Skip to main content

SUMMER SAVINGS 90% OFF QuickBooks for 3 months* Ends 8/27

Buy now
Switch to QuickBooks and 70% off for 3 Months
Talk to Sales: 877-683-3280
Hours
Mon - Fri, 5am - 6pm PST
Sat - Sun, 7am - 4pm PST
Product support & help
Need help signing in?
gardenstatefurniture
January 31, 2020
Question

Inventory Tracking Issue when Progress Invoicing in QB Desktop

  • January 31, 2020
  • 7 replies
  • 24 views

Hello! I have QB 2020 Desktop Pro. I am new to progress invoicing and inventory tracking. I do not understand how to properly track my inventory if a customer is paying off a bill in partial payments. For example, if I have quantity 1 of a product and I invoice the customer for $.20, the inventory quantity goes from 1 to .8 since they are only paying for 20% of the item. However, I still need to account for qty. 1 of the item being sold, and not .8. This is very annoying, but hoping someone can help me. I am trying to automate my processes, not make them more manual. 

 

Lastly, if I do have to manually update my inventory instead of have the system do it, how to I make sure both the system and I are not updating it at the same time. For example, if I am manually updating inventory I do not want the invoices to impact the inventory quantities at all. 

7 replies

JessT
JessTModerator
Moderator
January 31, 2020

Let me shed light on progress invoicing relevant to your situation, gardenstatefurniture.

 

I'd like to clarify that progress invoicing and receiving an invoice payment is different.

 

Progress invoicing for inventory items is normally done by piece, meaning we use quantity (piece by piece count) when turning estimates to invoices. We discourage using amounts unless it's a service item, or items with no definite count like liquids, items sold by weight, etc. You're in control over your inventory, so you have to know when to use quantity or amount when converting estimates to invoice.

 

Example: If you have 1 bag (inventory item) on an estimate, and you turn it into an invoice, you will enter 1 in the quantity field. You won’t enter the amount based on what your customer will pay you, you'll invoice based on the qty you give to your customer which is 1 whole piece of bag. Basically, this will just close the estimate, so progress invoicing is not ideal for 1 piece of item.

 

 

As for the payment, you'll apply it to the invoice. Open the invoice, click Receive Payment, and enter the partial amount.

 

Please feel free to comment below if you have more questions about your progress invoicing.

gardenstatefurnitureAuthor
January 31, 2020

I can try this, but when I create the 2nd progress invoice with a quantity of 1, will my inventory of that item decrease by another 1? I only want it to decrease by 1 even if I have 5 invoices for that estimate. 

 

Also, how will I account for the cost? So if for example, my cost is $80 and my sell is $100, and I am billing for $20, will my cost then be $16?

 

Thanks

gardenstatefurnitureAuthor
February 4, 2020

Good day to you, gardenstatefurniture.

 

For now, QuickBooks will automatically reduce the quantity on hand based on the number of items that are used in the invoiced, not based on how much is partially paid. 

 

We'll send your feedback to our product engineers so they can take a look at this review for future updates. Product updates are most often based from the suggestions that we get here in the Community.

 

In the meantime, you'll want to manually track your stocks or inventory outside of QuickBooks. You can also use a third-party app that can be integrated in QuickBooks. Here's the link: https://desktop.apps.com/home.

 

Visit us again if you need additional help when tracking your sales transactions. 


Ok well I need a good option then and nothing has been suggested to me. Can you please let me know how I can accurately track my inventory and partial invoice at the same time? 

    Need QuickBooks guidance?
    Log in to access expert advice and community support instantly.
    Terms & ConditionsAccessibility statement