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Partial payment invoice template for Product Management

hi there and welcome to this video on invoicing and partial invoicing in quickbooks online my name is tom belton and i'm a cloud accounting specialist here at pjcr accountants so the first thing we'll look at is normal invoicing and the easiest way to get into quickbooks is just by going to new and invoice here there are alternate ways so you can go to the sales tab which is also sometimes even called invoicing on some quickbooks packages but if we go to sales and then invoices here you'll see a list of your invoices in here normally but right now we're being given the option to create invoice so if i click on that it will then bring me into a new invoice and the best way to work through this is top to bottom left to right so quickbooks is going to prompt you to fill in anything that absolutely has to be filled in to to meet the legal requirements of an invoice so if i start up here with my customer if i put my customer name in here if they're not currently in quickbooks you can add them in through this page too so if i click add new customer i get the option to save them just for the name or i can add optional details in here as well so if i add an email address so we can send this invoice off to our customer as well i also put the billing address in here to make sure that we've got all of the detail that we want on our invoice so once that's ready we'll click save now that that's saved any information you've put in that details box will pull in onto your invoice so we want to select the invoice date which i will leave it today and the terms will be where you can create your payment terms so i'm going to want this invoice paid within 30 days of the invoice due date i'll just call it payment terms net 30 and now i've put that in there this due date is going to populate 30 days after this invoice date so next thing i'm going to look at is the invoice number and this is completely customizable so you can add or remove anything you wanted to on here so i'm just going to remove that one and i'll call this invoice001 so product or service quickbooks does have a few set up as standard but again these are customizable so if you wanted to add different products or services into yours you can add them in through here or on the you can go to sales and products and services to customize them in there so for this invoice i'm just going to select services and then in the description i'm going to put in uh the work so if i say five days work in march 21 i can then put use this quantity and rate buttons to calculate the amount for us so if i say five days work at a rate of 500 pounds per day we'll then get our total balance calculated for us quantity and rate are optional as well so if they don't apply to you they can be taken off of your invoices in the accounts and settings um but if you wanted to use them just for your reference rather than sending them onto the customer then you can customize the invoice template so they show in in here but they don't show on your final invoice that you send out so once i'm happy with this invoice i can click save and send if i wanted to send it to our customer directly from here for this invoice i'm going to press save and close and that will now appear in your invoices list so you'll see up here a little summary and up here we can see what's not due yet so if this invoice was not paid by the due date it would then move into the osg section and if i head back to the banking tab now i know that this invoice has been paid so this transaction here actually relates to this invoice so sometimes you would see a match in here but this might be a good example of where you need to find a match sometimes because because of the date of the payment quickbooks isn't finding the match for us so if i click on the transaction and then click find match this gives us the option to expand the date range a little more so if i expand this date range to include to the end of may we'll then see an invoice here so it's you can see quickbooks has suggested the invoice so if i click on one open invoice it will apply this payment to our invoice so if i click save there it will move the bank transaction out of the banking tab and if i now head back to sales and invoices we'll see that this invoice is now showing as paid and deposited with no invoices overview so if i click into it again we'll see all of the details here so when it was opened when it was paid and the deposit is in there as well so that's basic invoicing and quickbooks also has the ability to create partial in voices based off of an estimate so the first stage for this process would be to actually ensure that it's enabled in your quickbooks account so if you click on the settings cog in the top right corner and head to accounts and settings [Music] once we're in here if we take a look at the sales tab progress invoicing is already turned on in this account so it gives you the option to create multiple partial invoices from a single estimate so now that we're happy that's turned on i can go to new in the top left corner and create an estimate so that is the main difference between raising an invoice which you then plan to partially invoice at future dates compared to raising a normal one the partial invoicing will always start with an estimate so if i put our customer in here again i can create new customers with different details if i wanted to for now i'm just going to create a customer name i'll save them there and i'm going to put the estimate date just back at the start of this year so expiration dates apply to um estimates as well if they reply to you so you can put an expiration date in there doesn't need to be done though so i'll leave it blank for now products of service i'm going to put exactly the same so i'm going to say quote for work in february 2021 and i'm going to say that i've done 10 days at a thousand pounds so now that we've got that in there this will be the estimate that can be sent directly to your client so you can save and send directly from here as you would with an invoice for now i'm going to click save and close so to find the estimate the easiest way to do it is to come into the sales tab and go to customers once you're here you'll be able to find the customer that it relates to so here is our estimate and we see on the right hand side we get the option to create invoice there but if i click