What's the Best way to Cancel an Invoice?


M

Mr. B

Without going into the details as to 'why', I've an invoice which I sent out
over a month ago. It will not be paid out to me (not a large amount if anyone
is interested).

So other than simply 'deleting' the Invoice (or setting it to Zero amount, is
there some other better method to use to cancel it?

I guess a better question is IF I should keep it for 'historic' purposes or
just blow it away?

Any thoughts appreciated!

BruceF
 
Ad

Advertisements

H

HeyBub

Mr. B said:
Without going into the details as to 'why', I've an invoice which I
sent out over a month ago. It will not be paid out to me (not a
large amount if anyone is interested).

So other than simply 'deleting' the Invoice (or setting it to Zero
amount, is there some other better method to use to cancel it?

I guess a better question is IF I should keep it for 'historic'
purposes or just blow it away?

Any thoughts appreciated!

BruceF
You can't "delete" an invoice; invoices are like herpes or Marines. You can,
however, "Void" one.
 
M

Mr. B

HeyBub said:
You can't "delete" an invoice; invoices are like herpes or Marines. You can,
however, "Void" one.
Well silly me... didn't see the Void option in the Pull down (smack smack).

Thanks!

BruceF
 
L

Laura

You could also issue a credit memo against this invoice. Put a note in the
body of the cm indicating that the original invoice will not be paid.
 
A

Arno Martens

You could also issue a credit memo against this invoice. Put a note in the
body of the cm indicating that the original invoice will not be paid.
How do you then get rid of the "unpaid" invoice and "unapplied" credit
memo unless you can tick them off when another transaction is conducted
with the same customer?
 
L

Laura

Arno Martens said:
How do you then get rid of the "unpaid" invoice and "unapplied" credit
memo unless you can tick them off when another transaction is conducted
with the same customer?
When you create the Credit memo you *should* be prompted to deal with the
available credit: Retain as an available credit, Give a refund or Apply to
an invoice. In this case the third option is the correct answer. Another box
will appear prompting you to apply the CM you just created to an invoice.
Check off the invoice you want to clear and click done.

If that does not work then go into Receive Payments for that customer and
select the original invoice plus apply the credit memo to net to zero
payment.

The end result to your books is the same as a void BUT if the original
transaction was in a prior period then using void changes the financials of
the prior period because it merely zeros out the existing invoice. Plus
there is no audit trail. Using a CM is really the proper way of getting rid
of the invoice. Plus if you need to write it off as bad debt then using the
CM routine is the best way of doing that.
 
Ad

Advertisements

L

Laura

HeyBub said:
You can't "delete" an invoice; invoices are like herpes or Marines. You
can, however, "Void" one.
You CAN delete an invoice in QB but it is not recommended by many
accountants since you lose the audit trail. A void or a credit memo is a
better way of handling the transaction.
 
M

Mr. B

Laura said:
You CAN delete an invoice in QB but it is not recommended by many
accountants since you lose the audit trail. A void or a credit memo is a
better way of handling the transaction.
Thanks (and for your other messages).

I can design electrical systems and draft like heck... but accounting is still
a growing pain for me :)

BruceF
 
A

Arno Martens

When you create the Credit memo you *should* be prompted to deal with the
available credit: Retain as an available credit, Give a refund or Apply to
an invoice. In this case the third option is the correct answer. Another box
will appear prompting you to apply the CM you just created to an invoice.
Check off the invoice you want to clear and click done.

If that does not work then go into Receive Payments for that customer and
select the original invoice plus apply the credit memo to net to zero
payment.

The end result to your books is the same as a void BUT if the original
transaction was in a prior period then using void changes the financials of
the prior period because it merely zeros out the existing invoice. Plus
there is no audit trail. Using a CM is really the proper way of getting rid
of the invoice. Plus if you need to write it off as bad debt then using the
CM routine is the best way of doing that.
Thanks.
I looked it up and last time I issued a CM I was using QBfW 2.0.
It did over inflate the sales for the period.
I remembered that I only got it out of the reports about a year later
when the customer made another purchase and I check marked them.
 
G

Gary E

Another way is to make that invoice Pending, which would put it into a
nonposting account, but not lose all the data you have input into the
invoice.

Gary
 
J

John Pippy

In the Canadian Version of Quickbooks there is an option to delete invoice.
Not sure of the US Version\
 
Ad

Advertisements

F

foldem

John Pippy said:
In the Canadian Version of Quickbooks there is an option to delete invoice.
Not sure of the US Version\
You can delete it from the edit menu, once it's on-screen. If you have
inventory items involved, you may want to handle the problem
differently.

Best,

Peter
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top