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Suggest You - Can I Show a Past Due Amount on a Current Invoice in QuickBooks?
Have you ever wondered how multi-national companies like McDonalds, Coca-cola, Microsoft, Apple, Intel, Motorola, Sony and UPS came up with their names? Just think, if these companies have some lame or forgettable brand name, would they be as big as they are now? E
Always record what actually happened. Don’t record what should have happened, what you wish had happened, or what would have happened if somebody else had done something differently. Record what actually happened, even if it was th
There is a scene in a movie called “Facing the Giants” where the coach of a small high school has to inspire a team that hasn’t performed well and is used to failure. When the quarterback of the team indicates he doesn’t think they can win Friday’s game the coach p
Can I show an amount from an old invoice on a current invoice?
Yes, you can. There is a rather complex work-around I developed, that transfers the balance from an old invoice to a new one. It does so by zeroing out the amount from the older invoice.
However, this is not a good practice. Because it's not a good practice, I'm not going to show you how to do it.
Here are two reasons why it's not a good practice:
1. It creates bad PR for your business. You have already sent your customer the old invoice. On their books, they show that invoice for the amount due. That invoice also has the detail of the sale.
If you send a new invoice, with the amount from the new invoice, plus the amount from the old invoice, it will double the amount due from the old invoice in your customer's records. Plus, it won't show the detail from the old invoice.
Clearly, it's not a good idea to deliberately invoice a customer twice for the same sale. Not a good way to promote your business. It also gives the impression that you don't know what you are doing.
2. It's not accurate. Since it zeros out the amount from the older invoice, the work-around is not accurate. There really is an amount due from the older invoice, and zeroing it out changes that. My very first accounting teacher taught me:
Always record what actually happened. Don’t record what should have happened, what you wish had happened, or what would have happened if somebody else had done something differently. Record what actually happened, even if it was the
Big business understands the leverage and reach available through Joint Ventures. H&R Block Inc. and 7-Eleven Inc. signed a three-year agreement Wednesday that enables Block customers to cash refund loan checks at 1,100 7-Eleven stores in the United States. Don’t c
However, this is not a good practice. Because it's not a good practice, I'm not going to show you how to do it.
Here are two reasons why it's not a good practice:
1. It creates bad PR for your business. You have already sent your customer the old invoice. On their books, they show that invoice for the amount due. That invoice also has the detail of the sale.
If you send a new invoice, with the amount from the new invoice, plus the amount from the old invoice, it will double the amount due from the old invoice in your customer's records. Plus, it won't show the detail from the old invoice.
Clearly, it's not a good idea to deliberately invoice a customer twice for the same sale. Not a good way to promote your business. It also gives the impression that you don't know what you are doing.
2. It's not accurate. Since it zeros out the amount from the older invoice, the work-around is not accurate. There really is an amount due from the older invoice, and zeroing it out changes that. My very first accounting teacher taught me:
Always record what actually happened. Don’t record what should have happened, what you wish had happened, or what would have happened if somebody else had done something differently. Record what actually happened, even if it was th
Knowing your NICHE MARKET and where to find your NICHE is more important than the product you sell.Most Netpreneurs take a narrow view of NICHE MARKETING as a limitation on their business, when in fact it is the POWER that provides longevity to their busines
If you send a new invoice, with the amount from the new invoice, plus the amount from the old invoice, it will double the amount due from the old invoice in your customer's records. Plus, it won't show the detail from the old invoice.
Clearly, it's not a good idea to deliberately invoice a customer twice for the same sale. Not a good way to promote your business. It also gives the impression that you don't know what you are doing.
2. It's not accurate. Since it zeros out the amount from the older invoice, the work-around is not accurate. There really is an amount due from the older invoice, and zeroing it out changes that. My very first accounting teacher taught me:
Always record what actually happened. Don’t record what should have happened, what you wish had happened, or what would have happened if somebody else had done something differently. Record what actually happened, even if it was th
And I am not talking about the actual time and cost of getting your employees paid, but all those costs often not considered when providing a customer an estimate or proposal or not included in budgets and financial planning.The cost burden of payroll includ
2. It's not accurate. Since it zeros out the amount from the older invoice, the work-around is not accurate. There really is an amount due from the older invoice, and zeroing it out changes that. My very first accounting teacher taught me:
Always record what actually happened. Don’t record what should have happened, what you wish had happened, or what would have happened if somebody else had done something differently. Record what actually happened, even if it was th
The first thing to establish while starting a business is its legal structure and the kind of business entity it is going to be. Many people unfortunately do not know that there are numerous benefits to incorporating and fail to do so as they are daunted by many fa
Always record what actually happened. Don’t record what should have happened, what you wish had happened, or what would have happened if somebody else had done something differently. Record what actually happened, even if it was the wrong thing that happened.
Since zeroing out the amount from the older invoice does not represent what actually happened, it’s not a good idea to do so.
What To Do Instead: Instead of showing a past due amount from an old invoice on a current invoice, generate a statement. This will show all invoices, with their individual amounts due, and will total them at the bottom. It's more accurate, plus it's easier than the work-around.
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