Horse Transactions recording services performed on horses will not have an accounting effect and will not become accounts receivable from owners until they are converted to tax invoices. The process of converting horse transactions to tax invoices is simple and fast, but it relies on accurate horse ownership information being recorded against each horse.
For more information on maintaining horse ownership we strongly recommended reading our support guide Horse Ownership in Ardex. When a horse transaction is invoiced, Ardex will split the transaction charge amount between owners of the horse the transaction relates to according to share ownership percentage.
When the month end process in Ardex is run all horse transactions are converted to tax invoices in accordance with horse ownership share information. Most businesses allow the month end process to convert transactions to tax invoices in a bulk process once per month, however it is possible to invoice transactions during the month if you wish.
It is important to understand that no matter which method is used to convert horse transactions to tax invoices, a transaction will never convert to a tax invoice more than once. The month end transaction conversion screen looks like this:
If a horse is departing from your care, or if for some other reason you wish to create tax invoices for a horse before month end the best method is to go to Main then select Horses and open the horse information window. Select the Transactions tab on the left for a list of transactions. Transactions with a tick have already been invoiced, the remaining transactions have not yet been invoiced.
Click the Create Invoices button at the lower left of the screen to invoice all transactions listed to the horse owners. This horse is owned by G Friend and T Sandstrum 60/40 so if we highlight the Replace all shoes transaction and click Invoices we can see how the $400 charge has been split to the horse owners.
If owner statements are sent to G Friend and T Sanstrum these invoiced transactions will be included on the statement. Selecting the Invoices tab on the horse information screen will display all invoices issued to owners of this horse.
Transactions may also be invoiced to owners before month end through Finance then select the Transactions function at the top left. Enter a date to the date field all transactions for that date will display. Click a transaction to highlight it, then click the Create Invoice button on the right to invoice the transaction to horse owners.
You will note that there is a Create Invoices button at the lower left of the screen. Clicking this button will invoice all transactions for all horses up to the date selected if you wish to do so, before month end. This feature is not used very often but can be useful.
Note that a tax invoice once created can be “removed” and the transaction returned to “uninvoiced” status if necessary, but only if no payment has been received on the invoice, and the invoice has not been reported on any end of month owner statement.
Once transactions have been converted to tax invoices then owner statements may be issued and payments received against the invoices. It is also possible to apply owner credits and debtor loan balances against invoices where appropriate. An owner payment may not be applied against a horse transaction that has not been invoiced.