What is a statement?

A statement is a summary of outstanding invoices and the total amount overdue. You can choose to list only overdue invoices, or all due and overdue invoices. Click on the image below to view a sample invoice statement.

A statement contains the following details.

• Your company’s and your customer’s details.
• The date the statement was created (automatically set).
• Reference number and description.
• A listing of all overdue/due invoices. The invoice number, due date, description, grand total, total tax, amount paid and amount due/overdue is included.
• The net amount due (total amount due less tax).
• Total tax payable.
• Grand total (net amount plus tax).
• Amount paid. This is the amount already paid on any of the outstanding invoices.
• Amount due or overdue. This is the most important part of the statement – the amount your customer is required to pay.
• Payment methods and instructions (such as check, cash, bank transfer).
• Any notes or comments you wish to send to your customer.

Why use an invoice statement?

Using a statement makes it clear to your customer what they need to pay, and is very quick and simple to create. It’s no longer a time consuming chore to follow-up overdue invoices.

How to create a statement

A statement can be created from the ‘Home’ or ‘Supplier & Customers’ tab.

From the Home tab

Click on the printer in the Statement column.

From the Supplier & Customers tab

Click on the printer in the Statement column.

Create and print an invoice statement

You need to provide the following details to create a statement.

1. Statement Type: Either ‘Only Overdue Invoices’, or ‘All Due and Overdue Invoices’.
2. Reference: An optional reference number.
3. Payment method: The different payment methods that your customer can use to pay the outstanding invoices (i.e. credit card, check, direct bank transfer). You must choose at least one payment method.
4. Description: An optional description. Note that the statement is automatically dated (to when you create it) so you don’t have to include this.
5. Notes: Any message you wish to include.

Next you can review the statement and save and print a copy in PDF or document (i.e. Microsoft Word) format. Alternatively you can email a copy of the statement directly to your customer by clicking on the envelope.

You can email the statement directly to your customer.

Using an invoice statement is a no hassle way to help get your customers to pay their overdue invoices. Try Invoiceplace today to handle your online invoicing- save time with your billing and quoting.

Try Invoiceplace today - Easy Invoicing And Quotes From Anywhere. Sign up for free, click here to start.

Vishal Sharma has produced another very interesting interview on his Australian startup blog of the Melbourne based venture Rentoid.

Rentoid provides a marketplace connecting owners with renters, including such items as a portacot or even an R2D2 projector!

If you have items gathering dust in your home or business consider using Rentoid to put them to good use.

How to set your timezone – existing Invoiceplace users

1. Login to Invoiceplace

2. Click on the ‘Templates / Settings’ tab.

3. Click on ‘Edit Account’.

4. Select your timezone from the drop down list, and click on the ‘Done’ button.

How to set your timezone – new Invoiceplace users

When you sign-up for a free online invoicing software account you now need to select a timezone.

Try Invoiceplace today, sign up for free. Click here to start.

This initiative was led by Ross Dawson from the Future Exploration Network, and published online and in print in the Business Review Weekly.

Try Invoiceplace today, sign up for free. Click here to start.

The major change is there will be a maximum number of invoices, quotes or receipts that can be created for each calendar month.

Free subscriptions are now the Lite subscription

The free account will become the Lite subscription. This will offer unlimited customer records (was three) and a maximum of five each of invoices, quotes and receipts created each month (this means that you can create up to five invoices, and five quotes and five receipts). This limit resets automatically each month.

20 customer subscriptions are now the Professional subscription

The 20 customer subscription will be the Professional subscription. This includes unlimited customers, and up to 1000 each of invoices, quotes and receipts each month. You can also have up to 1000 products (was 100).

100 and 500 customer subscriptions are now the Premium subscription

The 100 and 500 customer subscription will be the ‘Premium’ subscription also offering unlimited customers and up to 5000 invoices, quotes and receipts each month. There are 5000 products allowed (was 1000) and lets you incorporate one each of a fully customized invoice, quote and receipt print templates (more about custom templates below).

