Invoicing an indeterminate amount...

Posted by bluecrane on August 31, 2006, 11:22 am

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Greetings,
We've just recently acquired a business and I want to use Quickbooks
2006 to run it. In our business we rent out mailboxes to the public.
New box rentals seem to be fairly straight forward in that I have an
Income account for Mailbox Rentals and create a Sales Receipt at the
time of the rental for the amount and duration that they desire:
quarterly, semi-annual or annual rental.

Where I need help is after their initial rental period has expired and
I am requesting payment for a new, indeterminate period. My guess is
that I will use QB's invoicing to accomplish this, however I don't
know what time period that the rental will want to renew for
(quarterly, semi-annual or annual). How do I do this not knowing what
amount to invoice? How do I handle the payment coming in when the
renter renews?

TIA,
-Troy

Posted by Joanne on August 31, 2006, 11:49 am

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> Greetings,

> We've just recently acquired a business and I want to use Quickbooks

> 2006 to run it. In our business we rent out mailboxes to the public.

> New box rentals seem to be fairly straight forward in that I have an

> Income account for Mailbox Rentals and create a Sales Receipt at the

> time of the rental for the amount and duration that they desire:

> quarterly, semi-annual or annual rental.

> Where I need help is after their initial rental period has expired and

> I am requesting payment for a new, indeterminate period. My guess is

> that I will use QB's invoicing to accomplish this, however I don't

> know what time period that the rental will want to renew for

> (quarterly, semi-annual or annual). How do I do this not knowing what

> amount to invoice? How do I handle the payment coming in when the

> renter renews?

> TIA,

> -Troy

I think what I would do is set up a reminder for the renewal invoice at the
time the initial invoice is created. I would make a presumption using the
same rental period. I would also note the longer rental period price levels
in the "memo."

When the customer pays, you will know if the invoice needs to be corrected
to a different amount/period at which time I would create the new reminder.

Unless a customer has multiple rentals, it should be pretty easy to review
your "Open Invoices" report to see if you have any invoices which have been
overlooked for correction.

--
Sincerely,
Joanne

If it's right for you, then it's right, . . . . . for you!!!

http://www.jobird.com

Posted by Leo Navoichick on August 31, 2006, 11:54 am

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> Greetings,

> We've just recently acquired a business and I want to use Quickbooks

> 2006 to run it. In our business we rent out mailboxes to the

> public.

> New box rentals seem to be fairly straight forward in that I have an

> Income account for Mailbox Rentals and create a Sales Receipt at the

> time of the rental for the amount and duration that they desire:

> quarterly, semi-annual or annual rental.

> Where I need help is after their initial rental period has expired

> and

> I am requesting payment for a new, indeterminate period. My guess

> is

> that I will use QB's invoicing to accomplish this, however I don't

> know what time period that the rental will want to renew for

> (quarterly, semi-annual or annual). How do I do this not knowing

> what

> amount to invoice? How do I handle the payment coming in when the

> renter renews?

> TIA,

> -Troy

My guess would be invoice them for the shortest period. But also
include something (a note; perhaps as an item with no cost so that you
don't have to retype it every time) on the invoice with the other
options available, if they send back one of the larger amounts just
change the invoice OR generate a new one with the difference between
original amount invoiced and whatever the amount they actually paid
was.

HTH

--
Leo

Posted by scfundogs on August 31, 2006, 12:13 pm

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> Greetings,

> We've just recently acquired a business and I want to use Quickbooks

> 2006 to run it. In our business we rent out mailboxes to the public.

> New box rentals seem to be fairly straight forward in that I have an

> Income account for Mailbox Rentals and create a Sales Receipt at the

> time of the rental for the amount and duration that they desire:

> quarterly, semi-annual or annual rental.

> Where I need help is after their initial rental period has expired and

> I am requesting payment for a new, indeterminate period. My guess is

> that I will use QB's invoicing to accomplish this, however I don't

> know what time period that the rental will want to renew for

> (quarterly, semi-annual or annual). How do I do this not knowing what

> amount to invoice? How do I handle the payment coming in when the

> renter renews?

To add yet another option, I'd consider creating a form letter in Word or
another program that tells the customer its time to renew and offers the
different renewal options with a check box for them to select the term they
want and submit payment for that amount.

You receive the letter & payment, use a Sales Receipt to record the payment,
file the form.

--
Tara

Posted by Ken on September 6, 2006, 4:10 am

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There is a pending invoice option which may help. The invoice is
generated but is not posted until one finalises it. The tax
implications of invoicing may be the driving consideration in what you
decide to do.

Ken

bluecrane wrote:

> Greetings,

> We've just recently acquired a business and I want to use Quickbooks

> 2006 to run it. In our business we rent out mailboxes to the public.

> New box rentals seem to be fairly straight forward in that I have an

> Income account for Mailbox Rentals and create a Sales Receipt at the

> time of the rental for the amount and duration that they desire:

> quarterly, semi-annual or annual rental.

> Where I need help is after their initial rental period has expired and

> I am requesting payment for a new, indeterminate period. My guess is

> that I will use QB's invoicing to accomplish this, however I don't

> know what time period that the rental will want to renew for

> (quarterly, semi-annual or annual). How do I do this not knowing what

> amount to invoice? How do I handle the payment coming in when the

> renter renews?

> TIA,

> -Troy