Last Updated on October 11, 2021 by Editorial Team
Are you a user of QuickBooks Online, and want to know how to set up, and use the estimates? If your answer is yes, then you are in the right place, here in Accountwizy you can know the procedure to set up and use estimates in QuickBooks Online. Let’s start the blog, without wasting time.
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- Procedure to Set Up and Use Estimates in QuickBooks Online
- Final Thought
As we all know many types of businesses provide estimates to customers before committing. So it is necessary to know the procedure to set up and use estimates in QuickBooks Online. Now let’s start the procedure.
Procedure to Set Up and Use Estimates in QuickBooks Online
Here, we will provide the steps and you need to follow the steps to set up and use estimated in QuickBooks Online:-
When to Use an Estimate
When you want to make a bid, bid, or offer to your customer, make an estimate. The estimate form looks similar to an invoice but has a different purpose in helping you initiate a conversation with your customer.
When you are done or served and you are ready to bill your customer, you can add data from the information to the invoice, eliminating the need to re-enter the information.
Steps to Create an Estimate
- First, you need to click on the option of + New.
- Go under the Customers menu, then click on the option of Estimate.
- Then, click on the option of Customer. And after that, choose a status on the drop-down under the customer’s name (optional).
- After that, you need to verify the Estimate Date, and then enter the Expiration Date (optional).
- Then, you need to enter the Product/Service, Description, Qty, Rate, Amount, Tax, Message (optional), and Discount (optional).
- And at the last, click on the Save and close option.
Steps to Add an Estimate to Invoice
Here, this estimate sounds very much like an invoice and you can print it or email it, it is still not a true transaction. An estimate will not be charged to the Customer Center or posted to the sales account until you estimate and save it on an invoice.
And if you want to add an estimate to a new invoice, then first, you need to find out the estimate that you already made. Then add it to the invoice. Note: Estimates can only be made into an invoice in a pending or accepted state.
- Firstly, choose the Sales option, and then click on the option of Customers.
- Then, click on the option of Estimate in the Money Bar (multiple colored bars).
- And, after that, you need to find an estimate that you want to invoice.
- Go to the Action column, click on the option of Start Invoice.
- After that, choose the Add for all the estimates listed that you want to invoice.
- And then, you need you to review the information pulled from the estimate and edit if necessary.
- And, at the last click on the option of Save your invoice.
Steps to add Estimate to an Invoice
Here, we provide the two reasons that you might not be able to add the estimate to an invoice, check the details below and follow them carefully:-
Reason 1: You originally selected a different customer than the one you created when creating an invoice.
Here, provide the details of this process and then you need to find a list of estimates, follow these given steps carefully:-
- First, go to the Reports menu.
- After that, you need to enter Estimates by Customer in the search box.
- And then. You need to edit the date range and grouping and click on the option of Run Report.
- When you locate the estimate in question, see if the customer’s name is the same as the one you were choosing when trying to create an invoice.
- If the estimate in question does not show under the correct customer name, then select it, and change the customer name.
- And at the last, click on the option of Save and close.
If the name on the estimate is correct when attempting to create the invoice continue to the other reasons below.
Reason 2: On the estimate, the appropriate position in the Status section may not be selected
- First, you need to locate the estimate you previously created.
- And then, you need to make sure that the Estimate Status field is set according to your copy setting (Accepted or Pending) on the upper left of the estimate.
- At the last, click on the option of Save if you change the status.
Steps to Add an Estimate to more than One Invoice
When you need to add an estimate then you can make more than one invoice of estimates in QuickBooks Online wasn’t designed to be added to more than one invoice; so that we do have a solution that may be helpful. And here we provide the details of what to do:-
- Firstly, go to the Sales menu, and then click on the option of All Sales.
- Then, you need to find and select the desired estimate.
- After that, change the Estimate Status from Closed to Accepted. And then go under the Action menu, and choose the drop-down ▼ menu and select the Update status option.
- Go to the Status section on the Estimate screen.
- Click on Accepted from the Status drop-down arrow.
- And when you see, The Transaction you are editing is linked to others. Are you sure you want to modify it?, then you can click on the Yes option. This will disconnect the link to the invoice this estimate was included on. The invoice will remain intact but the link from the estimate will be gone.
- And at the last, you need to click on the Save and close option.
- And when the all above process completed then, you can add the estimate to a new invoice.
Steps to See the Status of an Estimate
Here, provide the details when you want to see the status of your estimate and if it has been applied to an invoice, use the Estimates by Customer report. Follow these given details carefully, and complete this process:-
- First, go to the Reports menu.
- And then, you need to enter Estimates by Customer in the search box.
- After that, click on your date range and then click on the option of Run Report. (Note:- if you want to further customize the report, then you need to choose the Customize option).
If it’s been applied then this report will provide you the details of the name of the customer, a number of the estimate, status, and Invoice number.
Steps to Delete an Estimate
Here below we have given the details to delete the Estimate which will help you in this process. You just have to follow these details completely.
- First, you need to go to the Sales menu, and then click on the option of Customers.
- And then, choose the estimates from the Money Bar.
- Click on the estimate(s) to navigate to them in the Open Estimates column.
- And then, choose the Estimate to pull it up on the screen.
- After that choose the More option and then click on the option of Delete.
- When you completed the above process then obtain a notice that is When you see Are you sure you want to delete this estimate? Then you need to click on the option of Yes.
We tried our best to put information in this article that is how to set up and use estimates in QuickBooks online for your easy understanding, and also hope you like this information. But if in case, you have any queries regarding this topic then, you get our ProAdvisor support to find out your answer instantly.