Sales Overview - Part 2
Step 1: Choose the customer whose sale you want to create
Step 2: Enter the amount you want to bill for each activity slip
Step 3: Prepare the time billing invoice
Step 4: Complete the sale
Step 5: Choose what you want to do with the transaction
Before you begin entering time billing invoices into AccountEdge, read the following paragraphs for some helpful information.
In AccountEdge, you can create a time billing invoice the same way you create other sales layouts. However, the way many service-based businesses bill for their time is unlike the way other companies bill for items. The effect of time billing transactions on your records differs from the effect of other sales layouts, such as item sales. The information you enter on item invoices is linked closely with your item records. The information you include on time billing transactions is linked not only with activities, but also with activity slips. Activities are merely the records of the services your company provides. Activity slips are the records of activities your company has actually performed.
The Time Billing Customers window lists the customers who have open activity slips with your company. In AccountEdge, open activity slips, or works in progress, are activity slips for which you haven’t billed the customer in full.
The Prepare Time Billing Invoice window allows you to view all open activity slips for a particular customer, or those for a particular employee or vendor. You also can view activity slips for all jobs or a single job. You can view the billing information on the activity slips in hours and units or as dollar amount.
The Prepare Time Billing Invoice window also allows you to enter and adjust the billing information for activity slips just as you would in the Enter Activity Slips window. As you make changes in the Prepare Time Billing Invoice window, your activity slip records are updated automatically. When you’re finished updating the Prepare Time Billing Invoice window, your sale will appear as an invoice in the Sale window. If you choose, you can record your sale as a quote or an order.
Click below for the step-by-step procedures:
Step 1: Choose the customer whose sale you want to create
Step 2: Enter the amount you want to bill for each activity slip
Step 3: Prepare the time billing invoice
Step 4: Complete the sale
Step 5: Choose what you want to do with the transaction
In AccountEdge, you can track work on retainer in two ways. The first is to create a customer credit for the retainer amount and then apply the outstanding payment to invoices you record for the customers who retain you. The other is to create an order on which you can enter billing information when you’re ready to record it as an invoice. Either method will work well, but they both affect your accounts in a different way. You may want to ask your accountant which method is best for you.
Using this method, you’ll create a customer credit for the customer. When you’re ready to bill the customer for sales activity, you’ll create an invoice and then apply the customer credit to the invoice using the Settle Returns & Credits window.
Use this method of tracking work on retainer if you plan to perform many activities for the customer over an extended period of time.
Please note that when you record a blank invoice to create a customer credit, your default checking account for customer receipts is debited and your accounts receivable account (usually an asset account) is credited.
Using this method, you’ll create an order for the customer. When you’re ready to bill the customer, you’ll convert the order into an invoice.
Use this method of tracking work on retainer if you plan to record the entire retainer amount all at once.
Please note that when you create an order to record the retainer amount, your default checking account for customer receipts is debited and your linked account for customer deposits (usually a liability account) is credited.
Click below for the step-by-step procedures:
To track work on retainer using a customer credit
To track work on retainer using an order
Tracking work on retainer
Keyword: customer deposit
Sales Overview - Part 2