CWT | Invoicing
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Video Published May 2020 |
Overview
This guide is to step you through how to create an invoice within CWT, report on outstanding invoices, issue overdue letters and provide a receipt to a client upon processing of the payment. You can create both once-off invoices as well as recurring invoices.
Creating an Invoice
To create an invoice, within the client’s record navigate to the Activities à Invoices
Click Add button under “Invoice Results” heading
The “Invoice Details” screen will be displayed for you to enter in the below details
Details Tab
Invoice No – This is a unique, system generated numeric identifier when the Invoice is generated
Invoice Genre – This is set to Invoice
User - select the billing user for the Invoice, usually the client adviser
Adviser Code – Set as ‘No adviser code’
Date of Service - Select the start and end dates for the service being Invoiced
Market Type/Market Source – Used to categorise fields
Payment Required - When set to No payment required, the Invoice Products have values while the outstanding Invoice total is $0.00.
Other Ref - Free text, searchable field
Thread - the Invoice can be associated with a thread. Invoices created by a thread outcome are automatically associated with the creating thread.
Allocation - tick the checkbox to automatically allocate any unallocated Payment amounts received from the client.
Secondary Tab
Notification – automated notification emails can be sent when the invoice is created, changed, removed or overdue. **Be careful not to tick the option to ‘Notify the Client’**
Comments Tab
If you have selected the product type “Other” when adding your invoice Items (outlined below)
Items
Client Add to add the item/s of the invoice
The “Edit Invoice Item” screen will be displayed.
Category - Set to Invoice.
There is no Type or Subtype required.
Product – Select the product from the available list.
You can add multiple invoice items to an invoice. You are also able to customise one product yourself by selecting ‘Other’ option
Click OK to save the invoice item. Once Invoice appears under “Items” heading, a Lodge Tab will appear under “Invoice Details”. These details pre-populate based on Adviser & Referral.
Lodge Tab
The Lodge tab shows you the Adviser Account & Referral Source for this transaction. This is prepopulated from the client record and should not be changed.
You also need to select the Revenue Type for the invoice by unticking the “From CommPay Product” box:
Select the Revenue Type from the drop down selection. Please note the On-Going Fees revenue type is classified in the FDS revenue for the client.
Once you have entered in all the information and added in an item, click Save
Creating a Recurring Invoice
To create a Recurring Invoice, within the client’s record navigate to the Activities à Invoices and change the Invoice Kind to “Recurring Invoice”
Allow CWT to load for a moment and the invoice screen will change slightly to the below, then Click Add
The “Recurring Invoice” page will then load. Ensure that the Advice section is set to Yes and set the remaining details similar to a one-off invoice.
Details Tab
This section is where you can set the frequency of the Recurring Invoice:
Weekly - set how many weeks apart, and on what day, invoices are generated. For example, every 2nd week on Wednesday.
Monthly - Choose either:
- The day number, and how many months apart, invoices are generated. For example, 15th of each 3rd month.
- Which day within a month, and how many months apart, invoices are generated. For example, the 2nd Tuesday of each 4th month.
Yearly - Choose either:
- The date day and month invoices are generated. For example, 10th July each year.
- The day within a month invoices are generated. For example, 3rd Monday in June each year.
If the recurring invoice is being paid by an Ongoing Direct Debit either Monthly or Yearly is to be used
Monthly
- Select Day 1 of every 1 month
- Start date should be the 1st of the following month
- A new invoice will be generated for each month’s direct debit to be processed against
- Make sure the DDR authority is for the correct amount
Yearly
- Select the day you want the annual invoice to be created each year
- If this invoice is being paid by a monthly direct debit, the same invoice will be used for each month’s payment
- Make sure the DDR authority is for the monthly amount, ie. Annual invoice amount divided by 12
Secondary Tab
Notification – automated notification emails can be sent when the invoice is created, changed, removed or overdue. **Be careful not to tick the option to ‘Notify the Client’**
Comments Tab
If you have selected the product type “Other” when adding your invoice
Items
Client Add to add the item/s of the invoice
The “Edit Invoice Item” screen will be displayed.
Category - Set to Invoice.
There is no Type or Subtype required.
Product – Select the product from the available list.
You can add multiple invoice items to an invoice. You are also able to customise one product yourself by selecting ‘Other’ option
Click OK to save the invoice item. Once Invoice appears under “Items” heading, a Lodge Tab will appear under “Invoice Details”. These details pre-populate based on Adviser & Referral.
Lodge Tab
The Lodge tab shows you the Adviser Account & Referral Source for this transaction. This is prepopulated from the client record and should not be changed.
You also need to select the Revenue Type for the invoice by unticking the “From CommPay Product” box:
Select the Revenue Type from the drop down selection. Please note the On-Going Fees revenue type is classified in the FDS revenue for the client.
Once you have entered in all the information and added in an item, click Save
Generating the Invoice
Click the PDF button 
next to the invoice that you have created to generate a copy of the invoice. Then select the Payment Notice option.
Help
If you have any questions regarding this process contact the Remuneration and Reporting Team using the below details:
Remuneration and Reporting
T 1300 557 598 (Option 1 > Option 2)