A project is billed at 100% of the contract amount and then this amount is reduced for some reason. Can I refund this reduced amount in CORE?
Yes, this can be achieved via a workaround. Here are the steps for refunding a part of the contract amount in CORE:
- Open the Invoices screen and click Create New > Manual Invoice. Check Create Manual Invoices for details.
- Create a negative manual invoice using as many items as needed to reverse the transactions involving the income accounts.
- You can view and process this invoice as final. This reduces the balance of the affected A/R and income account.
- Now write a check for the client from the Checks screen using the Accounts tab. Check Create New Checks for details.
- Make sure to reference the correct A/R account and project. This will increase the A/R account balance, canceling the effects of the negative invoice created in step 1.
Now your transactions should be in balance ($0). This will leave the negative A/R invoice on your A/R report.