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R. Klein, EA
R. Klein, EA, Accountant
Category: Financial Software
Satisfied Customers: 3375
Experience:  A member of the Intuit Ask a Tax Expert team and 10 years as QuickBooks Certified Pro Advisor.
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How can i create an invoice for a production that shows: Product

This answer was rated:

How can i create an invoice for a production that shows:

Product amount including sales tax, initial deposit, balance due before production and remaining balance upon installation on ONE invoice?

I can get total amount for the invoice, payment and remaining balance but I cannot break that out between balance due before production and remaining balance.

R. Klein, EA :

Hello and thank you for contacting us about your financial software. If you can please tell us which software and version you are asking about, then it will be easier to assist you today.

Customer:

QB 2013 for Mac and QB 2013 Accountants edition

R. Klein, EA :

Are you a sole proprietor or are you running an incorporated business or partnership?

R. Klein, EA :

How big is your company?

Customer:

LLC. I have clients that are in the production business and they want to create once invoice to send their client that shows:

Customer:

Product amount including sales tax, initial deposit, balance due before production and remaining balance upon installation on ONE invoice.

I can get total amount for the invoice, payment and remaining balance but I cannot break that out between balance due before production and remaining balance.

R. Klein, EA :

What you are trying to do is to use a screwdriver as a chisel. In other words, you are using the wrong tool to get the job done.

Customer:

Small - 1-5 employees.

R. Klein, EA :

First of all, you are asking an invoice to do more than an invoice is supposed to do.

Customer:

I figured that but i cannot find a better solution outside of Excel.

R. Klein, EA :

An invoice is a record of the item purchased that the customer will pay for later.

R. Klein, EA :

There is something called a STATEMENT within QuickBooks which shows a summary of all invoices and payments associated with a customer:Job

R. Klein, EA :

Statements cannot be directly edited, but can be printed out showing a summary of the account.

R. Klein, EA :

The invoice can handle the item, its cost, sales taxes, etc.

R. Klein, EA :

You may also include a partial or full payment on the invoice.

R. Klein, EA :

The way you do this is to create an item in the ITEMS LIST that is a PAYMENT item.

Customer:

So for my client to give his customer what they want he should create a dummy invoice in excel and track the actual invoice in QB?

R. Klein, EA :

Let's say you have a widget to sell and its sales price is $100. You will collect a DEPOSIT for 50% of the purchase price with the rest due in 30 days

R. Klein, EA :

So, besides setting up the Widget item, you may also have a new item in the ITEM LIST called "DEPOSIT". This is a PAYMENT item.

R. Klein, EA :

When you create the invoice, you will show 1 widget being ordered, then SUBTOTAL if needed.

R. Klein, EA :

Then, you have a DEPOSIT item on the invoice.

R. Klein, EA :

The deposit then is added to your UNDEPOSITED ITEMS account when you save the invoice. You can later deposit the amount into your bank account.

R. Klein, EA :

The remaining balance ON THAT INVOICE ONLY will show at the bottom of the invoice. So with our one widget and 50% deposit, the invoice total will show $50 (plus tax) unpaid

R. Klein, EA :

For a summary of all outstanding balances, you would need to print a statement

R. Klein, EA :

Does this help?

Customer:

i am digesting this right now.

Customer:

OK, so I did exactly what you said... one moment please

Customer:

Sorry about that, so I did as you said above but that once piece I an looking for cannot be replicated in QB. I.E. cost of widget, initial deposit (say 25%) remaining initial deposit (deposit before production) and final 50%. Correct?

R. Klein, EA :

You cannot have two amounts separate to show due on one invocie

Customer:

So that being said is there a third party software that I can use that would integrate with QB?

R. Klein, EA :

The only way you could do that "forecefully" is to use the MEMO field to indicate additional deposit due

R. Klein, EA :

There are many third party software packages. I do not have an encyclopedic knowledge of all of them.

R. Klein, EA :

You can start by going to QuickBooks site and there are many listed there, but it is not exhaustive list

Customer:

I did that already and didn't see one that works. Any other sites you can recommend to search on? I did the google/yahoo search.

R. Klein, EA :

try this page

Customer:

great. thanks for your help.

R. Klein, EA :

Good luck in finding what you need. Have a great day

R. Klein, EA and other Financial Software Specialists are ready to help you

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