Some of our clients make irregular payments on money that’s owed, based on statements we issue to them.
Can irregular payments from a client be recorded in “Money In > Someone paid me” without selecting an individual invoice?
for example, €1000 may be owed, but only €500 was transferred. Would it be better to offer this client a credit note instead and if so will this balance up their statements?
Hi Lucky Friday, Ok you’re asking a couple of different things there. So let me answer them in a way I think will make sense to you. Irregular Payments
So you can take as many irregular payments as you like, but there always has to be an invoice (that’s accounts I’m afraid and we’ve built the system so you can sleep at night). There are a couple of ways you can do this. 1) So you have an invoice for €1,000 for ‘Client Frank’. Frank can pay you as infrequently as he wants till that €1,000 Euro is gone. Everytime he pays you just make another say €100 euro payment against that invoice in ‘Money In’ till that €1,000 is reached and the invoice is marked as paid. 2) So say you do casual work for Frank the Client and then invoice him after. He gives you €100 at the start of the job. When you go to Money In and enter €100, Bullet will ask you to create an invoice for this (that’s because it’s the law if you don’t do that, you’ll fail and audit). Credit Note
So credit notes are the correct way of nulling or reducing an invoices. So you can change estimates all you like, their just estimates. Then you issue an invoice it’s a bit different more concrete. Say Frank the client and yourself agree an Invoice of €1,000, you send the invoice but Frank only pays you €500 and that’s all he’s going to pay you. Then you’ve to issue Frank a credit note of €500. That’s really easy to do, simply go to the invoice and click Credit Note, on the right hand side. Bullet will create a credit note for the remainder of the invoice €500 and do all the crazy accounting and VAT stuff in the background so your books balance and you can sleep at night. You can also create a credit note for overpayment. Say Frank pays you €1,100 that’s €100 more than you invoiced for. Simply click the invoice, and on the right hand side click, Credit Note and set the value to €100. Hope that answers your questions Luck Friday, thanks for sharing it with the community
Fridayluck's coffee intake was low this morning when this was posted.
I've spotted you can enter any amount of payment to the "How Much Did They Pay?" input area and mark it off more than one invoice.
This works and I can now build up an accurate and up-to-date statement for these clients.
Cheers!
Glad that helps. You'll probably need a coffee after reading all that accounting lingo.
Tks Pete
When adding irregular payments against say 10 overdue invoices, I was selecting the oldest invoice first and then the 2nd oldest for the payment to cover.
For some reason however, the system would mark the 2nd oldest as fully paid but only partially pay off the oldest invoice.Our invoice numbers are in order numerically, so I'm not sure why the newest one is chosen over the oldest one?
The result means an older invoice's payment does not get written off until another irregular payment is made.
Hope this makes sense?
Tks for the heads up
Pete