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Adding payment to draft invoice
I create my invoices on the 1st of each month which initially show a retainer due. I then add items throughout the month for extra work I do. At the end of each month I change the invoice date to 30th. I can then mark the invoice as sent and can then add a payment in respect of the retainer receievd on the 1st leaving a residual amount owing on the invoice.
The downside to this is that I can only add the payment at the end of the month once I have marked it as sent. It would be easier for me if I could add a payment receievd to a draft invoice and reconcile my bank account throughout the month.
The downside to this is that I can only add the payment at the end of the month once I have marked it as sent. It would be easier for me if I could add a payment receievd to a draft invoice and reconcile my bank account throughout the month.
I’m hopeful
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Inappropriate?That's tricky to do from an accounting point of view with the way FreeAgent currently works.
But we may well add a 'Deposits and Retainers' account for each client (which you would explain your first retainer against) and which you could apply as a special kind of invoice item...
Does that sound like it would fit the bill (so to speak)?
It would also work for client overpayments and applying them against the next invoice, which some users are asking about... -
Inappropriate?being able to have a 'credit' position in the system for a client would be great. I used this in another system for this purpose and it worked well. basically, I get lots of retainers coming in on the 1st of each month and I want to reconcile them in the bank statement. I then want to be able to allocate them as part payment of invoices prepared at the end of each month (as I described above).
Your Deposits & Retainers idea would work a treat. Released on Monday then......
I’m excited
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Inappropriate?Retainers would be good. I've worked on several projects where the client has paid for our services in advance, and it would be nice to log that down as a payment somewhere in FreeAgent.
I’m happy
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