I am setting up QB Pro for a HOA. Our dues are paid in increments of quarters (some pay the entire year). Will I need to prepare 4 separate invoices per customer/member and apply a multi-quarter payment to all open invoices or is there a function in 'progress invoicing' that I can apply the per year rate and but account for it on a quarterly basis?
I'd do quarterly memorized transactions. The time consuming part will be doing the initial invoice for each property (aka customer). Memorize to automatically enter each quarter. Once a year or when your dues change you'll need to maintenance your memorized transactions to show the new amount. Since your invoices are now entered, you only have to receive payments against those invoices. The great thing about this is that you now have a past due (delinquency) report.
Thank you,
Will that work when I receive payments beyond the scope of the current invoice?
If they pay for the entire year in January, they'll just show a credit balance. When you post the April memorized transactions, you'll need to apply payments to apply the credit balance amounts.
Do i need to set up memorized transactions? Why not just set up 4 invoices (1 for each quarter).
As you can see I am just getting started with no prior background
Memorized transactions will save you LOTS of time. Set up one invoice, have it automatically enter every quarter and you're done for that year. The first of each year just maintenance the memorized transaction to show the new amounts for that year. Doing a separate invoice for each quarter quadruples your work.
