I've created a quote for services over 12 months. This has been accepted by the client, contract signed, and is based on billing each month.
How do I show this as A/R on my balance sheet? Do I have to create 12 separate invoices now with invoice dates for each month?
My preference is to show the the total contract amout as A/R, and generate invoices monthly as they're due.
Seeking clarity on how to manage this (as it will be ongoing with the nature of my work).
GW
Hi roimatta-selway-,
Thanks for posting in the Community! QuickBooks Online allows you to copy a quote to an invoice. If you prefer to create multiple partial invoices from a single quote you can enabled this option on your settings.
Here's how:
To copy a quote to an invoice:
If the amounts on your quote includes the amounts to be paid for 12 months, you can make use of the progress invoicing feature and tick Custom amount for each line and then enter the amount that should be invoice each month. The quote will be marked as closed if you've invoiced the total amount on your quote.
Once you've created an invoice it will show on the Accounts Receivable on your Balance Sheet report.
For your reference, you can check on this article: Set up and send progress invoices in QuickBooks Online.
Message us back if you have any other questions. I'll be around to help.
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