Exclusive upgrade offer – 50% discount on one and two year subscriptions

Does Invoiceplace save you time and helps make your billing easy? Upgrade your existing free or paid account by the 1st of August 2008 and receive a 50% discount on a one or two year Professional or Premium subscription.

Yearly subscriptions already include two months free, and the two year subscription eight months – so take advantage of this special offer for even greater value! Savings below are for US subscribers, please click here for pricing for your currency.

Professional
Yearly – $60USD (was $120USD).
2 Yearly - $96USD (was $192USD)

Premium
Yearly - $100USD (was $200USD)
2 Yearly - $160USD (was $320USD)

Existing yearly accounts will have the number of months remaining converted to the upgraded account type. Also all paid subscriptions provide a 30 day, 100% unconditional money back guarantee.

Do you want to upgrade and save? Click here to contact us.

Ross Dawson from the Future Exploration Network has announced that registration is now open for the top 100 Australian Web 2.0 applications launch event to be held Thursday 19th June 2008 in Sydney. Last year’s event was a sell-out - so register today before it’s too late!

This provides an instant snapshot of your customer’s account. There is no need to manually add up receipts or invoices. Multi-currency billing software support is also provided and a total for each currency your customer has been invoiced will be displayed.

How is the customer balance calculated?

• Paid: Total receipts (payments received).
• Due: Total amount of unpaid invoices not past their due date.
• Overdue: Total amount for unpaid invoices that have past their due date.
• Balance: The total amount your customer owes (includes due and overdue invoices, and less payments received). If your customer is in credit a negative amount is displayed.

What does it mean if a customer is in credit?

A customer has a credit if they overpay an invoice. A negative balance is displayed in this case. For example if you create an invoice for $100 and your customer pays $110, the balance will be a credit of -$10.

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You still have the freedom to use any format for the invoice number. However if you use a numeric invoice number the next number will be automatically displayed when you create a new invoice. The automatic numbering works for invoices, quotes and receipts. The automatic numbering does not happen when you create an invoice template, quote template or receipt template.

How to use automatic invoice numbering

1. Enter your invoice number in a numeric format (for example 113).
2. When you create a new invoice the number will be automatically set (in this case to 114).

Automatic numbering when using an invoice template

The invoice number will be automatically updated if you create an invoice from a template, as long as the invoice number in the template is blank.

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There is no extra effort required to manage your quotes – the new table listing invoiced quotes is automatically updated. Previously all quotes were listed in one of the Open Quotes or Expired Quotes tables.

An open quote is one that has not passed the quote expiry date. The quote expiry date is calculated by adding the number of days recorded in the ‘Quote terms’ to the ‘Quote date’. Similarly an Expired Quote is one with an expiry date in the past.

If you remove an invoice for a quote then the quote will be listed in either the Open Quotes or Expired Quotes.

How to create an invoice from a quote

1. Find the quote

Use the search feature or manually find the quote for which you need to create an invoice for.

2. Click on the ‘Create Invoice’ button

3. Enter the invoice details

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The accounts aging report is now displayed in the home tab of your Invoiceplace account, and is a useful and easy way for you to see total invoice payments due in the future.

The report uses the invoice due date, and calculates the total amount due by month. For example if you create an invoice in August for $100 that is due to be paid in September, the accounts aging report will show $100 due to be paid in September.

If your customer makes an early payment of $50 for this invoice, $50 will then be displayed for September. This means the accounts aging report does not show any payments you have received but will adjust accordingly to reflect the amount due.

The accounts aging includes multi-currency billing support, so if you have invoices for $50 in US Dollars and $100 in Canadian dollars both due in September these total amounts will be listed separately.

If you delete or change an invoice total, due date or the receipt amount or payment date the accounts aging will be automatically adjusted as required.

Try Invoiceplace today, sign up for free. Click here to start.