In Quickbooks accounting software, there is a very good and advance option for creating invoice of company's sales which is not in other accounting software like Tally.ERP 9. So, we should understand it and use it in our practical work. Its name is progress invoice. First of all understand what is the meaning of progress invoicing.
Meaning of Progress Invoicing
Progress invoicing means to make invoice of part of total sales. If we have estimated that our customer will not pay full amount, we can make progress invoice of our estimated amount. For example, we have done the sales of $ 1000, we have estimated that we will get its 25%. So, we will present $2500 sales invoice to our customer. So, we will show how to make this progress invoice. If next time, we have to estimated of 50% of balance, then progress invoice will show also previous paid amount and current progress invoice show $ 3750 for current payment.
Steps of Making Progress Invoice in Quickbooks
1. Use Edit Menu For Selecting Your Preference of Invoice
Just go to edit menu. In this, you will see preference. In preference, you will see jobs and estimation. Click it and yes to the option "Do you do progress invoicing?"
2. Find Customer
After this, you have to find the customer to whom, you have to take money. You can find it from customer menu.
3. Estimate for Progress Invoice
Manually, estimate the amount which you have to get from your customer out of total amount of sales. Fill it in the radio button of create invoice for a percentage of the entire estimation and ok. It may be 25% or any which you think, your customer will pay.
4. Get Progress Invoice
Meaning of Progress Invoicing
Progress invoicing means to make invoice of part of total sales. If we have estimated that our customer will not pay full amount, we can make progress invoice of our estimated amount. For example, we have done the sales of $ 1000, we have estimated that we will get its 25%. So, we will present $2500 sales invoice to our customer. So, we will show how to make this progress invoice. If next time, we have to estimated of 50% of balance, then progress invoice will show also previous paid amount and current progress invoice show $ 3750 for current payment.
Steps of Making Progress Invoice in Quickbooks
1. Use Edit Menu For Selecting Your Preference of Invoice
Just go to edit menu. In this, you will see preference. In preference, you will see jobs and estimation. Click it and yes to the option "Do you do progress invoicing?"
2. Find Customer
After this, you have to find the customer to whom, you have to take money. You can find it from customer menu.
3. Estimate for Progress Invoice
Manually, estimate the amount which you have to get from your customer out of total amount of sales. Fill it in the radio button of create invoice for a percentage of the entire estimation and ok. It may be 25% or any which you think, your customer will pay.
4. Get Progress Invoice
On this, this basis, your progress invoice will be ready. In 3rd step, you can use third radio button option also. With this, you can estimate the getting amount out of selected quantity sold. For example, you have total sold 10 items for 1000 $. You can get progress invoice of of estimation of 4 items and and its 30% which you will receive.
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