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Join nowHello! Hoping this is the right place to ask this.
We're offering multiple helping hands to our customers as we all navigate through COVID-19, but we need help ourselves setting up one tactic.
Let's say we want to tell customers they can defer payment on monthly recurring invoices for six months. When we come out of the deferral period, the customer should pay their current month's invoice amount plus the amount of the oldest deferred invoice. In six months they'll be all caught up.
We don't want these payment-deferred invoices showing up in the aging reports, nor do we want our automated payment reminder system sending out reminders, because they're not collectible yet.
Our thoughts:
1. Create the invoice as usual, then mark it Pending/Non-Posting. When the time comes to resume payments, we'll mark the oldest deferred invoice as final and send that to the customer along with the current month's invoice.
2. Create a new Terms category for these invoices. For instance, if the standard terms are Net 30 Days and we're deferring payments for six months, then the new terms for these invoices will be Net 210 Days.
3. Create a new line item on our invoices for deferred payment, put the entire amount of the oldest invoice on that line, and then the customer will have a single invoice to pay.
4. Do something else entirely.
What's the right way to do this? Step-by-step guidance would be deeply appreciated!
We're using QuickBooks Desktop Enterprise and we report on Accrual basis.
Thanks!
Hello there, @jcosentino.
I appreciate the steps you've done and for providing the complete details of your concern. Let me share additional ideas on how to record it in QuickBooks.
The steps that you've shared is correct on how to record deferred customer payments. In addition, you can use estimate to record those transactions as workaround. Creating estimate won't appear in the customer center or be posted to a sales account until you add the estimate to an invoice and save it.
To create an estimate, here's how:
They can pay you through online payments that they use and record them separately. Once done, create an invoice and link the payments. Here's how:
1. Click the Create icon (+).
2. Select Invoice.
3. Choose the customer. Available estimates to add to the invoice will appear on the right side of the page.
4. Locate the correct estimate from the list and click Add.
5. The same information from the estimate will be copied to the invoice.
6. Select the drop-down and choose Save and send.
However, if there's a remaining balance, you can send them an invoice again.
You can see this article for detailed steps: Set up and use estimates.
Also. I've added our Income and expenses page, it provides topics that will help you with your future task in QuickBooks.
If you have more questions about the process or any QuickBooks concerns, let me know in the comments. I'm here to assist you further. Stay safe.
As additional option, you may ask your clients to utilize MP to pay their bills.Stretch your clients’ cash flow by creating up to a 45-day float by paying bills via a credit card, even if the vendor doesn’t accept credit cards.
Vendors get paid with a physical check or with electronic bank transfers.
https:// melio.grsm.io/quickbooks
Hope it helps.
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