You would only need a credit note if a client cancelled their contract and
wanted (part of) their deposit back.
-derek
Sent using my mobile device. Please excuse any typos.
On June 26, 2019 10:21:56 PM Tim Quinn <tim.qu...@att.net> wrote:
Many of my wife’s tutoring clients will prepay for several sessions (to get
scheduling preference and a slight price discount). I create a separate
invoice for each client visit (that way the customer report shows the
payments and individual sessions nicely), and after posting each invoice I
pay it using the remaining balance from the prepayment. GnuCash keeps track
of all that very nicely as Adrien described.
I have never used credit notes for this, though. GnuCash knows that the
subsequent invoices and the prepayment involve the same customer so it’s
really easy to pay those later invoices using what’s left of the prepayment.
I am not seeing the value in adding credit notes into this picture. Am I
missing something?
Thanks.
- Tim
On Jun 26, 2019, at 2:52 PM, Adrien Monteleone
<adrien.montele...@lusfiber.net> wrote:
You have at least 2 options I can think of at the moment:
#1 - continue to issue credit notes in your system, but don’t send them out
or pay them with a check. When you have the next positive invoice, ‘pay’ a
portion (or all) of that invoice with the credit note. Simply process a
payment, select the credit note line and an invoice line you want to apply
it to in the top part of the window. GnuCash will offset the invoice with
the credit note for you. If the credit note is more than the invoice, it
will retain the left over as remaining AR credit to be used on subsequent
invoices. You can see the customer’s balance any time either by looking at
an AR aging report, or a Customer Report. Outstanding credit notes appear
in the Invoices Due Reminder window.
#2 - If your client regularly pays in advance based on an estimate and you
invoice later, instead of applying the payment to an invoice, apply it to a
Liabilities:Customer Deposits account. Then when you create and post the
final invoice, process a payment for it from this account. You could keep a
separate deposit account for each customer but that might get tedious. You
can run a report on the account sorted by payee to show that info and even
keep that report open in a tab if desired, choosing to refresh it as
needed. If this might only happen for pre-paid expenses, then you can still
use this method, but only for the pre-paid expense part, which you could
(or not) choose to invoice separately.
Regards,
Adrien
On Jun 26, 2019, at 1:46 PM, Eric Rathhaus office <e...@ewrlaw.com> wrote:
Hi - I have a client for whom I have many jobs. On some of these jobs, the
client prepaid expenses that I did not use. In the past, I’ve always
created a credit note for a refund and sent the client a check. However,
my client prefers instead that I credit this amount towards future work.
I’m not sure how to accomplish this cleanly. I could keep a running total
of the amount and discount from the total prepayment until it’s used up.
But this seems clunky and maybe not the best practice. Any other
suggestions on how to account for the refund against future work?
Kind regards,
Eric W. Rathhaus
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