Use Is Advance in the Charge and Discount Structure

TABLE OF CONTENTS

• Introduction
• Use Is Advance in the Charge and Discount Structure

Introduction

When you link your Engage and Engage Accounts databases (or Double First Accounts), Engage Fees automatically manages charge items you have nominated as Is Advance for revenue recognition based on the Fees in Advance Date you set in the Raise Invoices screen.

Use Is Advance in the Charge and Discount Structure

1. Go to Fees > Setup > Charge and Discount Structure.
2. Select the charge in the main grid, (or create a new charge item) which you want to treat as Fees in Advance.
3. Select the Is Advance tick box on the right-hand side of Charge Item pane at the bottom of the screen.
4. Save your settings.
5. When you raise your invoice, select a Fees In Advance date (Engage Accounts users only) as well as an Invoice Date in the Fees > Invoices > Raise Invoices
   1. Items marked Is Advance will post to the nominated Fees in Advance account in the Balance Sheet in Engage Accounts. Engage Accounts creates an automated reversing journal posting the income items to their respective nominal codes as at the Fees in Advance date.
   2. Items not marked Is Advance post directly to their income nominal codes as at the invoice date, allowing you to raise charges in advance and arrears on the same invoice.

Note: For more information on working with the Charge and Discount structure, please see the Engage Fees Setup guide.