![]() ![]() Next, apply the credit memo to the open invoice using the Received Payments. Complete all the required fields and include the item you're giving credit.Choose the customer from the Customer: Job dropdown.This will maintain the accuracy of the accounting data throughout the close period because sales tax is calculated based on the date entered. However, the date should be in the current period. The invoice generated during the closed period may be closed with a credit memo. The information for the closed period will change if you edit or void the transaction. I could go on and on but I have to go figure out how to create an audit trail in QB.Your company's accounting records and tax liabilities are secured for that fiscal period when the accounts are closed at the end of the period. When receiving payment for the 20th month of billing, please don't automatically select older 5% invoices that are not due. Invoices that are paid 95% are not past due. This is not how accounting or contracting works.Īlso, please learn how retention works and modify the software accordingly. Quickbooks' suggestion to create invoices, because they're negative, outside of the estimate is just mind boggling. You see, in accounting you have to create an audit trail and every last penny is just as important as every last million dollars. You wouldn't (normally) create a positive invoice outside of the estimate and you wouldn't (normally) create a negative invoice outside of the estimate. The percentages have to still be accurate. It is the exact same thing as a positive change order except that it is negative. How does Quickbooks have a Contractor edition and not know how contracting billing works? Need more assistance? Keep on posting here and we'll assist. Apply to an invoice: Once you select this method, the Apply Credit to Invoices window will pop up so you can select an invoice you want to apply this credit to.Īlso, you check the workflow and other customer-related transactions here: Accounts Receivable workflows in QuickBooks Desktop.Give a refund: Issue a refund in cash or a check. ![]()
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