Switch from Actuals to Annualised Invoicing
With changes in funding from April, many settings are moving from actuals invoicing to annualised invoicing. This guide will walk you through the process of switching from actuals to annualised invoicing, ensuring a smooth transition. Follow these steps carefully, and refer to the linked articles for detailed instructions.
Step 1: Determine Whether You Are Using Improved Actuals
Before making the switch, you'll want to figure out whether you're using Improved Actuals or not. If you are, you won't be able to make any annualised Invoicing profiles, but if you're not, you can create both actuals and annualised Invoicing profiles.
Not sure if you've enabled Improved Actuals? There are a few ways to check:
Improved Actuals can only be activated by contacting our support team. If you've reached out to them, they may have referred to it by its former name, Finance V2. If you haven't specifically requested it, it's not enabled on your account.
You can also check your invoices. This article will help you determine whether you're using Improved Actuals or Standard Actuals.
Still unsure? Feel free to reach out to us at support@famly.co, and we'd be happy to help!
If you're using Improved Actuals, you won't be able to switch to annualised invoicing without the help of Famly's customer support team. More on that in the next section.
Step 2: Contact Support to Enable Annualised Invoicing
To make the switch, you’ll need to contact Famly support to disable Improved Actuals and enable annualised invoicing. Once Famly support disables Improved Actuals, you'll be able to choose Annualised from the Scheme dropdown when creating a new Invoicing profile.
💡 If you haven't enabled Improved Actuals, you don't need to worry about this step. All you need to do is create new Invoicing profiles (or edit your existing actuals Invoicing profiles) and make sure you've selected Annualised in the Scheme section
Step 3: Check Your Attendance Schedules
It's a good idea to make sure your Attendance schedules are up to date, or perhaps to need to create new ones to match how you'll send out annualised invoices (Term Time and Holiday Time, for example). You can open up any of your existing Attendance schedules to edit the titles or attendance dates. To create a new Attendance schedule:
Head to Settings in your sidebar
Go to Finance and choose Fundamentals
From here, find the Schedules section
Click on Add attendance schedule
Next, choose whether this schedule will cover Full year attendance, or Specific dates (for creating Term time or Holiday time schedules)
Click on Confirm to save your new Schedule
For an in-depth guide to creating Attendance schedules, check out this article:
It's also a good idea to make sure your Funding grants are up to date:
Step 4: Create New Invoice Profiles
Next up, you'll want to create annualised Invoicing profiles. To create a new Invoicing profile:
Head to Settings in your sidebar
Click on Finances
Select Fundamentals and find the Invoicing profiles section at the top
From here, click on Add invoicing profile
In the New invoicing profile modal, select your Schedule, give your Invoicing profile a Title, choose Annualised as the invoicing Scheme, and enter the Weeks of care along with the number of Invoices the total should be divided across
💡 It's a good idea to differentiate your new Invoicing profiles from your old, actuals Invoicing profiles. For example, if you had an actuals "Full Year Care" Invoicing profile before, you could name your new annualised one "Full Year Care Annualised", to make sure you don't mix them up
If you're looking for a little more detail, follow the steps outlined in this guide to set up new Invoicing profiles:
💡 Now would be a good time to update closure days to reflect any setting closures. But keep in mind, annualised invoicing doesn't take closure days into account when charging for children's bookings. You'll need to reflect closure days in the Weeks of care you've entered in your New invoicing profile modal
Step 5: Update Invoicing Profiles
For your children's plans to switch over to annualised invoicing, you'll need to schedule a change in each of their plans so they follow the new scheme. You can update plans individually or request support to apply the change in bulk.
☝️ Keep in mind that once this change is in place, you cannot revert back to actuals without assistance to reverse the process
Annualised Invoicing Layout
Once you switch your invoicing scheme to annualised, you'll notice your invoices may look a little different.
If you're switching from Improved Actuals to annualised invoicing, your invoices will look something like this after the change:
For more information on how your invoices may change, take a look at this article:
If you're using annualised invoicing and want to switch to actuals, you can do so by creating new actuals Invoicing profiles and scheduling the necessary changes in children's plans. Alternatively, reach out to support@famly.co, and our team can enable Improved Actuals for you.