cancel
Showing results for 
Search instead for 
Did you mean: 
ANGLRN8TN
Level 2

I host outdoor events and need to invoice sponsorships that require a 3 year commitment. Should I do it in one invoice and make it due in 3 years ?

 
Solved
Best answer August 01, 2020

Best Answers
Angelyn_T
QuickBooks Team

I host outdoor events and need to invoice sponsorships that require a 3 year commitment. Should I do it in one invoice and make it due in 3 years ?

Hello, @ANGLRN8TN.

 

 You can record the transaction depending on how you want to allocate the sales tax or sales for reporting. If you wanted to show it every month, then you can create a recurring invoice scheduled each month. If you wish a lump-sum sales in a year, then create an invoice for a year or 3 years.

 

Here's how to create a recurring invoice:

 

  1. Select Make recurring beside the Print or Preview and Customize button on the Invoice page.
  2. Fill in the necessary details on the Recurring invoice window, then tap on Save template.

However, I would suggest consulting with an accountant to be more accurate especially for tax advice on how this will be reported to the state tax agency.

 

To learn more about recurring invoices and managing recurring transactions, check out this article.

 

We also have the progress invoicing feature that lets you split an estimate into as many invoices as you need. If you want to use this when recording your transactions, you can open this link for your reference.

 

Add a comment below if you have any other QuickBooks questions. I'm always here to answer and help you out. Keep safe!

View solution in original post

2 Comments
Angelyn_T
QuickBooks Team

I host outdoor events and need to invoice sponsorships that require a 3 year commitment. Should I do it in one invoice and make it due in 3 years ?

Hello, @ANGLRN8TN.

 

 You can record the transaction depending on how you want to allocate the sales tax or sales for reporting. If you wanted to show it every month, then you can create a recurring invoice scheduled each month. If you wish a lump-sum sales in a year, then create an invoice for a year or 3 years.

 

Here's how to create a recurring invoice:

 

  1. Select Make recurring beside the Print or Preview and Customize button on the Invoice page.
  2. Fill in the necessary details on the Recurring invoice window, then tap on Save template.

However, I would suggest consulting with an accountant to be more accurate especially for tax advice on how this will be reported to the state tax agency.

 

To learn more about recurring invoices and managing recurring transactions, check out this article.

 

We also have the progress invoicing feature that lets you split an estimate into as many invoices as you need. If you want to use this when recording your transactions, you can open this link for your reference.

 

Add a comment below if you have any other QuickBooks questions. I'm always here to answer and help you out. Keep safe!

View solution in original post

ANGLRN8TN
Level 2

I host outdoor events and need to invoice sponsorships that require a 3 year commitment. Should I do it in one invoice and make it due in 3 years ?

Very well written and thank you for the quick answer...

 

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up