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Level 1

Change invoice from last year

Hello, 

 

We sent a deposit invoice to a client last May for the agreed upon amount ($10,250) based on the original proposal. The invoice was not paid as the project was put on hold. The project has been started up again, however, the proposal has changed so the invoice amount needs to be updated to $5,875 as the new deposit. What is the best way to go about this? I do not want to mess with last year. Do I take the $10,250 as bad debt and create a new separate invoice? Thanks! 

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Level 15

Change invoice from last year


@Sterlingact wrote:

Hello, 

 

We sent a deposit invoice to a client last May for the agreed upon amount ($10,250) based on the original proposal. The invoice was not paid as the project was put on hold. The project has been started up again, however, the proposal has changed so the invoice amount needs to be updated to $5,875 as the new deposit. What is the best way to go about this? I do not want to mess with last year. Do I take the $10,250 as bad debt and create a new separate invoice? Thanks! 


When you sent the 10,250 deposit you should have booked that to an asset account called pre-paid or deposits made.

 

If the new deposit is only 5,875, the vendor should issue you a refund for the difference, deposit that refund and use the deposits made account as the source account for the deposit

 

clients are people you sell to by the way

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