Discover the Perfect Deposit Invoice Example for Teams

Deposit invoice example for teams

hello there mark cunningham here and in this video we're going to find out how you can send a deposit invoice for your project and what you need to do after that to send additional invoices this video is part of a full series on xero projects so if you want to learn more check out the link in the playlist in the description below so let's jump into xero now and see how it's done so what we'll do is we'll use this abby and wells tax compliance project and you can see in here we've got an initial estimate there of three thousand dollars for the whole job and so far we've racked up 503 dollars worth of time and expenses so we haven't actually invoiced the client anything yet but let's just say that we wanted to invoice them a thousand dollars up front so all you need to do is go to invoice and deposit and then you can choose on what basis you want to actually invoice them so this is coming off the estimate the 3 000 estimate and you can base it off the estimate there you can see that that radio button is selected and then you can say for example put in 10 for 10 and that's 300 and then you can create an invoice for 300 or if you like you can choose custom amount and you can put your own amount in there so what i'm gonna do is i'm gonna put a thousand dollars in there so we'll send them an invoice for one thousand dollars for a deposit i'll just click on open okay so that's just created a normal invoice you can see it says deposit there for abby and wells tax compliance a thousand dollars so to finish off this invoice we just need to put in the due date and we'll just put in a general educate there for sales okay and that's all done it's added a bit of gst on so we'll click on approve and then we'll go back to the project okay so now we've invoiced them for one thousand dollars there so to invoice them for the rest of the job if you go to your invoices drop down you can see you can't send a deposit anymore that option is gone and quote has been grayed out so you can send them future invoices based based on either tasks and expenses or the total project amount so i'll show you what happens if we do tasks and expenses now and you can see here that we've got 503 dollars racked up for tasks and expenses so far and we've invoiced them one thousand dollars so what you do when you've done a deposit is you get the normal tasks and expenses invoice so that's pulled through what we can invoice them so far but it's also got this credit deposit option up here so if you credit the 1 000 deposit then you end up sending them an invoice for -497 and if i uncheck that it will just send them an invoice for the time and the expenses that have been racked up which is the 503. so you've just got to be mindful that when you've actually asked for a deposit you need to select whether you want to credit them for that deposit on your next invoice or on any of your future invoices and if you do you've just got to make sure it doesn't go into minus so if we wanted to we could go ahead and build them for the 503 and then later on when we finished the job and we've racked up the rest of it we can build them for that as well but we will need to credit them the one thousand dollars at some point so i just wanted to show you that just so that you can be aware of it the other thing we could do is we could invoice them based on the project amount again so let's say that no matter what the time and expenses we're going to come out at we were only ever going to invoice them for three thousand dollars all up so we've done one thousand dollars of it so if we click on project amount we've got two thousand dollars to go so once again um you can credit them for that one thousand dollars there so what i'll do is i'll just pretend that this is the final invoice that we're sending and everything is done so we'll just say that everything is invoiced we'll close the project we'll credit them the one thousand dollars and we'll send them an invoice for the balance of the three thousand dollars which is two thousand dollars so we'll open that up okay there we are so you can see we've got the three grand on there and then we've got the minus 1000 which is the credit for the deposit so once again i'll just put in the rest of the information click on approve okay we'll go back to the project so that's closed now and there it is 3 000 estimate 3 000 invoiced and if we just come over here we can see both of our invoices there okay so that's how you can send an initial deposit and a few things you've got to watch out for when you are sending invoices for the rest of the job