Invoicing is a crucial aspect of your financial record keeping – and one that can have many implications if it is done incorrectly. Your customers expect a rational invoice system that their accounting departments can readily identify and your auditors expect a clear paper trail. MoneyPenny.me can help you get all the details in place and stay on track through the accounting cycle to make the whole job easier.
Where to start?
While you can begin with the number 0000001 – many people feel there is a kind of psychological disadvantage; it’s an obvious sign of a new business or at the very least a new system. On MoneyPenny.me, you can choose any starting 7-digit number and MoneyPenny.me will automatically increment based on that number. For example, if you choose 0020405, the next number will be 0020406, then 0020407 and so on.
MoneyPenny.me can also make sure that you don’t skip any numbers in a sequence. Simply adjust the settings under Strict Invoice Sequences and you’ll avoid any numerical gaps. We strongly recommend this course of action. Some jurisdictions globally do not require strict adherence to a numerical sequence – i.e. 0000001, 0000002, 0000003 as opposed to 0000001, 0000004, 0000033… – however in the case of an audit, you may find that you will have to provide additional proof that the gaps don’t simply represent lost or otherwise unaccounted for invoices by means of bank statements and other documentation. Keeping a strict sequence of numbers can save you trouble and wasted time down the road.
Customer Specific Invoicing
MoneyPenny.me supports Customer Level Invoice Sequences to help you keep track of multiple client accounts. Simply choose a prefix to identify each customer, such as JO to stand for “Jones Corporation”. Then, in the client profile, check the box next to Customer Level Invoice Sequence and add the prefix. MoneyPenny.me will begin with the number you’ve chosen and add the prefix, creating a unique number for each invoice. Our software will keep track of your number sequences and the prefixes to ensure their uniqueness but you can also override that feature if you wish through the Project Level Invoice Sequence function.
Project Specific Invoice Sequences
If your customers are involved in multiple projects, we also support invoice sequences at the project level. It will help your clients keep track of expenses and can be a selling point. Select a code that will readily identify the project by name or number. Access the Project and check the box next to Project Level Invoice Sequence and you can enter the identifying prefix. MoneyPenny.me keeps track of all the project code prefixes as well as the numbers and will ensure that each invoice number is unique and includes all the identifying markers in a numerical sequence. You can override this feature through the Project Level Invoice Sequence function.