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Canceled Invoice that I received payment on

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I invoiced a customer that wasn't supposed to be invoiced until June. They already sent the check (not applied yet). They said they would rather me keep the check and put it on their account for the bill in June. How do I record this payment? Should I apply it to the invoice that will be cancelled, then when I cancel the invoice (if I can once there is a payment on it) a credit will be generated? Or, should I cancel the invoice before a payment is applied, and if so, how do I receive that payment because it asks for an invoice to be applied to?

QuickBooks Desktop

RainflurryAnswer

@missmissySEI

Presumably, you won't be providing the product/service until June. If so, cancel the invoice (otherwise you will book income prematurely) and receive the payment. When you receive the payment and don't apply it to an invoice, it will stay as a credit on their account. Then, when you issue the invoice in June, apply the credit.

RainflurryAnswer

@missmissySEI

Presumably, you won't be providing the product/service until June. If so, cancel the invoice (otherwise you will book income prematurely) and receive the payment. When you receive the payment and don't apply it to an invoice, it will stay as a credit on their account. Then, when you issue the invoice in June, apply the credit.

M

missmissySEIAuthor

That makes the most sense, I just know it asks for an invoice number to apply the payment to so I wasn't sure if I could receive a payment without giving it an invoice number. Thank you so much.

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