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Reckon/Quickbooks – A better way to invoice monthly work and ad-hoc work

 

images/Red Question Mark.jpgAn interesting question came - We are using accrual accounting and Reckon Online. We charge for several services that are regular and then non-regular each month. The monthly invoice will include a monthly service fee for the month the bill is issued and then another invoice covers charges for specific services performed in the previous month. Clients want all charges to be on 1 invoice but want the charges to show up in the appropriate month. We  send 2 different invoices. One dated with the last day of the previous month and the other with the first of the current month. This allowed reporting to accurately show their income. Is there another way to do this so that we only have to send out 1 invoice per customer?

Answer and ideas - It is interesting to send 2 invoices -  if you record the income for the [previous month] services rendered at the time they are earned but not invoiced, by the time an actual invoice is created and sent, the balance due is already x days old. Why not simply send one invoice at 1st of the month for ALL previous month activity – simply save a memorised Invoice with the monthly item or service, and add item/service line appropriate for the work that is ad-hoc. Invoice  will only be recognised on the accounts when INVOICED, so the way they are invoicing over two or more months will best reflect their income, as generated. This is the way accounting works.

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Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
Accounting Software Australia, MYOB, Quickbooks, accounts software, bookkeeping software
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