How Does QuickBooks Invoicing Works

Want to know, how QuickBooks invoicing is an important aspect of running a successful business? Here, we have covered the features of QuickBooks invoices and important elements to keep in mind while creating a professional invoice. If you want to know more about invoicing in QuickBooks, you dial our toll-free number +1-844-405-0904.

QuickBooks invoicing software let you send invoices anywhere, make customer payments easy, craft professional invoices, send payment reminders, and keep track of expenses. By issuing an invoice to a customer you can easily track a sale of a product for accounting, tax, and inventory control. With QuickBook’s unique invoicing features you can streamline the payment process for your clients, create professional invoices and automatically enter transactions into your bookkeeping records. 

Functions of QuickBooks Invoicing

Let’s now have a look at the features listed below:

1. Send Invoices to Get Paid Faster

• Lets your customer pay faster by credit card by just double-clicking on the Pay Now button.
• You will get notified about your payments through real-time alerts. It will inform your customer about the due payment by sending reminders.
• With progress invoicing you can take bigger projects and get paid faster. 

2. Create and Customize Professional Invoices

• Get modern templates and choose the font and accent colors you like. You can also add your logo to give it a professional look.
• Set preferences for your customer’s language and send invoices in their language such as English, Spanish, French, Italian, Portuguese, and Chinese.
• It is easy to set up and can use multi-currency. It makes it easy to send invoices in different currencies and assign specific currency types. 

3. Automated Invoicing

• Lessen your burden with automatic invoices send schedule recurring invoices.
• QuickBooks automatically matches the payment with the invoice in your books when an invoice is paid to save you time and keep everything updated.
• It will automatically calculate the sales tax and will keep a track of your money.

4. Turn Estimates into Invoices and Add Billable Expenses

• Through the QuickBooks app, you can pay bills, track your invoices and payments. 
• You can easily create estimates and quotes that include discounts, payment terms, etc.
• You can link your billable expense to the invoice and get your money back which incurred an extra cost while doing a job for your customer.

How to Create Professional Invoices in QuickBooks

QuickBooks streamlines the process of creating professional invoices for your business and brand and also highlights the value of the work you provide. Given below are the important elements to include in your invoice. 

1. Company information: At the bottom or top of the invoice, list your contact information with the customer’s details such as their legal name, business address, phone, and fax number.
2. Header: At the top of your document, include the title ‘invoice’ so that customers can fastly identify the communication.
3. Date, invoice number, and a unique identifier: The invoice must include issuing date, invoice number, and unique identifier. This can be a unique billing code, simple file number, or date-based purchase order number.
4. Customer purchase order (PO) numbers or billing codes: Include all the unique details such as internal PO number or billing code to keep track of payments.
5. Itemized list of goods and services: Include name, rates, dates, and the quantity of the goods and services provided with price modifications, descriptions of items, and your work processes.
6. Payment terms: Include the due date and clarify the penalties or late fees of the total bill.
7. Itemized fees: list taxes, handling fees, and other charges on a separate line to various budgets and balance your internal bookkeeping.
8. Total due amount: Include the total amount due, which should be clear and visible.
9. Instruction for payment: Give a clear set of instructions on how to accept payments

Invoicing in QuickBooks Payments

You can get your money faster with flexible QuickBooks payments. QuickBooks payment sends invoices by email with a Pay Now button which makes it easy for your customers to pay directly within the invoice. Some of its features are:

• Accept credit and debit card payment directly through the invoice by a single button.
• Settle invoice on-site and take payment with mobile app and card reader.
• Customers can pay digitally instead of by email through ACH or eChecks.
• Schedule recurring invoices to be automatically sent and paid.

Payment Terms and Conditions on Invoices

It is essential to mention all the payment terms and conditions on invoices to know when the payment is expected and how the customer can pay. 

Invoice Payment Term	Meaning
Terms of sale	Terms agreed by buyer and seller such as amount, cost, delivery taxes, payment mode, and payment due date.
PIA	Payment in advance. Let the customer know that the full payment is expected in advance, before starting work.
CIA	Cash in advance. Know when you expect the payment and how you will accept the payment.
Immediate payment	Payment is expected at the same time as the product or service is delivered, or the seller has the right to repossess the product or service.
Upon receipt	Expect payment as soon as the customer receives your invoice.
Net 7	Payment is due 7 days after the invoice date.
Net 10	Payment is due 10 days after the invoice date.
Net 21	Payment is due 21 days after the invoice date.
Net 30	Payment is due 30 days after the invoice date.
Net 60	Payment is due 60 days after the invoice date.
Net 90	Payment is due 90 days after the invoice date.
Net EOM	Payment is due at the end of the month.
15 MFI	Month Following Invoice which means payment is due on the 15th of the month following the invoice date.
2/10 Net 30	2/10 Net 30 means if the customer makes the payment within 10 days, they will receive a 2% discount.
50 Percent upfront	The customer must pay 50% of the total invoice amount
Line of credit pay	Settle invoices over a period of time by purchasing the product/service on credit.
Quotes & estimates	proposed prices for your products/services.
Recurring invoices	used for ongoing services, typically with monthly or quarterly payments.
Interest invoice	An interest invoice outlines the fees associated with the interest charged based on a past due payment.
Invoice factoring	sell your unpaid invoices to a third party
Cash account	Payment on a cash account is collected via cash only–no credit.
Letter of credit	documented credit confirmed by a bank/financial institution.
Bill of exchange	Customer promise to pay at a later date, typically supported by a bank/financial institution.
COD	Cash on delivery.
CND	Cash next delivery.
CBS	Cash before shipment.
CWO	Cash with order.
1MD	Monthly credit payment of a full month’s supply of goods/services.
2MD	Monthly credit payment of a full month’s supply of goods/services, plus an extra calendar month.
Contra	customer’s payment is offset against the value of supplies purchased.
Stage payment	Payment made on an agreed amount.

The above information is about QuickBooks invoicing and how it helps businesses to grow and get paid faster. We have also mentioned the important terms mentioned on the invoices with their meaning to give you more insights about invoices. For more information, you can contact our Proadvisor at +1-844-405-0904.