6.9. Update Invoices - Credit Notes

This option allows Equity to adjust the Stock file and the Debtors file to reflect the sales or returns. The general ledger is also updated.

Note : Invoice and Credit Note balances will not be reflected in the debtor's account, the General Ledger accounts or the stock records until they have been updated..

When this option is selected the following screen will be displayed.

The first and last document numbers on file are displayed. You cannot select the documents to be updated - its either all or nothing, with one exception. If you have pre-dated any invoices these will remain un-updated until you have rolled the month over. This is to ensure that their balances are updated into the right month. The update option transfers all totals to the Debtor's and Stock Files, and then REMOVES that information from the Invoice and Credit Note files.

If you wish to proceed with the update, press [Enter]. If you wish to abort, enter [N].

What Accounts Are Effected?

When you update a batch of invoices information is passed to the debtors, general ledger and stock modules automatically. The following list details exactly which accounts are posted to.

Debtor's Module

Updates Debtors Records

Updates Debtor Transaction file

Stock Module

Updates Stock records

Updates Sales History

General Ledger

Debtor Control account increased (debited) by the invoice total including tax & freight.

Stock on Hand decreased (credited) by the cost amount.

GST Payable increased (credited) if applicable.

Credit Sales increased (credited) by invoice total excluding GST.

Cost of Goods Sold increased (debited) by cost of invoice.

Note : The above are the default accounts. You may have set debtors or stock to itemised revenue accounts in which case the invoice total excluding sales tax will be posted to the itemised revenue accounts, not just Credit Sales. The same applies if you have set-up multiple Stock on Hand and/or Cost of Goods Sold accounts.