Invoices on Peekaboox
How to issue an invoice on Peekaboox? How is the total of the invoice calculated? And when it is issued, what happens in the accounting section of my Peekaboox back office?
Invoices are calculated differently based on the tax regime you have set, so the first thing to do is configure your tax profile from My business>Profile section, if you haven't done it, yet.
Please don't forget this step: Peekaboox also automatically generates some voices of the income statement and balance sheet based on the tax profile you set. In addition, the calculation strategy for the invoice varies based on the selected tax profile.
How to issue an invoice for a freelancer
This implies the calculation of the cash and possibly the withholding tax, if the person to whom you issue an invoice is taxable.
From the invoices section, click on Create invoice
General: Enter your invoice details Set the subject, the service, the expiration date of the invoice; select your taxable customer and payment method
Details: enter the details that will form the total of the invoice define the service offered, the quantity and the price, which can be calculated based on the number of hours or items entered.
Once confirmed, you will be able to view the total of your parcel. In this section not only can you insert the service, but also expenses or discounts and these too will be calculated automatically.
Notes: insert the notes you prefer on the invoice. Peekaboox suggests the most correct ones based on your tax profile, but you can always enter them manually.
Preview: View a preview of your invoice The total of your invoice is calculated based on the tax regime you have set. In this case, therefore, the cash is calculated from the taxable amount, forming the total taxable amount, from which the VAT will be calculated. The withholding tax, on the other hand, was calculated starting from the taxable amount. After that, the non-taxable expenses have been calculated.
As mentioned before, Peekaboox automatically updates some items of the income statement and balance sheet. In fact, if you go to check in the P&L section, the revenue (equal to the taxable total of your invoice) will have been added automatically. In the Assets section, on the other hand, you will find the sum of the withholding tax in the item loss and among the profits you will find the sum of the taxable amount of the newly issued invoice. The Reports> Balance Sheet Report section will also be updated based on the values entered on the invoice. In addition, the VAT is also recorded correctly under the heading "sales tax checks"
When the invoice is paid you will see a green icon, the payment date...
... and the updated balance sheet!
How to issue an invoice for a Limited Liability Company (LLC)
The process is identical, only the invoice calculation strategy changes: from the taxable amount only the VAT and the non-taxable amount have been applied.
Even the balance sheet is different from that of a freelancer, as there are no debit or credit items, while only the VAT appears under the heading of "sales tax checks"
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