An invoice is a receipt that you generate for your buyers or clients. It generally includes the transactional record along with the details of the business and mode of payment. They also serve as legal records. Thus, while generating invoices in QuickBooks, it always assigns a unique number to every invoice. In other words, an invoice number is a number that QuickBooks generates for every invoice number. Do you know the software also allows you to change these invoice numbers? To learn more about it, scroll down.
A Detailed Explanation of the Invoice Number
As mentioned earlier, the invoice number in QuickBooks is a number allocated to every invoice generated in the portal. The numbers are auto-generated. Moreover, these numbers are created and numbered sequentially. The assigned numbers make it easy to distinguish each invoice. Hence, retrieving data becomes easier!
Steps to Change An Invoice Number In QuickBooks
In QuickBooks, you can edit the invoice numbers in the Custom transaction numbers section. So, to make the necessary changes, you need to make modifications in this section:
Using Account Settings
- Go to the toolbar.
- Hit on the Gear icon.
- Select Account and Settings.
- Click “Sales”
- On the “Sales Form Content page, click at any place on the screen.
- Turn on the “Custom Transaction Numbers” option.
- Save and hit Done.
- Open any random invoice.
- Enter the invoice number in Invoice No. field.
- The following invoices will automatically save as per the newly curated custom number.
Note: Do not forget to tap on Turn Off the “Custom Transaction Numbers” section. It prevents accidental modifications to the invoice. If it is not turned off, you can encounter unwanted changes without any prior notification.
Changing the Company Settings
- Click on “Company Gear” at the upper right-hand icon.
- From the setting option, choose “Company Setting.”
- Click on “Sales Form Entry” from the left-hand side of the screen.
- Tick the “Custom Transaction Number” checkbox.
- Click onSave.
- In the “Custom Transaction Number” section, enter your preferred number.
- The field “Invoice Number” gets added.
- Enter any alphabet or number to sequence the number.
Correcting the Duplicate Invoice Number
If you find that an invoice number is repeated twice, follow the given steps to perform:
- Select and open the duplicate invoice.
- Scroll down below.
- Tap “More”
- Click on “Edit” to correct the invoice.
- Save the changes. The issues will be resolved.
When to Change an Invoice Number
The invoice numbers are generated automatically. However, there are certain circumstances in which you may have to change the number. They are:
- Generally, if you want to keep a different sequence of numbers for each client, this is an excellent idea. It will help you extract data easily.
- Sometimes, duplicate invoices get generated. In simple words, it means two invoices of the same number. In such a scenario, you have to edit the invoice number.
Uses of the Invoice
An invoice is generated and used for the following reasons:
- It is documented proof of any transaction. The transaction can be of any type. For example, dealing between your business and the customer or any other venture
- The invoice comprises details like the details of the payment, mode of payment, last date of due payment (if any), etc. It also spells out the contact details, name of the company, terms and conditions of dealings, etc.
Content of The Invoice
All the invoices, irrespective of the size of the business, have some common information. Moreover, before you roll out one, just review it once to make sure nothing is missed.
- The customer’s name and contact details It must also contain the address where the service or product will be delivered. The details must be similar to the ones submitted to the bank.
- Tax details and breakup A detailed breakdown of the tax includes provincial tax, goods or service tax, etc. It informs the customer about each tax point of the product or service.
- Quantity of the goods or services sold. It is easier to chalk out the price breakdown when you know the quantity. It is also a way to ensure the exact weight of the product or part of the service you are receiving.
- Payment terms and conditions This is a disclaimer about the dos and don’ts related to the payment. This will help the client be sure about the thoroughness of the product. It also mentions the related late payment penalties.
- The contact details and the name of the business The details will help the customer reach you promptly in emergencies. The logo also helps your company stand out from the competition.
- A unique invoice number for future reference. The invoice ID makes bookkeeping convenient and organized. It will help with tax filing.
- The due date of the full payment
- The total amount and its associated adjustment. In other words, it shows debit and credit. For example, an advance payment, a payment due, any overdue payment, or the remaining amount to be paid.
Types of Invoices
As you are quite familiar with the hooks and nooks of the invoices now, let’s know about their types:
- Credit Invoice: The buyer receives it from the seller on account of an earlier mistake in the invoice. It is also issued in the case of a refund. The figure on the credit invoice is always negative.
- Recurring Invoice: As the term implies, these invoices are issued on a monthly basis. The amount printed in such types remains the same. They are frequently issued for monthly subscriptions or other similar services.
- Commercial Invoice: It is created when an international transaction happens. These are special invoices. They undergo customs formalities and duty procedures during product shipment.
- Debit Invoice: The business issues the debit invoice to the customer when there is an enhancement to the invoice. When the company invests more than the estimated amount, it gets reflected in those invoices.
- Standard Invoice: This is the usual invoice format that is usually followed by businesses. It is generally created to record transactions between businesses, buyers, etc.
- Interim Invoice: An interim invoice is given to the customer in the middle of an ongoing project. It is just an update to inform you of a milestone achieved ahead of the final goal.
- Pro-Forma Invoice: It includes the estimated price before the actual price is finalized.
- Mixed Invoice: The mixed invoice can reflect either the debit or the credit amount. Thus, the amount printed on this invoice will be a positive or negative balance. However, it totally depends on the changes in the accounts.
- Due Invoice: You must issue this invoice to the customer if he or she has not paid the full amount. A business always issues this type of invoice whenever the customer does not pay in full by the due date.
- Timesheet Invoice: It is used mostly by hourly employees. This sheet is to keep track of their total workable hours and the pay rate. They create it and send it to the company during the payday.
Invoices are the safest way to record all transactions. Since it is legal, you will not face any difficulties in data retrieval. QuickBooks has also come up with the option of editing invoice numbers. The meticulous steps for changing the number are mentioned above. You will also get to know more about them in the above article.
What is a QuickBooks invoice number?
QuickBooks gives its users the option of creating an invoice. It also saves this invoice for the user’s future reference. While saving, it assigns a unique number to each invoice. This number is known as an invoice number. The reason is to easily distinguish them later.
How will I change the invoice number in QuickBooks?
Just follow the simple steps below to learn more:
- Click on the “Gear” symbol from the toolbar.
- Select the Accounts and the settings.
- Tap on Sales
- Place the mouse pointer at any place on the “Sales Form Content” screen.
- You must turn on “Custom Transaction Numbers.”
- Before you reach the “Done” tab, save the changes.
- Go to any random invoice.
- Enter any invoice number of your choice here.
- All the following invoices will get auto-saved. They will also sync as per the custom number you entered.
- Once done, turn off the “Custom Transaction Numbers” to avoid any unwanted auto-changes.
How will I deal with the duplicate invoices in QuickBooks?
To deal with the duplicate invoice in QuickBooks, you must change the invoice number. You can also delete one copy from the record. Thus, creating a custom invoice number is important to avoid such a mess.
How will I change the invoice number during closing or the new financial year?
QuickBooks is a high-end accounting software. Just customize the invoice number in the custom section. The rest of the procedure will be automatically detected and done by QB’s intelligence.
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