Repeating income invoices can be used for any kind of regular income, which is not rent.
To add a new repeating income invoice:
- Click Income and Expenses on the green main menu
- Click the Repeating Income heading
- Click New Repeating Income Invoice
Filling in the invoice template
- Set how often this invoice should repeat;
- Set the Next Invoice Date, this must be in the future. If the frequency is set to months and the selected date is the last day of that month, a checkbox will be shown which allows you to specify that the invoice is always generated on the last day of each month (rather than, say, the 30th of each month). Note if the day selected is the 31st of the month, the system will assume that it should always be generated on the last day of the month and the checkbox will not appear;
- Set how the due date will be calculated;
- You can set an end date if required, but this is optional;
- Select a status you want the invoices to be generated as - Draft, Awaiting Approval or Approved. Draft is handy when charges vary but you want a reminder of who to raise charges for, for instance with metered power. The invoices generate to the draft invoice list where you can add the pricing and approve them;
- If you have selected the Approved status, check Email approved invoices so the generated invoices are automatically emailed.
Complete the invoice details as usual.
- Select a Related Property, if there is one
- Select a Related Tenancy
- Enter who the invoice is to
- Add a Reference if you wish, but bear in mind that this will be re-used for each occurrence of the invoice, so should be generic with no dates included.
- Select if amounts are entered included or excluding tax.
- Add a description, quantity, price and income account code.
- The Tax Type will automatically fill in when the account code is selected.
- The Ledger or Xero property tracking category will be automatically selected based on the related property but can be changed if required.
- Add as many lines as required and attach any documents if needed.
- Save the repeating invoice template.