Momscode - Al Manarah - Project Deduction

Project Deduction

The primary purpose of a Project Deduction is to account for specific Deductions that need to be subtracted from the total Project value before the final payment is issued

Prerequisites,

Accounting Dimension
- In Accounting Dimension, Set the Reference Document Type to 'Sales Order ID' and Select Company
- Then Save

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Invoice Deduction Type
- In the Invoice Deduction Type, Enter the Deduction Type Name and map it to the Appropriate Account Head resposible for capturing the Deduction value
- Save & Submit

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Sales Order
- Go to Sales Order, Select item and Enter Quantity
- Upon Save of Sales Order, a Sales Order ID will be auto created

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Note:

A Completed Milestone is a mandatory Prerequisite; the Sales Order cannot be Submitted until the linked Milestone is marked as complete

In Sales Order, under Accounting Dimension Select the Sales Order ID and Project
Save & Submit

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Custom Setting:

Set Default Project Deduction Account

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From Sales Order → Create → Project Deduction

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Date, Sales Order, Project Name will be auto fethced from Sales Order
In the Deduction Type Table, Select the Deduction Types to be applied to the Sales Invoice
Enter appropriate Percentage
Save & Submit

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From Sales Order → Create → Sales Invoice

Details will be auto fetched from Sales Order
Project Deduction Table will be auto filled by Project Deduction and auto calculate the Deductible Amount
Save and Submit

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Note:

The Outstanding Amount on the Sales Invoice will automatically update to reflect the Net Value after all Deductions have been applied. This is the Final Amount the Customer is required to pay after all Deductions are subtracted from the Gross Total

Upon Submission, a Journal Entry will be auto generated

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