Are Pending Invoices Used?

Are Pending Invoices Used?

      The pending invoice feature is an effective way of marking invoices that are not yet ready to be sent to the customer. This situation occurs when invoices need to be approved; information is missing to complete the invoice, etc. If this type of situation applies to the business consider instituting procedures to use this feature.

Instructions 
Reports > Sales > Pending Sales 

Commentary
Pending invoices do not update the general ledger until they are changed from pending to final. The advantage to this feature is that invoices can be entered and marked as pending while they are approved. It is also used when products have been sold but not yet shipped when the sales order feature is not available.

Trick
New with Premier Version 2003 and Enterprise Solutions a sales order feature that is more effective than pending invoices for back orders or work not yet complete.

Trick
Be aware of closing date warnings and limitations within QuickBooks when changing a pending invoice from a closed period to a final invoice in the current period.

©2012 Bonnie J. Nagayama, CPA • Used by Permission • All Rights Reserved • www.accountingsoftwaresecrets.com • SBDT-QE

    • Related Articles

    • Are the Customer Deposits being used correctly?

      There are several ways of handling Customer Prepayments in QuickBooks. The default method of simply receiving payment against no invoice is problematic for several reasons. The main reason we do not recommend this is because it tends to clutter and ...

    • *Are there misapplied customer credits? - generic

      Your Open Invoices report shows some customer credits that have not been applied correctly. This may be a result of... ...not checking off the invoice while receiving the payment. ...not applying a credit memo to the invoice correctly. ...deleting ...

    • Are there extra, unused invoice or sales receipt templates?

      Only currently used invoice templates should be active. QuickBooks comes with a number of templates to choose from. We recommend making all unused templates inactive. This will help ensure that you always use the correct invoice template. The same ...

    • Are Pretax Health Insurance Plans setup correctly?

      Read more about Section 125 Health Insurance plans, or contact your insurance provider to take advantage of this tax-free health insurance coverage. Qualified Pretax 125 Cafeteria Health Insurance (premium only plan) plans are exempt from FUTA, FICA, ...

    • Are employee defaults setup properly?

      When you set up your employee defaults, you enter payroll information that most employees have in common, such as deductions for taxes, health insurance, or union dues. QuickBooks saves the information so that you won't have to re-enter it when you ...