Cash Method Accounting

[catmarie]

I use the cash method for accounting, which is difficult when Square doesn't provide this type of report once a partial payment is made towards invoices. I have seen that people have been asking for this feature for several years now. I think many would appreciate that feature versus only having the accrual method available. Bookkeeping has now become more time consuming than it should be since I have to go through each invoice individually to see each individual payment made.

[sclhtim]

This is the exact issue I am trying to fix.

Right now, when a customer partially pays an invoice, the money is deposited into our bank account, but there is no report that our accounting department can pull that shows where that money came from. 

What are we supposed to do when we are audited but have no way to account for thousands of dollars in our bank account?

We need an option to record partial payments as sales or partial sales.

Use case:

We sell advertising in our magazine. When an advertiser signs a year-long contract, they have the option to pay quarterly. To do this, we add milestones to the invoice so that the advertiser is billed quarterly for 25% of the invoice total.

I need a way for these partial payments to report as sales for the item in question. For example a partial payment toward a full-page ad should report as a sale of a full-page ad for the partial payment amount when that payment is received.

[LabHardware]

We have a similar issue.. Especially at the end of the year if the client hasn't fully paid their bill and we have excess in collected when compared to sales.

[Zully]

What is compounding this for me is that the 1099-K is also using the accrual method. yikes. 

[rege]

I have this same issue, please provide a solution!