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Frequent Explorer **

New File for 2019, managing old Estimates and Invoices from 2018

We started a new company file as of Jan. 2019.  I have some Estimates with progress invoices paid in 2018 and 2019.  How do I account for 2018 unfinished progress invoices that have payments in 2018 and 2019? I do not want to transfer any data from 2018. Just have all new as of 2019, but there are a few 2018 Progress Invoices that we received payments in 2019.

 

Can I create a new Estimate/Progress Invoices that references the 2018 old Estimate/Progress Invoices and finish paying it off with a partial Estimate to complete the job?

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Best answer 3 weeks ago

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QuickBooks Team

Re: New File for 2019, managing old Estimates and Invoices from 2018

Hi there, Kimba,

 

If the last invoice was dated in January 2019, you can start with that record. Then, inactivate the estimate in 2018 with a memo stating it was inactivated because you started a fresh company file with 2019 data.

 

In relation to accounts, users do closing of books to zero out the accounts in the last year and forward the balances in the next year. If we do that to estimates, we can adjust its amount to be $75,000 in 2018 and do progress invoicing and payments. Then, create the remaining estimate worth $25,000 in January 2019 and do progress invoicing and payments. You can add a memo to your transactions. This can be a workaround.

 

I would highly suggest reaching out to an accountant to get the best advice to properly record your entries. Then, you can always go back to this thread when you have special instructions so we can help you with them.

 

Lastly, please be sure to back up your company file before touching your records to keep a copy of the original data.

 

We're just around to help.

3 Comments
QuickBooks Team

Re: New File for 2019, managing old Estimates and Invoices from 2018

Hello, @Kimba.

 

You can recreate those progress invoices from 2018 with the new company file to apply the payments received in 2019. Doing so allows you to close the transaction and complete the job.

 

Let's turn on the feature in QuickBooks to start adding invoices from estimates. Here's how:

  1. Login to QuickBooks using your Admin credentials.
  2. Switch to Single-user mode from the File menu.
  3. Click the Edit menu and choose Preferences.
  4. Pick Jobs & Estimates, then tap the Company Preferences tab.
  5. Move the radio button to Yes on the questions, Do you create estimates? and Do you do progress invoicing?.
  6. Save the changes by clicking OK.

Once done, create the estimates needed for the progress invoices. Follow the steps below:

  1. Select Create estimates from the Customers menu at the top.
  2. Choose the customer from the drop-down.
  3. Copy the details from the old estimate to this one.
  4. Hit Save at the top.
  5. Click Create Invoice.
  6. Specify how much you want to charge on the transaction, then press OK.
  7. Enter the rest of the details of the invoice and hit Save & Close.

For your reference, check out this article: Set up and send progress invoices in QuickBooks Desktop.

 

To keep track of the transactions, pull up the Job Progress Invoices vs. Estimates report from Jobs, Time & Mileage under the Reports menu. 

 

Take a look at this article as your guide in running reports: Customize reports in QuickBooks Desktop.

 

Making sure you get all the information you need is one of my priorities, so please let me know if you have any other questions. Enjoy your weekend!

Frequent Explorer **

Re: New File for 2019, managing old Estimates and Invoices from 2018

Thank you @KhimG ,

 

I understand how to track the 2019 invoice payments, but what do I do when the Estimate has invoice payments in 2018 AND 2019. I do not want to record any payments from 2018 in the new Company file. So, the Progress Invoices would appear to be incomplete. 

 

Example:

Estimate for $100,000.00 in October 2018

Invoice Payment $50,000.00 in Nov 2018

Invoice Payment $25,000.00 in Dec 2018

Invoice Payment $25,000.00 in Jan 2019

 

New company file as of 2019 can have $100,000.00 Estimate and 2019 Invoice Payment. It would appear the Customer still owes $75,000.00 in the New Company File. 

 

Am I over thinking this?

QuickBooks Team

Re: New File for 2019, managing old Estimates and Invoices from 2018

Hi there, Kimba,

 

If the last invoice was dated in January 2019, you can start with that record. Then, inactivate the estimate in 2018 with a memo stating it was inactivated because you started a fresh company file with 2019 data.

 

In relation to accounts, users do closing of books to zero out the accounts in the last year and forward the balances in the next year. If we do that to estimates, we can adjust its amount to be $75,000 in 2018 and do progress invoicing and payments. Then, create the remaining estimate worth $25,000 in January 2019 and do progress invoicing and payments. You can add a memo to your transactions. This can be a workaround.

 

I would highly suggest reaching out to an accountant to get the best advice to properly record your entries. Then, you can always go back to this thread when you have special instructions so we can help you with them.

 

Lastly, please be sure to back up your company file before touching your records to keep a copy of the original data.

 

We're just around to help.