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Examples of billing invoices for Legal

does your law firm perform legal services for  clients after they pay well then you need to   know how to create invoices for services  rendered when using quickbooks online if you have any questions about this topic you can  leave them in the comments section below and i'll   do my best to help you and of course if you feel  the video helped you i hope you will click like   and don't forget to subscribe to get updates on  new videos that come out all the time we will now   assume that legal services have been performed  for the client who had already paid in advance   income from legal services has now been earned  we now owe the client less in future services as   a result of performing some services today  for example let's imagine on january 11   we perform legal services worth  three thousand dollars for alan arby   allen would like to receive a paid invoice for  the service well what would change in the trial   balance if we performed a service that was already  paid for in advance if we perform the service then   income from legal services would increase and show  up on the trial balance for the very first time   as three thousand dollars but what would decrease  is unearned legal fees because if we perform the   service and earned some then the amount unearned  goes down and of course the customer's balance   in the customers records would also change so what  will be the result well income from legal services   will appear on the trial balance for the first  time as three thousand dollars and unearned   income will decrease unearned legal fees will go  down to 22 000 because we have now earned 3 000   of what was just earned and we will record this  event on an invoice so i believe the date was january eleventh three thousand dollars and  these will be the changes so when we create   an invoice we go to the top left and click the  plus sign go to the left column and click invoice   now this is the way quickbooks on let's close  the little tips the invoice is all automatically   enumerated this way and you can change the  invoice number to anything you would like it to be   whether you are recording it now or you reopen the  invoice and change it later it's whatever you want   but i will leave the default now the date will  be january i guess we'll put it january 4th and   the customer is alan and the product or service  that we are going to put on this invoice comes   from the items list that we had previously set  up during the setup its legal services rendered   and the amount we earned for those legal  services rendered was thousand dollars   now you may notice that we have a description  field that you can type in anything you need that   would help you remember the details of this  event that you earned legal fees on january   4th you could also type in to the message  on statement or message on invoice   if you feel it necessary but at the moment we  click this arrow and we choose save and close the invoice has been added now again this  is just extra little messages that help you   just click ok i got it and now when we look  at uh save and close uh uh i don't know why   the item didn't get well actually this is a  new one close this leave without saving okay   it's all messed up click reports click the trial  balance and you can see the numbers are exactly as   what we expected legal services income shows up  for the very first time as three thousand dollars   and unearned legal fees goes down to twenty two  thousand dollars we didn't change any cash amount   we just did work and earned service income we can  also check the most important report well one of   the most important reports is the transaction list  by customer you can now see both allen's payment   and his invoice listed here one by one but this  nine thousand is not a valid number because this   is a negative and that's a positive so this  list only rely on it as a list of transactions   the real balance is when you click reports open  invoice and you see that alan's balance is really   only three thousand and you may well ask why is  alan's balance 3000 if you open up the payment   you will see what invoices have automatically been  applied to this payment double click now this was   the payment we made before the invoice so later  when we made the invoice quickbooks automatically   place this check mark here to tell us that this  invoice has been applied to the payment that   we received beforehand and that's why the open  invoice shows you the net amount of the balance let's try a second example let's imagine on  january fourteenth we perform legal services   worth four thousand for betty boop betty would  like to receive a paid invoice for the service   so what will be the results well income from legal  services will increase by 4 000 because we just   physically earned 4 000 more of legal services  an unearned income will become four thousand   less and show up as eighteen thousand dollars  because there is four thousand less unearned   now that we've earned four thousand so let's go  ahead and make the january 11th invoice for betty   we click new invoice make sure we put the right  date this time january actually i think it said   january 14th the other one was the 11th i'll fix  it later betty boop okay now notice the invoice   number is enumerated automatically but you can  make it anything you want click directly under   product and service click the pull down arrow this  is legal services rendered in the amount of four   thousand dollars and that's all you have  to do upon earning four thousand dollars   worth of legal services save and close and now  you can see well if actually we're on the open   invoice report so you can see betty's balance  has decreased and you say why is betty's balance   now four thousand double click and open up the  payment the original payment back on the second   was eight thousand but at the moment  we made a four thousand dollar invoice   quickbooks online clicked this check mark and  applied the four thousand dollar invoice to this   payment to show you the net balance of betty on  the open invoice report and if we check reports   trial balance you can see the results are exactly  as what we expected cash in chase bank is still   twenty five thousand we didn't touch it but  unearned legal fees decreased to eighteen thousand   and legal service income increased to  seven thousand and if your client wants a   paid invoice you can just click reports and  you can go to transaction list by customer   and every invoice and every payment is listed one  by one now how do we know if this invoice is paid   we double click and open it up and go right back  to the window that we recorded it in and because   the payment was made first and because quickbooks  online automatically applies past payments to new   invoices we could just go ahead and click more and  click well where's print or print we could preview   or print or email you know we could click send  email that's a whole nother video but the point is   we give the client a paid invoice to show and  declare that we have earned the legal service income you