Invoice Generation System

What is Invoice Generation System?
An Invoice is a commercial document issued by a seller to a buyer indicating the products ,quantities and monetary termsFees Management is the most important module that will help an institution to maintain a financial record of an institution. It will take care of the amount of fees paid by students for the respective course opted by them. Fees Management is a kind of module specially designed to give a precise idea to parents regarding the fee structure of the institution. To generate bills for customer. Maintain customer profile. To maintain the inventory for the products available and the products being sold.

Invoice Generation System Challenges

1. Customer management
2. Flexible Billing Frequency
3. Automatic invoicing
4. Secure payments
5. Pricing plans management
6. Failed transactions management
7. Discounts and promotions management
8. Customer messaging for billing and errors handling
9. Multi-currency and multi-language support
10. Main payment gateways support and shopping carts integration

Invoice Generation System Attempts
When you accumulate costs, the system creates the workfile transactions for T&M billing lines and components that contain the information for creating invoices. The next step is to generate invoices. The term invoice has two meanings in the Contract Billing system: Invoice information that the system generates from the workfile transactions in the Billing Workfile (F4812) and stores in the Invoice Summary Workfile (F4822). A copy of the invoice that you print for your customer. The system prints invoices based on the invoice layouts that you define using Invoice Formatting. When you run Invoice Generation (P52800), the system automatically summarizes the selected workfile transactions and stores the summarized records in the Invoice Summary Workfile (F4822). The system uses the contract billing lines you have defined to control the invoice and pay item summarization logic. The system uses the Invoice Summary entries to create A/R Ledger (F0311) transactions when Create A/R and G/L Entries are run.

Invoice Generation System Solutions
During Invoice Generation, the system: Creates a billing batch header record (F48011). The current activity field is set to 1, indicating that invoice generation is in progress. Uses processing options and data selection criteria to summarize select T&M workfile transactions and stores the summarized records in the Invoice Summary Workfile (F4822). The workfile transactions are updated with the invoice information (batch number, invoice number, pay item, document type, and invoice date) to indicate that these transactions are included in an invoice Creates workfile transactions to support non-T&M billing lines with cross-reference information and updates the Invoice Summary Workfile Calculates applicable fees and retainage amounts Retrieves the customer from the contract and the G/L Offset from the billing line to assign to the invoice Updates the contract master with the invoice batch number. Because of the cumulative nature of contract billing, a contract cannot participate in more than one invoice batch at a time Updates the billing batch header with the amount and the number of documents in the batch when Invoice Generation completes. The current activity field in the batch header is reset to 0 to allow additional processes to be performed against this batch

Invoice Generation System Usefulness
These are the 10 Advantages of Billing Clients Online:
1. Online Billing Offers Mobility
2. Invoice Calculations are Done Automatically
3. Invoices always look professional and consistent
4. Invoices can be emailed directly to the client
5. Save money on paper, envelope, and stamps
6. You can request a read receipt, so you know it has been read
7. Send client automatic reminder notices before invoices are due
8. Instantly updates all of your financial reports as soon as the invoice is generated
9. Manage client contact information and billing from the same location
10. Check outstanding receivables from anywhere at any time