Progress Invoicing from an estimate in QuickBooks Online

Further to questions raised following my video on progress invoicing from estimates I created another video to further explore partial invoicing by percentage, and running a report to show the amount that has been invoiced to date, and of course, also the amount of the estimate remaining to be invoiced

I do love getting your questions, and if there is anything further you would like to know, please don’t hesitate to reach out!

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Transcript:

Hi, Kerry here from My Cloud Bookkeeping. It’s been a while since I’ve had a video for you, I went through a rebrand as you may have noticed. I guess I was just busy with people reaching out, needing some help to get their numbers in order for tax time, but I’m back! The first video I’d like to do is to address Michael and Tommy’s questions regarding progress invoicing from estimates. Thank you so much for asking some questions. So we’re going to go to the sample company. I’m going to address those questions for you today.

Okay, so here we are. We have our estimate which was for $10,000, and 10% of it has already been billed, that’s what you gave for your example. So let’s have a look at what happens when we do create an invoice. So when you select, create invoice, you’re correct we only get to choose the percentage on the line that’s already there. So if you want to do 25% of the remaining which would be 25% of 90%–I’m guessing–let’s just have a look at that. So we go 0.25 times 0.9, what’s that – 0.225; let’s look and see what happens there. Let me type that, create the invoice, we have our invoice, so let’s see, that’s 2250, which is 25% of the remaining. Is that going to help you at all? I’m not too sure. We’ll say–we save this one; let’s save and close it.

Now, if you wanted to do up to 65% of the total, let’s have a look at that one. Open to the estimate here; we’re going to have to do math again. I think you’re right, Michael; I think that is what’s necessary. So 65% of the total 6500, we’ve got 67 50 remaining up to–so let’s go for the invoice again, custom amount for each line is—if that’s going to help us? Really, we only have the one line, let’s see what happens here. 500—save and close– doesn’t seem to make sense, it seems now that we’ve billed too much. So we’ve got our original invoice for 10,000, then we’ve initially invoice to 10%, followed up with 25% of the remaining, but I do have to calculate the percentage for that and then up to 65% of the total.

But what I don’t like about this is lets open that estimate again and see what happened. $250 remaining, I don’t think that’s quite what you had in mind, is it Michael? Am I helping you here or is this just making it worse? I guess that basically, the options are either a percentage or dollars– if you don’t, or everything that’s remaining, and if you don’t want a situation where you’re having to calculate the dollars, you’d be calculating the percentage, let me know if that helps at all.

I’m sorry for anyone else who’s watching this and has no idea what I’m talking about. Now, in order to see what’s being estimated versus what has been billed, we can see here on the individual–let me see what reports I can run so that we can see that as well. So I run the estimates and progress invoicing summary by customer which I got from going to the reports here, and we can see from the example that I’ve just been working on the Dukes Basketball Camp, the amount of the estimate was $10,000, but invoiced $9,750 which is those invoices that I just created. Send each invoice to the balance due, so at least that looks like a helpful piece of information. Have a look at the other I’m pretty sure you probably already played with that but I hope that’s everything.