, these invoices can be edited from the Reoccurring Invoice Templates screen:
Note: When the "Ends on" date is reached for a reoccurring invoice, it will be set to inactive. Access these inactive invoices by clicking Show, then select the desired reoccurring invoice to edit/create a new invoice:
Note: Editing Approved Invoices
Once approved, the details of an invoice will be locked to prevent any changes from being made.
- To unlock an invoice, first select the relevant invoice.
- In the top right-hand corner, select the option to Revert to Draft:
As mentioned, any posted transaction related to the invoice will be deleted: