QuickBooks Online Progress Invoicing

QuickBooks Online is introducing Progress Invoicing which is still in “beta test” mode as of writing this blog article in February 2018. That means there could still be significant changes until they wrap up the beta test. Progress Invoicing feature allows you to invoicing a client incrementally for the percentage (or fixed dollar amount) that has been completed of the work due or agreed upon the contract. This could be considered a type of partial invoicing or a type of installment invoicing to your clients.

This is a welcome addition to QuickBooks Online since this is ranked #2 feature request on QuickBooks feedback page.

Introduce Progress Invoicing
http://feedback.qbo.intuit.com/forums/168199-quickbooks-online-feature-requests/suggestions/3865710-introduce-progress-invoicing

To get started – you will first need to turn on Progress Invoicing setting
This will also enable different settings such as “Convert Estimate to Invoice”.

  1. Go to Gear at the upper right corner
  2. Account and Settings under Your Company section (or Company Settings under Settings tab if QBO Accountant version (04/16/2018 Update, See Below
  3. Select “Advanced”
  4. Go to the Automation settings
  5. Check the box to turn on “Enable Progress Invoicing” and click Save
  6. This will also turn on “Copy estimates to invoices” and click OK
  7. Click Done button

 

 
04/16/2018 UPDATE
To get started – you will first need to turn on Progress Invoicing setting
This will also enable different settings such as “Convert Estimate to Invoice”.

  1. Go to Gear at the upper right corner
  2. Account and Settings under Your Company section (or Company Settings under Settings tab if QBO Accountant version
  3. Select “Sales”
  4. Check the box to turn on “Enable Progress Invoicing” and click Save
  5. This will create multiple partial invoices from a single estimate, and click OK
  6. Click Done button


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How to create a Progress Invoice

There are two ways to get to the Progress Invoicing options:

From the Estimate:

1. Click on Estimate, and enter your entire amount for your project/job
2. Once the Estimate is saved, click on Copy to Invoice on the upper right of the Estimate
3. Choose if you want:
a) Entire amount: all the lines are invoiced at 100% of the Estimate.
b) Partial amount based on a percentage: all the lines are invoiced at a percent of the Estimate. You can edit the line amounts or percent
c) Custom amount: all lines on the invoice are shown at 0% but you can edit each line

 

From the Invoice:

1. If a prior Estimate has been created, select “Invoice” from either the Customer or + button
2. In the drawer on the right-hand side, add the Estimate to the Invoice
3. Choose if you want:
a) Entire amount: all the lines are invoiced at 100% of the Estimate.
b) Partial amount based on a percentage: all the lines are invoiced at a percent of the Estimate. You can edit the line amounts or percent
c) Custom amount: all lines on the invoice are shown at 0% but you can edit each line

 

 

Save the Invoice. Now on your Estimate, you can see the Amount Invoiced and Amount Remaining.
Remaining is based on the amount invoiced per line.

 

 

How to delete a line on a Progress Invoice

To delete a line on a Progress Invoice, click on the trashcan on the right side of the line, and choose Remove Line (do not choose to unlink it). This removes the line from the Invoice and puts the amount back on the Estimate.

 

Printed Invoices:

The “due” column and Estimate/Invoice Summary will not show on the printed Progress Invoice at this time, but the invoice for your Customer will have all the calculations for progress invoicing.


If you like to see improved customize data layout (like added new columns) that you see on Invoice form and Estimate form, send them your feedback request, click here.


How to see which Invoices are included in the Progress Invoice

  • Go to the Estimate
  • At the top will show linked transactions which are the Invoices attached to the Estimate

 

 
How to see which Estimate was used to create the Progress Invoice

  • Go to the Invoice
  • At the top will show the linked transactions to the Estimate type attached to the Invoice

 

 

How to see what was previously invoiced by line
Go to the Invoice

  • On each line on the right-hand side, there will be links.
  • Click on the link and it will show Estimate, previous Invoice, and amounts remaining for each line

 

 
Calculation of the total amount Remaining Amount:

The remaining amount does not include tax, discount or shipping. It only includes the line item amounts from the Estimate minus what has been invoiced for that line.

