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My client uses a separate software app to create a professional contract. We need to do progress invoicing from a the total estimate that ties to separate app’s contract. Can I make an estimate with one line, what would be the journal entry?
Which app do they use? You may need a 3rd party connector.
Let's make sure you'll be able to do progress invoicing with a separate app, Danc2.
When creating estimate in QuickBooks Online (QBO), the form looks just similar to an invoice. You'll want to use a third-party application for your progress invoicing. You can search what best right app for your by checking out the app's review. I've added a screenshot for your visual guide.
Also, I recommend reaching out to your accountant for the best way on how to record journal entries. Apart from this, in QBO, progress invoicing lets you split an estimate into as many invoices as you need. Learn more from this article: Set Up and Send Progress Invoices In QuickBooks Online. Furthermore, once you've converted estimate to invoice and wants to know how to record payments, check out this article for detailed steps: Record Invoice Payments In QuickBooks Online.
Fill me in if you have any questions about estimates or invoices. I'll always be right here to help.
es·ti·mate | \ ˈe-stə-mət \ Definition of estimate (Entry 2 of 2) 1a : a rough or approximate calculation. b : a numerical value obtained from a statistical sample and assigned to a population parameter. 2 : a statement of the cost of work to be done.
Just how does the definition of an estimate, answer my question? I really like to know?
The definition of an estimate is an opinion or a guess of the size, worth or cost of something. An example of an estimate is a list of times and charges that it may cost to complete a construction job. MYiClubOnline
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