Synergy product update — 7 October 2019 — Pre-billingOctober 8th, 2019
In the previous release we gave you unearned income to handle the upfront invoice balances in your accounting system. As an alternative, this release provides pre-bill invoicing as a way to handle work-in-progress (WIP) transactions you don’t want to write off. Pre-billing allows you to simply mark those transactions against the pre-billed amount.
New — Pre-bill invoicing
Synergy pre-billing allows you to attach transactions to existing invoices. This lets you invoice clients up-front, and later attach the transactions to the invoice for the work that was pre-billed to the client.
How pre-billing works
Here’s the scenario:
You have a bunch of WIP transactions. Say they total $2500. Ordinarily, you move those to an invoice and you no longer have any WIP remaining. Simple.
But, what if you have pre-billed (sent an invoice for an upfront payment for part of the work)?
Say you invoiced $1000 in advance. That’s your pre-bill. Now you have $2500 worth of WIP. The point is to not have to write-off any WIP. So, you can take $1000 worth of your WIP and move it to the pre-bill invoice — in essence, forcing a bunch of transactions onto an invoice in the past.
Now you only have $1500 of WIP remaining which you can invoice in the usual way.
Pre-bill invoicing is a way some companies manage their unearned income when they’ve sent upfront invoices. You can also try Synergy’s unearned income feature and take advantage of the full power of Synergy project performance.
There are three options when generating pre-bills:
- Markup/Mark down
- WIP + pre-bill
New — Write-off reason codes
Add reason codes to written off transactions. Report on these with a new column in the transactions page.
New — Office 365 authentication
If your company uses Office 365, there is a new optional setting which requires users to enter Office 365 credentials to be able to log in to Synergy.
Update — Charging VAT on subscriptions
If you’re registered for VAT in the UK and fall within the new requirements for specified services supplied/received and reported under the Construction Industry Scheme (CIS), keep an eye out for a new option that allows you to reverse charge the VAT on your next subscription.