I use Quickbooks Online and use the Cash Accounting Scheme. I have a partially paid Invoice. I now want to clear off this balance as it will now not be paid. How do i clear it please so that is doesn't keeping showing up as unpaid invoice.
You can either edit the invoice itself to the amount paid or write the remaining part of the invoice off as bad debt following our guide here - if you have entered VAT on the transaction, you'll need to enter VAT on the credit note so that this cancels out or edit the item line(s) on the invoice to no VAT.
Get back to us below if you have any questions on this.
You can either edit the invoice itself to the amount paid or write the remaining part of the invoice off as bad debt following our guide here - if you have entered VAT on the transaction, you'll need to enter VAT on the credit note so that this cancels out or edit the item line(s) on the invoice to no VAT.
Get back to us below if you have any questions on this.
Thank you @GeorgiaC .....I choose the editing of the Invoice to the actual amount paid. It came up with warnings that it may be linked to other transactions but as I am on cash accounting it didn’t (I hope!) affect any VAT from past returns.
I found it a much quicker way than the other idea of doing the Bad debts. That would had been way too complicated for me!
Thanks for getting back to me Lds, as your cash-basis the VAT would only be accounted for once the invoice had been closed with full payment, so no filed-VAT would be affected by this edit :)
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