Can I invoice for an amount greater than the estimate?

CAUTION: NO WARNING SIGN

If the estimate line is open, then you can invoice for an amount greater than the estimate.
Once the line on the estimate has been completely invoiced, it will not show as available to invoice.
If you want to still invoice it:
• Change the Estimate amount to the higher number and invoice it
• Add a non-progress line on the invoice

How to change a line on a Bundle
If you want to change or add component items to Bundles, go back to the Estimate, and add it there.

How to handle fees (Paypal and Square) deducted from customer payments in QuickBooks Online

This article deals with step-by-step instructions on how to manually recording fees (Paypal or Square) and then match the deposit transactions in bank feed —Review items from your bank and link each item to an existing record.

EXAMPLE – Signed up for Square (or PayPal) so that I could accept credit cards. I will be paying the fee myself, not the customer. So when I give a customer an Invoice for $1,000.00, they will swipe their card and have $100 taken from the customer. Square (or PayPal) will take their fee off the top and then deposit $970.00 into my business checking account. My bank feed under review items from bank link will show $970.00 deposit ($1,000 customer payment less $30 fee).

Here’s how to handle fees (Square and Paypal) deducted from Customer payments in QuickBooks Online:

 

1. Identify the customer Invoices that were paid via Square or Paypal.

2. Receive Payment of open invoice amount (create “+” sign > customers > receive payment) . Select the invoices that were paid. Make sure to select “Deposit-to” that this payment is being deposited into your Undeposited Funds account.

 

NOTE: To ensure that the associated transaction processing fee is recorded accurately, the invoice payment must be applied manually through the “Receive Payment” screen (rather than through the matching feature). A manual deposit must also be entered (step 3).

3. Add a new Deposit. Click on the Create or “+” sign and go to “Other” and click on Bank Deposit.

4. Select appropriate invoice(s) “Select the payments included in this deposit” tab

5. Record the processing fee part of the transaction under Add New Deposits tab.

Make sure to enter the amount of the processing fee as a negative number so that it deducts from the total deposit amount.
Received From = Square or Paypal Vendor
Account = Fees (Expense or COG account)

6. Total deposit amount should match your deposit to accept the transaction in bank feed.

 

7. Go back to Banking and under the Dashboard, locate your deposit under “For Review” tab. Since the processing fee has now been manually recorded in QuickBooks, you will be able to match your Square or Paypal deposit.

 

Price Rules (aka Price Levels) in QuickBooks Online

How to set up and use special pricing for selected or all customers in QuickBooks Online?
1. Setup New Customer Type (Dashboard > Sales > Customers > Customer types > New Customer type).
2. Turn on Price Rules (Gear > Your Company > Account and Settings > Sales > Products and Services > Turn on Price Rules).
3. Setup New Price Rules (Gear > Lists > Products and Services > Drop-down arrow under MORE > Price Rules).
4. Create Invoice or Sales Receipt (Create + sign > Customers) > Select (or use default) Price Rules under Rate column.

Educational and Instructional Video:

QuickBooks Online QBO Price Rules (aka Price Levels) – Special pricing for selected or all customers



What does checking Billable box do in QuickBooks Online

The billable feature is available only in QuickBooks Online with Plus plan.
When you select “Billable” Expense checkbox field, you must also select a Customer/Project field each split line that is billable. If you don’t select Customer/Project field, you will get an error message. You can’t the save the transaction. (If you’ve Markup percentage turned on from the settings, you can also choose that field to alter that billable invoice amount).

By selecting “Billable” checkbox and Customer/Project field, it will do two things:
1) It will create an expense from that vendor.
Checking billable allows you, when you create an invoice, to move that expense to the invoice without having to retype it.
2) It also allows you to create an invoice to move those expenses automatically to the invoice without having to retype it again. In other words, you will see all open expenses ready to be included when you are ready to create invoices. Just create an invoice, select customer and right side Add to Invoice panel will open. You can choose “Add all” or each billable item.


