Report Partially Paid Invoices as Sales

[sclhtim]

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 and what it was payment for.

As far as I can tell, there are only two reports that you can download that show partial payments: the Balance Transfer Repot and the Transaction Report.

The problem with these reports is they do not include any information on what the payments were for. 

Without knowing what the payments were for, we cannot allocate the deposited money to the correct line items in our financials.

On the flip side, any report that does include information on Items and Item Categories does not include any information on partial payment transactions. 

What are we supposed to do if we are audited but have no report that can accurately account for all of the money 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.

Right now, when a partial payment is made, the money is deposited into our bank account, but we do not have the ability to pull a report that accounts for that money and what it was for. I need a way for these partial payments to report as sales for the item in question.

For example a 25% partial payment toward a $10,000 full-page ad should report as a sale of a full-page ad for $2500 when that payment is received. This way, we would know where to allocate the partial payment amount when reconciling our books at the end of the month.

[JK_Fiber_Art]

Hi Sclhtim,

Are you relying on the standard Dashboard canned reports ?   If yes, you may want to try using the Export feature to CSV format.  The Exported CSV files contain more data Fields than the standard reports.  We often use the CSV files and Excel to get the exact information we need.   Just a thought but, worth the effort.