Multiple due dates on one invoice


W

Will Fleenor

I know how to add the due date field to an invoice. However, my invoices
are for condo rentals. 30% is due within 14 days of booking and the balance
70% is due 30 days prior to arrival. I certainly do not mind calculating
the dates manually and typing them in. The objective is not billing but the
accounts receivable aging report. Some rentals are innitiated a full year
before they occur. If I show the entire amount as due within 14 days then
the 70% that is due 30 days out will show up as overdue for almost a year
when it really is not. If I make the due date the 30 days out then the
initial deposit that is required will never show up as overdue.
Thanks, Will
 
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A

Allan Martin

Will Fleenor said:
I know how to add the due date field to an invoice. However, my invoices
are for condo rentals. 30% is due within 14 days of booking and the
balance 70% is due 30 days prior to arrival. I certainly do not mind
calculating the dates manually and typing them in. The objective is not
billing but the accounts receivable aging report. Some rentals are
innitiated a full year before they occur. If I show the entire amount as
due within 14 days then the 70% that is due 30 days out will show up as
overdue for almost a year when it really is not. If I make the due date
the 30 days out then the initial deposit that is required will never show
up as overdue.
Thanks, Will

QB does not support multiple payment terms.
 
E

elw00d

Allan Martin said:
Bad idea.
It's not ideal but, you have any other ideas? It would be really nice if
QuickBooks handled installment payments.




-Elw00de
 
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A

Allan Martin

elw00d said:
It's not ideal but, you have any other ideas? It would be really nice if
QuickBooks handled installment payments.
Create two or more invoices in QB.
 
E

elw00d

Doesn't progress invoicing essentially do that by allowing you to convert
over parts of an estimate into individual and yet related invoices that
represent parts of the whole estimate?




-Elw00de
 
A

Allan Martin

elw00d said:
Doesn't progress invoicing essentially do that by allowing you to convert
over parts of an estimate into individual and yet related invoices that
represent parts of the whole estimate?
Does not follow the principle tenant of life, keep it simple stupid (KISS).
 
?

!-!

Yup, just love the principles of stupid tenants, and the principal
tenets of simple landlords.
 
L

L

elw00d said:
Doesn't progress invoicing essentially do that by allowing you to convert
over parts of an estimate into individual and yet related invoices that
represent parts of the whole estimate?
Sigh...

It's not an estimate.

It's an invoice.

Why on god's good green earth would you want to take the process of entering
two invoices (which is really what the OP should be doing.. as he has two
separate billable charges, the deposit and the balance of the rental) and
change that process into creating an estimate for each customer and THEN
separately creating two progress invoices? What purpose would it serve to
add an extra layer to the process?

There are a number of ways the OP could proceed. KISS method says make two
invoices at the time of the rental -- but if the OP is renting out more than
a year in advance that may not be his BEST option. However, considering he
is currently sending a single invoice for the whole shebang, perhaps he has
a company that uses cash basis accounting. In any case, two invoices will
record the sale date the same as he does currently, and the due dates can
also be properly assigned.
 
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E

elw00d

Ok, so my thoughts on this are as follows:

Let me admit a few biases: 1. I like things that are tied together -
progress invoicing accomplishes this. 2. I like something to represent the
entire sale like, ...an "estimate" for example. RE: the 'extra layer' of
work ... *really* it's not that much extra work. Are we talking about 2
line items here?

If you started off with an estimate, depending on what line items you
actually put on it, you could easily create an invoice for either the
prepayment line item or just for the first 30% of the "estimate" and set the
term on it, and 'save and new' and then easily create the 2nd invoice for
the remaining line item -or- the remaining 70% from the same estimate, on
the same date and then 'save and close'.

I like KISS. Not only is it a good approach to bookkeeping and life, they
were also a pretty good rock band, with or without makeup.
Does that make any sense or did I just fall out of the crazy tree and hit
every branch on the way down?




-Elw00de
 
A

Allan Martin

elw00d said:
Ok, so my thoughts on this are as follows:

Let me admit a few biases: 1. I like things that are tied together -
progress invoicing accomplishes this. 2. I like something to represent
the entire sale like, ...an "estimate" for example. RE: the 'extra layer'
of work ... *really* it's not that much extra work. Are we talking about
2 line items here?

If you started off with an estimate, depending on what line items you
actually put on it, you could easily create an invoice for either the
prepayment line item or just for the first 30% of the "estimate" and set
the term on it, and 'save and new' and then easily create the 2nd invoice
for the remaining line item -or- the remaining 70% from the same estimate,
on the same date and then 'save and close'.

I like KISS. Not only is it a good approach to bookkeeping and life, they
were also a pretty good rock band, with or without makeup.
Does that make any sense or did I just fall out of the crazy tree and hit
every branch on the way down?

At least you didn't hurt yourself in the fall. Creating two invoices one
numbered for example: 100A and the other 100B accomplishes the same thing
and does not disturb the laws of KISS.
 
E

elw00d

Allan Martin said:
At least you didn't hurt yourself in the fall. Creating two invoices one
numbered for example: 100A and the other 100B accomplishes the same thing
and does not disturb the laws of KISS.
Ok, fair enough. Numbering schemes for the invoices are ok and you can find
them via FIND or at least it's readily apparent on a quickreport what
belongs to what -but- I've seen a lot of people screw it up. I still
believe that creating 2 seperate invoices is still more of a pain than
creating a single estimate and then having it auto create invoice # 1 & 2.
My preference is still to start with an estimate and then 'progress' the 2
seperate invoices from that, for the reasons I outlined in my previous post.

Easier? Harder? I don't know ...I give. Try both methods and see which
one makes your life easier a few months down the road. That's my last 2
cents on it.




-Elw00de
 
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A

Allan Martin

elw00d said:
Ok, fair enough. Numbering schemes for the invoices are ok and you can
find
them via FIND or at least it's readily apparent on a quickreport what
belongs to what -but- I've seen a lot of people screw it up. I still
believe that creating 2 seperate invoices is still more of a pain than
creating a single estimate and then having it auto create invoice # 1 & 2.
My preference is still to start with an estimate and then 'progress' the 2
seperate invoices from that, for the reasons I outlined in my previous
post.

Easier? Harder? I don't know ...I give. Try both methods and see which
one makes your life easier a few months down the road. That's my last 2
cents on it.

There really is no right or wrong here. It boils down to a matter of
individual preference. The real problem I have seen is that once a business
procedure is implimented it usually stays implimented even when a better
method comes along or the reason for its use is no longer required. Hell I
have seen lenthly manual reports being created on a weekly basis even
thought the only person that ever read the report had retired from the
businees years ago.
 

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