We have updated Estimate Rocket to improve the way we create and report on invoices.
When the “Mark Invoice as Sent” (“Complete Invoice” for new and standard users) action is performed an invoice record will be created automatically if there is an uninvoiced project balance. This invoice record will be named “Final Invoice” and can be found in the Invoices section of the project.
When creating an invoice you can now specify the subtotal and tax amount.
When the payments added to an invoice are equal to the invoice total, the invoice will be marked paid and closed.
Credit invoices can be created by creating an invoice with a negative balance. The only case where you would want to create a credit invoice is if you need to reduce the total of an existing invoice but don’t want to edit the existing invoice. See the Credits section of this page for the recommended way to handle credits.
An invoice with a negative balance will automatically be marked closed, so it won’t show up on the open invoice report.
Any invoice records that were created before this update on projects with sales tax had the sales tax distributed proportionally across all project invoices.
An invoice record named Final Invoice was created for every invoiced project for the remaining uninvoiced subtotal, tax, or total.
Completing a Project
Completing a project requires that the payment and invoice totals equals the project total.
This is not enforced if you make changes after a project is completed, so make sure that you update your project, payment, and invoice totals accordingly.
When completing a project all open invoices will be closed, regardless of whether they have been marked paid.
Will now show all invoices, including invoices created during the Work Order stage, not just one invoice per project.
Open Invoice Report
Will now show all open invoices, not just projects in the Invoice state that have a remaining balance.
Pending Invoice Report
This new report will show you all the projects in the Invoice state that have an uninvoiced balance.
Work Order Report
Will now display the uninvoiced project total instead of the project total to give you a better idea of the remaining amount that needs to be invoiced.
Sales Tax Report
The process of converting credits to line items means that projects with both tax and credits will see the calculated sales tax amount reduced.
The new recommend way to handle credits is to add a line item with a negative balance. It is no longer possible to create a payment with a type of credit.
After creating a credit line item, If you haven’t created an invoice you don’t have to do anything else.
If you have invoiced the entire project amount when you create a credit you can either edit the existing invoice total, delete the existing invoice, or create a new credit invoice with a negative total.
All credits were converted into line items.
On projects that had all taxable lines items, the credit line item that was created was marked taxable.
On projects with a mix of taxable and nontaxable items, two line items were created for each credit, to apply the total proportionally to the taxable and nontaxable subtotals.
In cases where a credit was applied to a project with sales tax, this had the effect of reducing the amount of tax that was calculated. This change will be reflected on the project screen, and many of the reports including the sales and sales tax reports.
Desktop Export Users
Progress, Deposit, and Final Invoices will now be present in the export based on the individual invoice date, instead of one invoice record per project that is dated based on the Mark Invoice as Sent step.
Credit payments can no longer be created and won’t be exported. If you want to reduce the value of an invoice in the future you can either edit the invoice or create a negative value Credit Invoice.
Quickbooks Online Users
New fields including: subtotal, tax, total, paid, and project fields will be available in the API and Zapier.
Invoice records will be created automatically if there is an uninvoiced project amount (positive or negative) when the “Mark Invoice as Sent” (Complete Invoice) action is performed.
Check your Zapier - Task History to verify that tasks are succeeding as expected.