Discover the Proforma Invoice Model for Operations that Streamlines Your Workflow

Proforma invoice model for Operations

[Music] project accounting features in a queue matica 2017 r2 in this video we'll review pro forma invoices pro forma invoices give project managers greater control over client billing this reduces billing Corrections by allowing managers to control both the timing and the amount of charges related to billable events the high level billing process changes in two major ways first the allocation process now becomes optional so you can provide a simplified workflow secondly the introduction of the pro forma invoice allows you to review client bills before showing them to your clients and committing them to your books the pro forma invoice flow works as follows you create the pro forma invoice using allocations or a simplified bill you can then review and edit the invoice to match your contract requirements and meet at client expectations the pro forma invoice can be emailed to clients for a pre-release review and then you can go ahead and make adjustments before committing it to your financials when you're editing a pro forma invoice there are several different options for each transaction I can write off all or part of the transaction or postpone a specific amount for a future bill in this video we'll be going through the following example in this simple project I'm gonna have billable expenses coming in from one timesheet and one expense report during the billing process I will postpone hours using two different mechanisms and then I will write off excessive expenses let's go ahead and see how this looks in the software on the project screen I've already created a project a simple one using the simplified billing process to enable pro forma billing I simply check the box all their aspects are the same including activating my tasks and activating my project in the project preferences you'll notice that I have not assigned approval Maps for the project or the pro forma invoice with the project activated I can now begin entering time cards and expense reports I'll log in as a consultant and enter my timesheets and expense report in the normal manner in this case I submit 24 regular hours in for overtime hours both my time and expenses are linked to account groups so that they can be billed appropriately in this case I'll mark up my expenses and I'll rewrite my hours ing to the non stock item that they're linked to I also follow the standard approval process nothing has changed in that regard so I'll go through this very quickly as soon as I complete my approvals the expenses flow through to my project with one click I can run project billing and create my pro forma invoice in this example I'm going to modify the lines that appear on my invoice to be consistent with client expectations first of all my project is running ahead of schedule so I want to reduce some of the hours and postpone them for future billing in this example my billing rule consolidates hours so I need to view transaction details to see all the details of my hours that have been billed I'm going to delete one line which is going to automatically cause a queue matica to postpone that until the next billing period I can also go in and reduce the overtime hours that I'm going to bill in this period as well now to do this I select the status called hold remainder that means that the remaining two hours will be built in the future billing cycle lastly I'm gonna write off some of the cost for this extravagant hotel stay that's not consistent with what my client was expecting so I'll go enter a different amount and instead of holding the remainder I'm gonna write off the remaining hours at this point I can go ahead and email the invoice to my client to get approval the pro forma invoice can be modified using the report designer after receiving approval for my client I can go ahead and release my pro forma invoice this will automatically create an AR invoice I can click this link to see it if necessary I could delete this invoice and go back to the pro forma stage but in this case I'll go ahead and release my invoice if I return to my project you'll notice that I now should have some income associated with that when the next billing period arrives the system automatically generates another pro forma invoice that I can review in this case I'll run it manually in this case the invoice contains the items that I postponed from last billing pro forma invoices improve the control managers have over their billing process this allows businesses to reduce billing mistakes caused by things like incorrect timesheets and out of policy expenses thank you for watching this video on pro forma invoices [Music]