Deposit Invoice

Steven Scop's Avatar

Steven Scop

10 Feb, 2016 08:04 PM

Hi,

Quick question about how deposit invoices works. I am a little confused.

I am getting a 50% deposit ($2500) to start a project and will get the other 50% when its completed. Do I just create a deposit invoice for $2500 and collect payment and then create another deposit invoice of the balance when its done? Or do I create a new invoice for the final payment and somehow apply the deposit invoice to the final invoice?

Thanks!

  1. Support Staff 1 Posted by Seth B on 10 Feb, 2016 08:28 PM

    Seth B's Avatar

    Hi Steven,

    1 - Create a deposit invoice (for future work)
    2 - Collect payment for that deposit invoice
      - then apply it (this will happen automatically if your client pays online)
    3 - Do the work
    4 - Create a “real invoice” when the work is done for the full amount.
    5 - The system will recognize you have an “outstanding credit” after saving the real invoice…
      - apply it (there’s a conspicuous button and huge banner when you view invoices with outstanding credits pending)
    6 - Send the real invoice to your client, collect the remaining 50%

    You never apply invoices to other invoices. You always issue a invoice, and collect payment. The only difference between “deposit” and “real” invoices are that payments applied to deposit invoices are available to be applied to real invoices. Deposit invoices are simply a tool to facilitate record keeping and payment gathering from clients before actual work has been completed.

    Make more sense?

    Best regards,

    - Seth

Reply to this discussion

Internal reply

Formatting help / Preview (switch to plain text) No formatting (switch to Markdown)

Attaching KB article:

»

Attached Files

You can attach files up to 10MB

If you don't have an account yet, we need to confirm you're human and not a machine trying to post spam.

Keyboard shortcuts

Generic

? Show this help
ESC Blurs the current field

Comment Form

r Focus the comment reply box
^ + ↩ Submit the comment

You can use Command ⌘ instead of Control ^ on Mac