Thank you for the steps to create an Estimate! This could possibly be very helpful! Big question: In creating the "estimate", let's say we issue the estimate on 1/1/19 and set the Expiration Date to 12/31/19..... on 1/1/20, what happens to that estimate and do any additional actions need to be taken to be effectively balanced and not have this attributed to accounts receivable in any way? Looking for how this plays out :) Also, let's say we send an "estimate" of $250 but receive a $60 quarterly payment? Can this be done with issuing an invoice for a partial amount and then the remaining estimate will still be there? Again, looking for the actions we need to perform here :) And then there's the reverse scenario: an "estimate" is sent for $250, but $500 is received...do any additional steps need to be taken to complete this "estimate" to "invoice" conversion? THANK YOU THANK YOU THANK YOU in advance for this valuable feedback!!! Cheers and happy accounting!
... View more
Love your simple, no-nonsense explanation of receiving payment vs credit memo :) I'd like to take this one step further by explaining our situation as a non-profit neighborhood security program. While it is not required in our neighborhood, we encourage all households to participate in our off-duty police officer security program. We do this by e-mailing 500+ households every January with an "invoice" for $250, but also offer the ability to pay at different tiers ($350, 500, 750 and 1,000). Our big issue comes at the end of the year when, let's say, 200 households made payments of $240 and up and the other 300 households paid $0. The way we are currently "getting rid of" those 300 unpaid invoices is to apply individual credit memos to all 300; tedious and leaves a lot of room for error. What alternative ways could we "invoice" or request contribution from our neighbors that would make it easier to remove the unpaid invoices at the end of the year (not issuing credit memos)?? Brainstorming is much appreciated! :)
... View more