Apply the final calculation correctly

Industries such as plant construction or the construction industry usually provide contractually agreed services over a longer period of time. The client is often issued with partial and instalment invoices. The final costs are then settled with the final invoice. This final document, taking into account the instalments that have already been paid, settles all outstanding claims for a period of time. Project settled. A prerequisite for a final invoice is therefore that partial invoices or invoices on account have been issued beforehand.

Partial invoices, partial invoice, final invoice

Versino Financial Suite: the added value for your finance department in SAP Business One

First of all, you have to get used to a somewhat confusing terminology. For example, the Value Added Tax Act refers to a final invoice instead of a final invoice. The different types of invoice must also be clearly distinguished. The Down payment invoice is issued before a service is rendered, but at least before it is accepted. The partial final invoice variant is used when the invoiced partial service can be clearly delimited. In contrast to the advance payment invoice, the services in question were accepted before the partial final invoice. This invoice is also not subject to the reservation of a final invoice.

Invoice on time

A further prerequisite for a final invoice is that the contractor and invoicing party have previously stated the final amount they wish to invoice for their services. Deadlines must be observed for this final amount. From a period of three months to complete the project, a final invoice must be sent within 12 working days of finalisation, unless otherwise agreed. If a project lasts longer, the contractor has six working days more time for every three months of project duration to submit the final invoice.

The shape must be right

The formal conditions of a proper commercial invoice naturally apply to the final invoice. There are also additional requirements as to what must be listed:

All services of the project with corresponding charges (net)
Fees already collected and the tax related thereto
The amount still outstanding and the VAT due thereon

Caution with turnover tax

Caution is required to avoid having to make costly corrections due to incorrect final invoices or even having to pay tax arrears and interest on arrears. This applies in particular to the disclosure of VAT. In order to maximise transparency, the value added tax be shown separately for all instalments already received. If only gross amounts are stated here or instalments are not stated at all, the taxes already included are due again with the final invoice.

Correct billing with MariProject

Flexible billing

MariProject helps you sustainably with the various types of invoicing in the project business. Partial and advance payment invoices, requests for payment, on a time and material basis or at a fixed price.

Assets under construction / work in progress (WIP)

MariProject can determine the value of your assets and projects using various methods. Examples of this are "Percentage of Completion" or "Earned Value". The values determined in this way are immediately posted correctly via the integrated financial accounting.