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Hi there,
Invoicing is a crucial part of your sales cycle and it's important you're able to split the $5,000 into two. Don't worry, I'll be happy to show you how to accomplish this so you can continue providing excellent service to your customers.
Based on the info you've provided, I suggest taking advantage of our Progress Invoicing feature. Progress invoicing enables you split an estimate into as many invoices as you need. Progress Invoicing works well with what you're trying to accomplish as you can invoice half of the payment at the beginning of the work and the other half can be invoiced when the project is complete. This keeps project payments organized and connected from start to finish. Here's how to turn on Progress invoicing on your account:
Step 1: Turn on progress invoicing
If you haven’t already, turn on progress invoicing.
Now you can create multiple invoices from your estimates.
Step 2: Create a progress invoice template
Use the premade Airy style to create a new invoice template. You should use this template any time you create a progress invoice.
Make this as your default invoice template
Use your new template to send progress invoices. If you send lots of progress invoices, we recommend using this as your new standard template for all invoices.
If you only want to use this template for progress invoices, select Customize directly on the invoice form to change the template.
I encourage to check out this article here for the remaining helpful steps: Set up and send progress invoices in QuickBooks Online. In case you have other questions or if you get stuck, don't hesitate to reach back to me. I'm here to help you achieve your goals and excel with your business.
We take 50% deposit payments on nearly 2/3rds of our orders because they are custom made items and NOT a part of our regular inventory (they are non-inventory items). What we have done is make a separate QUOTE template and changed it so that is says "Deposit Invoice". This doesn't post in accounts receivable, but it gives our customer's something to go off of. If I were to make an actual invoice, then whatever is on that invoice will be counted as a sale in the month in which it's created. BUT, if the item being purchased has a lead time and doesn't arrive until the following month, then my COGS will not be within the same month as the sale, thus skewing your GPM on any given month.
I have a work-around for this though that ensures any cost of a non-inventory item gets put into COGS within the same month that the invoice to the customer is created. Which then gives me accurate GPM on my income statement. Reply if you'd like more info on that.
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