Posts Tagged: invoicing

Credit Notes

Filed Under: Development by midas — Leave a comment
June 11, 2020

There’s a whole host of new features in MIDAS v4.25. One area that’s had a big overhaul for this update is invoicing.

In this post we’ll take a look at a new enhancement to the invoicing capabilities of our software: Credit Notes.

MIDAS now allows the creation of Credit Notes – both manually and automatically.

You can manually create a new Credit Note at any time via Invoicing → Create.

Manually create a credit note for a client
Manually create a credit note for a client

This screen is similar to the screen when manually creating/modifying invoices, except amounts and totals are negative. Once a new Credit Note has been saved, it may then be printed or emailed to the client as you would a regular invoice.

Additionally, when saving a credit note, you have the option to “Apply credit to client’s account”. With this option enabled, the total credit on the Credit Note will be added as client credit. Any credit applied to a client account in this way will automatically be deducted from their next invoice.

Furthermore, when applying refunds to invoices – which is another new feature of v4.25 – there’s an option to automatically create a corresponding Credit Note too.

These are just a few of the new and improved features for MIDAS v4.25. Please see this post for details of other new features you’ll find in v4.25.

Reddit You can also ask questions and discuss the new features of v4.25 over on Reddit.

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Apply Refunds To Invoices

Filed Under: Development by midas — Leave a comment
June 10, 2020

There’s a whole host of new features in MIDAS v4.25. One area that’s had a big overhaul for this update is invoicing.

In this post we’ll take a look at the new “Refund” enhancement to the invoicing capabilities of our software.

MIDAS now allows you to apply either a partial or full refund to an invoice. This is done by viewing an invoice which has had a payment made against it, and clicking the “Refund Invoice” icon. This in turn opens up the following dialog box:

Apply a refund to an invoice
Apply a refund to an invoice

Here, you can enter an amount of refund up to the value already paid against the invoice. Optionally you can choose to have the refund amount applied as a client credit (to be deducted from their next invoice), and also optionally raise a Credit Note.

It’s important to note that refunding an invoice either in whole or in part won’t actually refund/reverse any monetary transaction your client has already made. The ability to refund in MIDAS is purely for your record keeping. Physical refunds would still need to be manually processed where applicable.

These are just a few of the new and improved features for MIDAS v4.25. Please see this post for details of other new features you’ll find in v4.25.

Reddit You can also ask questions and discuss the new features of v4.25 over on Reddit.

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Flexible Invoice Terms

Filed Under: Development by midas — Leave a comment
June 9, 2020

There’s a whole host of new features in MIDAS v4.25. One area that’s had a big overhaul for this update is invoicing.

In this post we’ll look at the improvements we’re making in relation to invoicing terms.

In earlier versions of our software, you could set default Payment Terms – the number of days you allow your clients to pay their invoices before they’re deemed to be “overdue”.

Default Invoice Payment Terms in MIDAS
Default Invoice Payment Terms in MIDAS

We’re providing even more flexibility for v4.25 by allowing each invoice to have its own Payment Terms. By default, the global Payment Terms you’ve configured will be applied to new invoices, however, when manually creating or modifying an invoice, you may change this value specifically for that invoice:

Set a bespoke Payment Term when creating/modifying an invoice
Set a bespoke Payment Term when creating/modifying an invoice

Payment Terms are important, as they allow MIDAS to display due dates for your invoices. They also allow MIDAS to be able to send automated reminders to clients before their invoices are due to be paid, or overdue reminders for late payments.

These are just a few of the new and improved features for MIDAS v4.25. Please see this post for details of other new features you’ll find in v4.25.

Reddit You can also ask questions and discuss the new features of v4.25 over on Reddit.

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Invoice Tax Improvements

Filed Under: Development by midas — Leave a comment
June 8, 2020

There’s a whole host of new features in MIDAS v4.25. One area that’s had a big overhaul for this update is invoicing.

In this post we’ll look at some of the improvements in relation to tax handling on invoices.

In earlier versions of our software, you could set a tax rate which would apply to invoice total amounts. At the same time, we provided options to allow you to set individual clients as tax exempt.

We’re providing even more tax flexibility for v4.25, including:

Individual Venue Tax Rates

Each venue can have its own rate of tax applied to it. This allows you to set different tax rates for different venues.

Setting a Tax rate for an individual venue
Setting a Tax rate for an individual venue

Individual Resource Tax Rates

Each resource item can also have its own rate of tax applied to it. This allows you to set different tax rates for resources.

Setting a Tax rate for a Resource
Setting a Tax rate for a Resource

Per-Item Tax Rates

Whereas previously a single rate of tax was applied to an entire invoice, from v4.25, each line on an invoice can have its own tax rate. Each line on an invoice contains the following elements: Item Description, Item Quantity, Item Rate, Tax Rate, and Amount. The invoice summary section will show details of the tax amounts applied to the invoice total.

Each invoice item can have its own tax rate applied
Each invoice item can have its own tax rate applied

Toggle Amounts Display inc/ex Tax

Calculation of the values shown in the “Amount” is automatic based on quantity, rates, and tax of the line item. When creating or modifying an invoice, clicking on the “Amount” column header will toggle the display of amounts inclusive or exclusive of tax.

Toggle the display of item amounts inclusive or exclusive of tax
Toggle the display of item amounts inclusive or exclusive of tax

We’ve also added a “Show amounts excluding Tax?” admin setting to control the default display of amounts. This setting is located under MIDAS Admin Options → Manage MIDAS → Invoicing.

Set Tax Rates for Deposit and Cancellation Invoices

We’ve also added admin settings to allow specific tax rates to be applied to Deposit and Cancellation invoices respectively. Previously, these invoice types applied tax at the global tax rate you’d defined. Now they can each have their own unique rate.

Set a Tax rate to apply to deposit invoices
Set a Tax rate to apply to deposit invoices

These are just a few of the new and improved features for MIDAS v4.25. Please see this post for details of other new features you’ll find in v4.25.

Reddit You can also ask questions and discuss the new features of v4.25 over on Reddit.

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