In the following video we discuss using the trust invoice option from PO billing. The video explores differentiating trust invoices, accessing the PO billing screen, creating a trust invoice, adjusting vendors for trust invoices, saving the trust invoice, viewing trust invoices and the benefits of trust invoices.
Using the Trust Invoice Option from PO Billing
Key Steps:
Access the PO billing screen and select the vendor (e.g., GE appliances).
Choose the purchase order (PO) associated with the trust invoice.
Enter a trust number (can be fictitious).
Ensure the variance equals zero.
Click on "Adjust and Create Invoice."
Confirm the prompt and select a different vendor for the trust invoice (e.g., Wells Fargo).
Input the trust date and set the terms (e.g., 30, 60, 90 days).
Verify the installment amounts and trade account.
Save the trust invoice.
Check the APN for the newly entered trust invoice using the trust filter.
Cautionary Notes:
Ensure the variance equals zero before proceeding with creating the trust invoice.
Double-check all entries for accuracy, especially vendor selection and terms.
Pay attention to installment amounts and trade account settings to avoid errors.
Be cautious when adjusting individual unit costs to maintain accuracy.
Tips for Efficiency:
Familiarize yourself with the process of entering a regular AP invoice to understand the differences with a trust invoice.
Utilize the trust filter in the APN to easily locate and track trust invoices.
Keep a record of trust invoice details for future reference and reconciliation.
Regularly review trust invoices to ensure timely payments and accurate accounting.
By following these steps and guidelines, you can effectively enter AP trust invoices in Homestore Systems to maintain accurate financial records and vendor relationships.