For example, if we sell QTY=3 and need to bill the 40%, out customer gets an deposit invoice for QTY=1.2, not acceptable either. The other solution they proposed was using the "next bill" function in the sales order. It looks like it could work, but if we have 5 items on the sales order and then do as they suggest and invoice for a service item at the 40%, wouldn't that mess up our reporting on the 5 items on the sales order that never get invoiced? And does that SO just sit there forever not being invoice? Netsuite team then proposed charge based billing, but it seems like they don't even fully understand it themselves to explain it, we've had some seriously cringy walkthroughs with them fumbling about. Let's say we are selling 100 of an item, they were saying I should fulfil 40 of them and invoice it. They first proposed fulfilling the sales order at 40%/.4 but this would throw off our inventory as we often need to bill this deposit months before the equipment ships. Our main project to cash person admitted she doesn't usually work with distributors and is more used to service clients. Now we are implementing part numbers for everything we sell in order to get proper sales tracking, etc. In sage it was really easy since we didn't have part #'s for much of anything and Sage just lets you invoice anything you want. We do progress billing in these situations which is typically 40% deposit, 40% due before equipment ships, 20% due net 30 after project completion. We are mainly a distributor but we also do larger projects which are in the high 6 figures and can last 6 months to a year. Our implementation team (Netsuite ugh) is really stuck on the way we do our billing. WorkSpace users often provide their clients a detailed invoice for the current installment as well as the Progress Bill.We are in the midst of switching from Sage 100 to Netsuite. Once you’ve added an invoice, the totals at the bottom of the Progress Bill will update to show the client how much they’re being billed for this installment as well as the amount remaining on the engagement. The second way you can add an invoice to is to open the Progress Bill itself and click the + button in the bottom right-hand corner of the Progress Bill window and select from the list of available invoices. After selecting the appropriate Progress Bill to add the invoice to, your update Progress Bill will open, showing the invoice as a line item. The first is to right click on a highlighted invoice in the Billing Tab>Invoice view and select Add to Progress Bill>Existing Progress Bill from the context menu. Once your first $3,000 invoice has been created, (see Creating an Invoice ) you can add the invoice to your progress bill in one of two ways. At this point, you’re done until it’s time to invoice the client for the first installment. Your new Progress Bill will open and should be empty except for the “$9,000” showing in the Total Progress Billing and Remaining Progress Billing in the bottom left-hand corner. In the Add a New Progress Bill window, enter the description of the engagement (“ABC Co 3 Month Audit”), the total amount of the engagement ($9,000), and you can associate an active Project if one exists for this engagement. To create a Progress Bill to manage this engagement, navigate to the Billing Tab > Invoices view and click the Progress Bill button in the tool bar, then select Add Progress Bill from the context menu. ABC Company has agreed to pay in $3,000 monthly installments. The job will take approximately three months and cost a total of $9,000. Let’s say we’re engaged with ABC Company to do an audit. The best way to think of them is as a specialized billing statement for large engagements that will be billed incrementally until completion. Progress Bills are not invoices in and of themselves because they do not count towards A/R. In WorkSpace, a Progress Bill is a way of organizing and managing multiple invoices that relate to single project or deliverable. The term “progress billing” has different connotations depending on the firm using it.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |