progress payments
Comments
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Hi Pauline For a builder to claim a progress payment, the work must have been completed to that stage.
Firstly, you should have raised a Quote or an Invoice for the whole job.
You can have progress payments turned on under Edit, Preferences, Jobs and Estimates. Here you have the option for percentage or dollar value to invoice the customer.
On the other hand, if you have just raised an invoice for the whole job, you just go to Receive Payments and enter the $50000. For GST reporting, you will pay, if under Cash Basis, GST on $50000. Your Customer account will show the balance still to be completed or claimed on the job.
My preference would be a Progress Invoice as you can issue an invoice each time for work completed.
You don't put the $50000 into a Liability Account, it is not a deposit, it is payment for work completed to a certain stage of the job.
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Where do we find the Edit, preference in Recon one.
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