Making Prepayments Even Easier
Part of our upcoming 2.52 release is the ability to make prepayment handling easier, in fact totally automated, while properly addressing all accounting requirements and keeping your QuickBooks updated each step of the way.
If you track Customer Prepayments, the system will automatically write the prepayment reversal to the invoices using all of the prepayment data that you have entered into QuickBooks.
We've previously written a guide on how to create Prepaid Invoices (this tutorial). Using this manner creates the proper accounting entries in both our system and QuickBooks, so that all liabilities and income is recorded in the proper moths incurred. Your accountant will find this easily reference-able from the QuickBooks side. If you are following that tutorial/guide know that you can now leave off the last, and most difficult, step!
With this enhancement the Home Watch IT Application will automatically validate the remaining balance of prepayments as stored in QuickBooks, and utilize that as a credit when creating your monthly invoices. This then creates the movement of money from the Prepaid liability to an Income account in the proper month. This step happens automatically and you have the option of applying the credit to only recurring Home Watch visits, or to all work order expenses incurred.
Only a system with two-directional synchronization between QuickBooks and the Home Watch app could manage this! If you use prepayments, please contact us as this needs to be turned on through an option switch which we will do once we review the accounting requirements. As this method conforms to true GAAP accounting practices (unlike just tracking a quantity of visits), we need to make sure that you have things set up properly in QuickBooks and then turn it on within the Home Watch Admin App.
If you'd like to see this process in action, or more details on our business management features for home watch please do not hesitate to reach out for assistance! (214)461-0166 or firstname.lastname@example.org