Balancing and Closing Out Projects

To mark any project as Complete, the Project Total, Invoice Total and Payments totals at the top of the project screen need to be equal. 

There are a variety of things that can happen on a project that can make it out of balance. Sometimes you are just missing entering an invoice or payment. Below are some other situations that may occur and how to correct them so you can mark the complete and close it out.

Full or Partial Refund

To issue a full or partial refund on a fully paid projects:

1.) Add a minus line item to reflect the Credit/Refund amount.
2.) Create an Invoice with the type set to Credit and enter minus the refund amount.
3.) Create a Payment and enter minus the refund amount and enter REFUND in the reference field.

 

Crediting For An Amount Invoiced, But Not Yet Paid

You can give a customer a Credit for an amount that has not been paid by:


1.) Add a minus line item for the Credit amount the customer is not going to pay.
2.) Create an Invoice with the type set to Credit and enter minus the Credit amount.
3.) Verify that the Project, Invoices and
4.) You should now be able to Complete the Project. When you Complete it, all the Invoices will be marked as closed.

 

Balancing an Overpaid Project

If a customer has overpaid an invoice and you will not be refunding them the overpaid amount, you can balance out the project by:


1.) Create a new line item and give it the amount that was overpaid (You can add details as to what this is for in the description for your reference).
2.) Add an invoice for the exact amount that was overpaid (This should match the amount in the line item in step #1).
3.) You should now be able to Complete the Project. When you Complete it, all the Invoices will be marked as closed.

 

Writing off part of a project that hasn't been invoiced

If a project has not been invoiced and you want to close it simply Cancel the project. To cancel a project:


1.) Select More>Cancel Project from the Actions row of the project.

 If needed, you can reactivate a project using the More>Reactivate Project from the Actions row of the project.

 

Writing off part of a project that has been invoiced

If a project has been partially invoiced and you are not going to invoice the balance you need to reduce the project total to match the amount invoiced:


1.) Add a line item with a negative dollar amount equal to the current project total minus the amount invoiced that has been paid or is expected to be paid. That should set the Project Total equal to the Invoiced Total. 

2.) Once the invoice is paid the project will be in balance and you should have the option to Complete Project.


Balancing out your Invoices and Payments when an invoice is overpaid

You should always have Invoices that are equal to or greater than payments received. If you do that, the Final invoice will always be for the "amount due".

When an invoice is overpaid, you can increase the total of the original invoice to match the payment amount or you could add an Invoice for the over payment amount. Then the final invoice will automatically be for the "remaining amount".

 

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