How To: Process a Proforma Invoice payment
HM Revenue & Customs' website makes clear that the tax point occurs whenever goods are supplied or payment made, whichever occurs first. To achieve this when processing payments for Proforma Invoices in Khaos Control, simply:
Ensure that the System Values' setting 'Invoice Date based on when invoice was printed' is ticked (if you change this, you will need to restart Khaos Control for the new setting to take effect).
- Convert the Proforma Invoice into a Sales Order:
- Locate the proforma order and open it in the Sales Order screen.
- On the main tab's Order Details area, change the type from "Proforma Order" to "Sales Order".
- Press Ctrl+S or click
to save the sales order.
- Print the Sales Invoice on the same day you receive payment, regardless of whether or not you would normally print the Sales Invoice at this stage. The act of printing the Sales Invoice (and telling Khaos Control that it has been printed) sets the Tax Point.
- Allow Sales Invoice manager to process the sales order by moving it from the Manual Hold stage to Released.
- Record that the payment has been received; and
- Allocate it to the Sales Invoice you have just printed.