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Invoice no example for Hospitality

here at M press we're always listening to your feedback one of the top requests we've received from our community is more control over invoice numbering in response version 1.4 of the hotel booking PDF invoice adding allows you to enable unique sequential invoice numbers independent of booking IDs what's more you can choose a custom format for it hi I'm Valerie from M press in this video we'll explore how this feature can make your invoicing more efficient and why Haven separate invoice numbers is so important especially when it comes to compliance with your local tax regulations and if you've been waiting for this feature you're in the right place so let's dive in Imagine this you've just finished a busy booking season and it's time to issue invoices but wait your invoice numbers are identical to your booking IDs and things are getting a little confusing sounds familiar in voicing can be challenging especially when your invoice numbers are tied directly to booking IDs on top of that in many countries it's a legal requirement to have unique and sequential invoice number numbers we'll discuss later in this video why it is crucial not only for your day-to-day management but also for meeting your country's invoicing regulations so if you've been struggling with disorganized invoicing M press has the solution in response to your feedback motor press introduced a new feature in version 1.4 it allows you to create unique and sequential invoice numbers totally separate rate from booking idas why does it matter first it makes your invoicing process more organized second it helps ensure compliance with global regulations preventing legal issues down the road and third it gives you more flexibility in managing your finances to get the most out of this feature and discover new options navigate to to the addin settings by going to accommodation settings locate the extensions tab click invoices you'll find a new field labeled invoice number format along with the list of available text you just need to expand the tag list and and copy the ones you need to create a custom invoice format for example in Europe a common invoice number format typically follows a structured pattern to ensure Clarity and compliance with tax regulations common formats include sequential numbering I mean a simple series of numbers for example 00 0 1 0 02 and so on alternatively it can combine the year with the sequential number the format can include company initials or invoice type and it can be with a code for different branches or countries so I'm adding the Texs that I need in the inway uh they will be shown as the invoice number so stay tuned to see the invoice I'm going to generate but now there is one more important thing that must be done to include a sequential invoice ID in your invoice number you'll also need to specify a starting number in the starting invoice ID field this will activate sequential numbering for all future invoices beginning with your selected number and automatically increasing by one with each new booking for instance if you set the starting number to 001 the first invoice will be 02 and the numbering will continue from there so now I'm going to say the changes and before moving on to practice please note that this feature only applies to invoices generated after installing version 1.4 if you use the addon before this version any custom numbering you set now one affect previous invoices to maintain a continuous sequence across all invoices you should set the starting ID to match the number on your la in voice issued before updating to version 1.4 so after saving the changes it's time to add a new booking and generate the invoice for it to make the process even quicker I'm going to add the booking from the dashboard [Laughter] [Music] great and here is the button to generate the invoice as you can see now we have the sequential invoice number that is independent of the booking ID now I've noticed that I need to make some adjustments to the format I think it's better to use and dash the N Das helps separate different segments of the invoice number making it easier to read yeah now it's much better looks excellent the booking ID refers to the reservation and is used for operational purposes like managing guest details reservation status and checkin and check out schedules and the invoice number on the other hand is related to the financial transaction between the customer and the business such as the payment made for the booking by keeping them separate you maintain clear non-overlapping systems for operations and financial tracking now I want to talk about compliance with tax regulations did you know that in many countries it's IL legal requirement to have unique sequential invoice numbers it might sound like a small detail but failing to follow these rules can lead to Serious consequences think Havey fines or even triggering an audit when it comes to Vacation Rentals issuing invoices with unique and sequential numbers is isn't just about following the law it's important for tax compliance smooth operations and financial management for starters tax authorities in many countries tracking voices using sequential numbers shows that every transaction is recorded this helps prevent tax evasions or fraud and proves that your business is playing by the rules it also simplifies audits whether you doing them yourself or working with an accountant because it makes it easier to match payments to the correct transactions no duplicates no missing entries the rules on invoice numbering can VAR right depending on where you are for example in the United States there aren't strict federal laws about it however businesses are still EXP expected to follow best practices to ensure transparency for tax purposes in contrast Europe has much stricter regulations under the European Union value added tax directive businesses are required to use unique and sequential invoice numbers to comply with um V laws Asia also has its own set of rules which can be pretty strict in Japan businesses must follow the guidelines of the Japanese consumtion tax meanwhile China has a government control to invo system known as the fapo which monitors transactions closely and in India businesses need to adhere to the good and services tax rules which also mandate unique and sequential inv numbers despite these differences the main idea stays the same everywhere clear and traceable invoices are crucial for legal and financial transparency they help businesses stay compliant with local laws manage their finances more effectively and create a sense of trust with customers and that's a wrap we've covered how the new invoice number in featur featuring version 1.4 can streamline your invoicing process keeping things clear compliant and organized by separating invoice numbers from booking IDs and customizing the format you'll have more control over your financial records and be better equipped to meet local tax regulations and if you've been looking for a way to simplifying voicing this is your solution now you can focus on running your business knowing your invoices are in order if this video helped you don't forget to give it a thumbs up and also make sure to subscribe to our Channel and hit the notification Bell so you never miss out on future updates and tutorials thanks for watching and I'll see you in the next video