To turn on the Use Billable Expenses preference:

Choose the Gear icon at the upper right corner > Your Company / Account and Settings.
Choose Expenses from the menu on the left.
In the Bills and expenses section, check on the Edit icon.
Place a check in the box to Make expenses and items billable.
Optional: you can also select Markup with a default rate of xx% box.
Click Save.


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How do I make sure the attachments on my invoices go with email

How do I make sure the attachments on my invoices go with email

You can send an invoice with an attachment to an email address. Just to make sure that the “Attach to email” box is checked with the attachment that goes with the invoice.




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When I send an email to my customers, how do they look

Here’s an example of how your customer will see the email.

1) WHEN CUSTOMER RECEIVE EMAIL

a) From: Your Company Name
b) Subject: Invoice Number …. from Your Company Name

2) WHEN THEY OPEN THE EMAIL. THEY WILL SEE.

a) from: Your Company Name
<quickbooks@notification.intuit.com>
THIS, THERE IS NO WAY TO CHANGE IT.

b) reply-to: your email address

c) to: customer email address

d) cc: your email address (if you’ve selected email me a copy under messages settings under gear)

e) date: Sat, Feb 18, 2017, at 8:06 AM (format)

f) subject: Invoice I-20207 from Your Company Name

g) mailed-by: e.notification.intuit.com

h) signed-by: notification.intuit.com

This sample example is from Gmail.


 





 

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Combine Billable Time on Invoice

Combine Billable Time on Invoice

  1. All you need to do is enter single time activities or weekly timesheets.
  2. Open an Invoice form from Create plus tab and select a Customer to invoice with billable time.
  3. Right side drawer will open for add to Invoice, and choose “Group Time by Service” tab.
  4. Then it will combine all billable hours and create one line for each Service item.





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How to change transaction numbers like invoice number sequence

Transaction reference numbers help you easily identify transactions. QBO will automatically assign transaction numbers in sequence. But if you want to change the starting custom transaction number of your own, you can do so. You would want to turn the company settings ON once, assign a custom number and turn it OFF again so that QBO can identify number sequence based on the last transaction number.

A separate number sequence appears on:

  • Invoices, sales receipts, refund receipts, and credit memos
  • Delayed charges and Delayed credits
  • Estimates
  • Purchase orders

For Statements, QBO will automatically control the numbers that reference identify so you can’t change it.

QBO lets you customize your transaction numbers.

How do custom transaction numbers work?
When you turn ON custom transaction numbers:

  • You can change transaction numbers when you create or modify a transaction.
  • Transaction numbers can include letters (such as 2017-1001).
  • New transactions get new numbers (such as 2017-1002), based on the last transaction. You’ll be warned if you try to enter a duplicate transaction number.

When you turn OFF custom transaction numbers:

  • Transaction numbers are never changeable, even numbers created with custom transaction numbers on.
  • Transaction numbers are assigned when transactions are created.
  • Transaction numbers are sequential, based on the last number, starting at 1.

To turn custom transaction numbers ON or OFF from the company settings:

Click the Gear icon at the upper right corner > Your Company > Account and Settings).

 

For customer transaction numbers on sales forms:

Click “Sales” on the left, and then click the edit icon for “Sales form content”. Select the “Custom transaction numbers” checkbox, and click Save.

 

For custom numbers on purchase orders:

Click Expenses on the left, and then click the edit icon for Purchase orders. Click the “Use purchase orders” checkbox. Select the “Custom transaction numbers” checkbox, and click Save.

 

To reset your transaction numbers again:

  • Select the Custom transaction numbers checkbox, and click Save
  • Create a transaction with a new starting number.
  • Clear the Custom transaction numbers checkbox, and click Save.

 





 





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