Discover 50 Advance Payment Invoice Format for Research and Development

50 advance payment invoice format for Research and Development

and now we will learn how  to record receiving advance   payments from clients these  are also called job deposits receiving advance payments from clients will  result in several things in your QuickBooks   records client reports will show money owed  to clients until we actually invoice them the   accounts receivable account in the chart  of accounts also called the trial balance   will temporarily be inaccurate until you bill  the client if you make financial statements   before the client balance becomes positive your  accountant can easily make a quick accountant   adjustment to make the report accurate until the  client is billed if you receive a payment from a   client before an invoice is made QuickBooks will  ask you to print a credit memo for the client we   have already changed the words on the credit memo  to read deposit receipt we did that in the earlier   videos of this course for example let's imagine  on January 25th we made estimate number three   for Kirschbaum for the South Woods Road job  let's imagine we put 50 units of carpentry 66   dollars each 50 units of electric electrical work  77 dollars each 50 units of Mayson work 88 dollars   each and 50 units of steam cleaning 55 dollars  each these are the things that we will put on   the estimate and save it and then after that we  will immediately take a deposit from Kirschbaum   from the main menu click customers create estimate  notice QuickBooks remembers its estimate number   three the date of the it is January 25th so  let's go forward to January 25th of 2017 the job   and client is Kirsch bound but specifically the  South Woods Road job now let's read off the items   carpentry electrical Mason and steam carpentry  electrical Mason and steam okay now let's put   in the quantity fifty of each well that should  be easy to remember 50 50 50 and 50 okay now   we'll put the cost each 66 77 88 and 55 66 don't  worry about the price level message 77 88 and 55 notice the entire estimate is fourteen  thousand three hundred dollars so now that   we have successfully made the estimate let's click  Save and close and confirm that the estimate has   been recorded under Kirschbaum in the South Woods  Road job by looking at the report estimates by job   now the interesting part happens on the same day  that we make the estimate January 25th we receive   check number 72 from Kirschbaum for the South  Woods Road job five thousand dollars QuickBooks   will ask you to print a credit memo at the minute  you record this payment because we have no open   invoices for the South Woods Road job the credit  memo is the deposit receipt that we made in video   number one at the beginning of this video series  from the icon bar click payment the date that we   received the payment is January 25th of 2017  the person whom we received the payment from   his Kirschbaum but it is specifically for the  South Woods Road job check number I believe it   was checked number 72 72 now the money amount was  $5000 at the moment we push tab QuickBooks has   nothing to apply the 5,000 to because we have not  yet made any invoices for this particular job when   we click Save and close QuickBooks will ask us  to print a credit memo and that will basically be   the deposit receipt for Kirschbaum for the South  Woods Road job when we click print credit memo we   have the option of either physically printing it  from a printer or just previewing it on the screen   because this is a video I'm going to click preview  and you can see it says deposit receipt and when   you click here you can see whatever other details  you would normally put on the deposit receipt when   you customized it at the beginning of this  course when you made a deposit receipt from   a basic credit memo this is managing the document  templates and you can explore and experiment with   changing your document template on your own time  to get out of the this view of seeing the deposit   receipt and go back to QuickBooks look at the  top left corner of your keyboard and hit the   Escape key okay then you can just click cancel  for regular printing and the transaction has been   recorded now let's take a look at the results and  the customer reports when we look at the customer   balance detail we can see that the South Woods  Road job under Kirschbaum has a negative balance a   negative balance means that we owe them for future  service when you look at the open invoice report   the payment will show up here the reason a payment  shows up on open invoice is because it has not yet   been applied to any invoice and in our case we  cannot apply it yet because we have not yet made   any invoices for the Kirschbaum South Woods Road  job and now we will invoice the client January 30   made invoice number 6 for the South Woods Road  job on this invoice were going to declare that   we did 20% of the entire job at the moment we  make the invoice we will immediately apply the   pass payment to the invoice from the icon bar  click invoice notice QuickBooks remembers that   were up to invoice number 6 and if not you could  always change this to invoice number 6 the date of   the invoice is January 30 and the client and job  is the Kirschbaum job on South Woods Road notice   as soon as we choose the Kirschbaum job on South  Woods Road we get this window available estimates   and that was the estimate that we made earlier  it's the only one to choose so we're going to   click on it and then click OK and at the moment  we click OK we get this message create progress   invoice based on estimate we're not billing the  client for a hundred percent of the job we have   to click here create estimate for a percentage of  the entire estimate click in the box and put 20   because 20 percent is the amount that we finished  of the entire estimate and only 20% should go on   this invoice when we click OK we notice that  QuickBooks adjusted the quantity ingly   because the quantity of 10 is 20 percent of the  entire 50 quantity on the original estimate so   the money amount of this invoice you might not  be able to see it but the money amount of this   invoice is two thousand eight hundred sixty  dollars now before we save it we have to go   up here in the ribbon make sure the main tab is  selected and click the command that says apply   credits okay now you have to save this before  you continue do you want to record just click   yes and we get the apply credits window notice  there's only one credit available in the amount   of five thousand and it was credit number you  know was from their check number seventy two if   there were several credits you would click on the  appropriate credit that you're applying to this   particular invoice but because there's only one  credit from that payment on the 25th QuickBooks   automatically place the check mark there so we  will agree and we will click done at the bottom   of the window and then click Save and close by the  way after you click done notice the balance due I   don't know if you can see it but the balance due  goes down to zero and it says paid at the minute   we save this invoice now when we look at the open  invoice report the payment is still open on the   open invoice report but the amount of the payment  open is the remainder of the five thousand two   thousand one hundred and forty dollars we could  always double click and see that the payment   was five thousand and two thousand eight hundred  sixty dollars was applied to invoice number six   close it out close it out we can also look at  the customer balance detail and we can notice   that the balance on the South Woods Road job  back on the 25th was five thousand then we did   some work which was supposed to be dated January  thirtieth save and close yes and then you could   see on January 30th the balance went down to two  thousand one hundred forty you might not have to   change the dates things going on with my computer  because we originally recorded this as the January   30th so you can see the balance becomes less  negative on the day that we make an invoice