Installation Company ERP / CRM


How To Understand Credits

To do this:

  1. Within your contract, add an invoice as normal – Whether it’s a deposit, interim or final payment.
  2. Add a Credit as a normal invoice – Make sure there is a raised date against it, otherwise the system won’t register it.
  3. You can see that the Invoice Gross is now £1000 rather than £1500 because we have now raised a Credit of £500.
  4. If you head to your Reports in your Main Menu and down to the ‘Balance Outstanding Report’.
  5. If you select Deposit (which is the invoice that we’ve just raised) AND Credit, select Excel, this will show the correct Outstanding Balance.
  6. Mr J Wells – Contract No 231 is the contract we have just raised invoices against.
  7. You can see the TOTAL BALANCE is £1000- which is correct. If we scroll across to SELECTED INVOICES – BALANCE, this is also £1000. This is correct as we have selected Credit as an Invoice Type within the report.
  8. If we head back to the Balance Outstanding Report and unselect Credit, select Excel and look at Mr J Wells Contract (231).
  9. The TOTAL BALANCE remains at £1000 BUT the SELECTED INVOICES – BALANCE is now at £1500 as we have unselected Credit. We suggest always following the TOTAL BALANCE as this is always the accurate amount.
  10. The important thing to remember is – If you want to produce an accurate Balance Outstanding Report, you MUST select CREDIT to get an accurate balance.

Thank you for watching our how-to video on How To Understand Credits, for more information and access to our free trial please visit our website https://businesspilot.co.uk

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