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Progress invoice example for Management

hello and thank you for watching my name is Rachel Barnett with gentle frog I'm here to create videos for you to help you understand QuickBooks slightly better than you currently do if you have any comments questions or suggestions please put them in the chat box thank you in this video I want to talk to you about progress and voicing off of an estimate let's begin by searching to see what open estimates we have to do this I'm going to go to reports of on the Le hand side of the screen where it says find my report name I'm going to search estimate before I even get the words estimate out the option I want appears estimate and progress invoicing summary by customer so I'm going to go ahead and select this now I can see that I have one estimate it's for Vicky Montgomery the estimate is for $10,000 and that I've currently invoiced $0 of that estimate this will be perfect for our example I'm going to go ahead and select anywhere on this line I'm just going to pick any of these numbers when I click on it it's going to open up my estimate so to entertain myself I'm going to change it from pending to accepted and then I'll say it's accepted by Vicki and we'll say it's accepted on today's date what is it today is May 8th 23 okay so so I have my estimate my estimate's been accepted and I need to make progress invoicing what I want to do is I want to select on create invoice in the upper right hand corner I know have options I have the option to invoice the entire estimate to invoice some percentage of each line or to do a custom amount for each line and so let's say for example we want to do 50% or we'll do 25% right so we'll say Okay clients accepted the estimate we're asking for a 25% deposit in order to get started on the work so I'm just going to say 25% create invoice do I want to leave without saving sure don't thing I did was change it to accepted here I am I at the invoice the invoice is for Vicki it automatically puts in the invoice date however it puts it in is the fourth when I'm recording this on the eth so I'm just going to change my invoice date it's only really a problem if the estimate was a couple weeks ago because you're going to look like a a bit of a jerk if you set them an invoice and they're already passed due because the date's wrong whenever you want it to be due scoot down I can see um it's a project it's the bridal jewelry package so I'm scooting down and I can see that everything I had in my estimate is here the only thing is that it it's not the full estimate it's the 25% I'm having fun with this I'm I'm saying that the bridal jewelry package is a $10,000 package I don't know what it should be I got married a hundred years ago but I thought I would have fun with this and so on our example we're going to say that it's 25% down that's what we're asking for and so if if any of this if we looked at it and said oh gosh I want to change it no problem you can change it make it 30% whatever is most appropriate for you in your situation you would send it to your client I'm not going to send it anywhere because this is just a video I'm going to select save and close now when I look at my my estimate and progress invoicing summary I can see it started out is a $10,000 estimate that I've invoiced 3,000 of it and there's 7,000 remaining when it's time to create more invoices I can again click on my estimate go in here create invoice or if I wasn't starting from there I can go to the plus sign under customers I can select invoice I can choose my customer so in this case Vicki if I wait just a second my estimate will appear on the right hand side I can select add and then QuickBooks is going to do the same thing it did before it's going to say okay Rachel I'm happy to add how would you like me to do it do you want an invoice for the whole thing for a percentage or do you want a custom amount for each line in this example I'm going to choose custom amount for each line so that I can show you how to do this I'm going to go ahead and choose copy the invoice and then down below it says zero of 10,000 and so I'm like okay that's great so my amount I want to make it 1,000 so I'm going to type in 1,000 it comes over here it becomes 1,000 it's it's showing the um the percentage in my quantity that's super great I don't ever have to think about that I just have to look at this and say I the human will be typing in the amount and then QuickBooks will calculate the stuff that it needs so we'll again pretend like we send it off to our person save and close so now I want to show you how you can kind of look and see all the history of what's going on with your client obviously you can come to this report but I want to show you from the customer profile so let's go to sales let's go to customers let's go to Vicky and now what you can see is the estimate you can see the invoice the invoice if I click on the estimate over here I can see there's these two invoices that are created it's nice because it links them together if I want to I can click on edit in the lower right hand corner and then I can see $4,000 has been invoiced 6,000 is remaining to be invoiced the the logic behind progress invoicing maybe for you it's not Bridal jewelry maybe for you you're working on a remodel for a client and you want to keep track and say like okay I I'm estimating your remodel to take a about this many hours or about this many dollars or whatever the case is then as you progress through the job you can build your clients and then you can keep track of what you promised or what you said or what you committed to you said my my estimat bid is going to be this much money but I'll break it in these little increments if you have a lot of jobs going on using estimate rather than Excel or something else to keep track of it gives you the ability to see at a glance what do you have left that's outstanding that is unbuilt and then also when you're looking at the estimate you can look and clearly see all the invoices that went with it so for example let's imagine that you do remodel work your CL has hired you to remodel the bathroom and they are loving it and while you're there they say you know what could you do the kitchen too you say of course I can do the kitchen too well now you've got two estimates having the estimates linked to the invoice it's going to make it really easy and really smooth and really seamless for you to keep track of what you've built out and what you need to build out I hope this has been helpful if there's anything my team or I can do for you let us know we offer bookkeeping training and YouTube videos go ahead and message us or leave us a comment below thank you so much [Music]