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payments/credits on invoice

I made a custom Invoice template and added a prior "payment/credit" data field but when I am actually creating an invoice. the field does not populate. I select the "payments/credits" item and insert the amount, which deducts from my total which is correct, but the payment/credits data field that I put on the template down bottom above my total does not populate with the amount.

Best answer 01-14-2019 02:33 PM

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Established Community Backer ***

Re: payments/credits on invoice

@JanyRoseB

 

Please Learn from this input.

 

Here is where all the confusion is coming from:

 

The Payments/Credit Applied is a Field that will show Linked transactions; that means Receive Payments you made or make, and apply to this invoice and Credit Memos that you link and apply to this invoice. That is not an issue of Prepayments or Prior. What makes them Prior, is the date On that Receive Payment or the date On that Credit Memo, and the invoice doesn't reflect those Dates; this field simply shows the Total of this sale has a Reduced balance owed, because there are other transactions that are applied that Reduces it. Open an invoice that is Paid by payments and/or credit memo and use History, or Ctl H. Here is everything linked to it.

 

The use of a Payment Item on an invoice directly means this is Paid for the date On this invoice, a typical error. You describe a payment that came earlier; and more typically, they arrive Later. That is why it is its own Transaction Type = Receive Payment. And, putting the Payment item on the invoice obscures your reporting for what the Total of that sale really is, on nearly all reporting. If the prepayment always pays the invoice in full, your Transaction Reporting and the Customer Center show every invoice = 0, and you have to Open them to see the real details of that sale.

 

Here is how you handle prepayments:

 

For a Cash Basis entity, it is Income when you get it, and you process it using a Sales Receipt and an item linked to income. For an Accrual Basis entity or one allowed to hold Liability, link that item to Liability.

 

Here is the Intuit support article:

QB Desktop Prepayments

 

Do that for Getting the prepayment, to avoid having it sit as negative AR. Do that Credit Memo, for the date you are ready to apply this to the Actual sales invoice (not dated before the actual sales invoice) and now it will show in the Footer field, as an Applied Payment.

 

 

5 Comments
Super Contributor **

Re: payments/credits on invoice

You don't need to do all that.  Go to the invoice template and select additional customization.  Click on the footer tab.  Check off payments/credits and the balance due boxes. 

Frequent Explorer **

Re: payments/credits on invoice

Thank you for the response. I did also select the boxes you are mentioning but the field still didn't populate when I previewed before printing. I wanted to have 3 fields at the bottom of my invoice. Tax, payments/credits, and Total due. But even leaving out the addition of a data field for the payments/credits as mentioned in my question, and selecting the boxes in Additional Customizations, the "Payments/Credits" box at the bottom of my invoice is not populating with the amount. I am selecting "payments/credits" under the item drop down and entering the amount which automatically comes out of the total and appears as a line with a description and "-$$" in the total column, but the box down bottom for payments/credits is not populating with that amount. Thank you for the help

QuickBooks Team

Re: payments/credits on invoice

Hello there, marvelglassllc.

 

Thanks for getting back to us. Allow me to help and provide some information about adding Payments/Credits field on the Invoice. 

 

I replicated this on my QuickBooks sample file and it seems the payments/credits was added to my invoice successfully. If the invoice was already fully paid, the payments/credits field is no longer applicable since the amount only populates to an open invoice that has partial payment or credit applied. 

 

For additional reference, you can check these articles below: 

Don't hesitate to click the Reply button below if you additional questions about payments/credits. I'm always here to help you out. 

Established Community Backer ***

Re: payments/credits on invoice

@JanyRoseB

 

Please Learn from this input.

 

Here is where all the confusion is coming from:

 

The Payments/Credit Applied is a Field that will show Linked transactions; that means Receive Payments you made or make, and apply to this invoice and Credit Memos that you link and apply to this invoice. That is not an issue of Prepayments or Prior. What makes them Prior, is the date On that Receive Payment or the date On that Credit Memo, and the invoice doesn't reflect those Dates; this field simply shows the Total of this sale has a Reduced balance owed, because there are other transactions that are applied that Reduces it. Open an invoice that is Paid by payments and/or credit memo and use History, or Ctl H. Here is everything linked to it.

 

The use of a Payment Item on an invoice directly means this is Paid for the date On this invoice, a typical error. You describe a payment that came earlier; and more typically, they arrive Later. That is why it is its own Transaction Type = Receive Payment. And, putting the Payment item on the invoice obscures your reporting for what the Total of that sale really is, on nearly all reporting. If the prepayment always pays the invoice in full, your Transaction Reporting and the Customer Center show every invoice = 0, and you have to Open them to see the real details of that sale.

 

Here is how you handle prepayments:

 

For a Cash Basis entity, it is Income when you get it, and you process it using a Sales Receipt and an item linked to income. For an Accrual Basis entity or one allowed to hold Liability, link that item to Liability.

 

Here is the Intuit support article:

QB Desktop Prepayments

 

Do that for Getting the prepayment, to avoid having it sit as negative AR. Do that Credit Memo, for the date you are ready to apply this to the Actual sales invoice (not dated before the actual sales invoice) and now it will show in the Footer field, as an Applied Payment.

 

 

Frequent Explorer **

Re: payments/credits on invoice

That's it! Thank you so much!