![]() You probably don't want to delete the original, so leave the checkbox unticked.Īfter voiding the invoice you will see that it has been returned to Draft state. Deleting also removes any historical references from Projector, so you won't be able to search on the old, no good invoice number and pull up relevant details. This might not be such a good idea because it deletes all the work you have done on the invoice so far! You can likely make any changes you need like write up/down, transfer to project, revalue, right on this invoice. You will also be prompted to Delete it at this time. Search for the original invoice on your invoices tab and right click on it. What you really want to do is void the original invoice, transfer the time cards to the correct client, and reissue. When you look at operational data, like what project resource X worked on, it will be wrong. For example, if time is entered against the wrong client, then issuing a credit fixes the money, but Projector still shows the time associated with the wrong project. If the client requests a re-issue because of a mistake by your billing department, then you'll like want to correct that mistake rather than just correcting the monetary amount. You may also be interested in Client does not pay invoice or underpays invoice.īefore we get into creating a true credit memo, you should first consider whether a void and reissue is the best approach. To make an adjustment on a time or cost card, the accounting period must be open for Adjustments. Permissions and SettingsĪ quick rule of thumb is that if you can write down a card on an invoice, then you can include credits on an invoice too. This will ensure the correct amount of earned revenue is associated with your time cards. Depending on the reason for the credit, you may need to adjust the contract value in Projector and re-run revenue recognition. ![]() ![]() The negative milestone corrects your AR, but does not affect operational data. Use a negative milestone to issue a credit. On the invoice notes tab, make a record of why the original needed to be fixed and it's number.įor Fixed Price engagements billing is done via milestones. Then create a new one and re-issue it with a -R on the end to indicate a reissue. In these cases delete the original invoice. Fortunately Projector keeps deleted invoices for audit trail purposes. Occasionally we hear that an organization's own AR department doesn't want to void an invoice because they want a record of every invoice issued. In this case you would use a credit memo. Sometimes voiding an invoice isn't possible because the client's AP department requires a follow-up invoice proving that the original was undone. The client receives a credit memo indicating they now have a balance in your system. In this case you create a credit memo, gather the incorrect time cards, and correct the rates. For example, you bill the client at the wrong rate. The major reason for using a credit memo is to correct a purely financial mistake. You will want to void the original invoice, transfer the time to the correct project, and then reissue it. You could issue a credit memo and correct the financials, but when you run a report to see what Jane worked on, it will still be wrong. For example, Jane enters time against the wrong project and the wrong client is billed. The major reason for voiding and re-issuing an invoice as opposed to issuing a credit memo is to keep your operational data accurate. I'll cover a few in this introduction and you can likely deduce which method best suits you based on these examples. credit memo may seem very similar, they should be used in different cases. The expectation of client's AP departmentĪlthough a void and re-issue vs.Which you choose depends on what you are trying to accomplish and is highly dependent on: A second way is to create a credit memo and send that to the client. One way is to void the original invoice and reissue a corrected one. ![]() There are two ways in Projector to credit money back to a client.
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