perhaps you can use count 
*e.g.*
count_invoice = db.invoice.id.count()
this_year = request.now.year
this_month = request.now.month

query_invoice = ((db.invoice.invoice_date.year() == this_year) & 
(db.invoice.invoice_date.month() == this_month) )
query_count_invoice = 
db(query_invoice).select(count_invoice).first()[count_invoice] if 
db(query_invoice).select() else 0

invoice_no_count = int(query_count_invoice) + 1 if query_count_invoice else 
1
invoice_no_format_count = format(invoice_no_count, '05')

invoice_no = request.now.strftime('%y%m')+invoice_no_format_count

best regards,
stifan

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