For those using Glide Time and particularly those that maintain work in progress balances within the system we are pleased to announce that we have today added credit notes to the system, one of the most commonly requested features.
All credit notes are raised via the billing summary page, on the far right hand side you’ll see a new ‘credit note’ button.
You’ll typically be provided with two distinct options, to raise either a ‘full credit note’ or a ‘basic credit note’, the differences are explored below:
Full credit note:
A full credit note reverses the invoice and the system is put back to how it was before the invoice was raised. Time and expense entries are returned to WIP at oringial cost, advance time creation entries are removed from WIP and where advance time balances have been partially or fully redeemed on an invoice, the credit note will reinstate the balance.
The write on/off and recovery % of a full credit note will be exactly the opposite of the invoice it is crediting.
All credited time and expense entries will be allocated to the correct staff member and job/category to ensure that all client and job recoverability data is correct.
Basic credit note:
A basic credit note is designed for situations where, having raised an invoice, you subsequently agree a fee adjustment with a client, for example as the result of a service issue.
A basic credit note does not replace entries into WIP, the WIP balance will be unaffected as a result of raising a basic credit note.
When you create a basic credit note the time and expense entries on the original invoice, and the values originally allocated to them, will be used as the basis for the credit note. You can change the values as required to get the correct credit note value and you can split this allocation across jobs/categories and staff in the same way as you can when raising an invoice.
This should allow for ever more accurate monitoring of client and job profitability for those that generate bills and manage WIP balances within the Glide Time system.
Expect further Glide Time announcements soon as we are working hard on a vastly improved mechanism to hold fixed fees, this shall provide more standardised and speedier reporting on job and client profitability for those firms that record time in Glide against clients and jobs but do not manage WIP or even raise bills.
We’ll update on this soon.
The Glide Team
