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How do you manage money from one year to the next?

I am not sure how to track some money when payments are made in two different years.

For taxes for year years total income to see the right amount that was paid.

We book jobs weddings and photo sessions and most people put down a down payment.
Right now we are all ready taking bookings for next year and taking a down payment so this down payment money is coming in this year.

But most people will pay the rest off next year or make payments some this year and some next year till it is paid off.

So how do I tack the money for a job that was booked one year and payed off the next year so I see how much i made off that just for each year when it is broke into two years?

Right now my Dashboard shows me the total of the full job amounts then - out some extra fees we pay but most of this has not been paid off yet. So it is realy a over view of what the total will be when it is all is paid.

But some of it is jobs booked for next year with a down payment made.

I am not using total paid so far as a number as when i started the new DB it was way into this year all ready and the data put in did not included any payments made so the paid so far is not right for this year in the DB.

3 replies

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    • Edward.1
    • 1 yr ago
    • Reported - view

    Thinking about this i need to some how have a total amount paid so far for this year and one for next year so year to year based on the payment date. So each set of payments only shows for each years total?

    Am i thinking about this right? and how can i do this?

    I just added to my Dashboad a All payments made area but this only shows me all new payments made not including the down payment that was made. And it will show all of it so next year it will still show money taken in this year not breaking it up from year to year.?

    • Fred
    • 1 yr ago
    • Reported - view

    Seems like you will need a child table to your jobs tabled called 'Payments Made' or something like that. It would have at least two fields, a date and a number. The date field tracks when the payment was made. The number field tracks the dollar amount paid. Then as payments come in for each job you will create a new record in 'Payments Made'.

    Now that you have a date data you can do all the sorting you need, by month, by year, etc.

      • Paul_Chappell
      • 1 yr ago
      • Reported - view

      Fred Edward The simplest solution is Fred’s. But on the basis that potentially a customer may ask for extras or there may be added costs, I might just have a table linked to each job (which in turn is linked to a customer) called something like “Amounts” and have 4 fields: Description, Date, Amount Due, Amount Paid. And maybe add a Formula field called Balance (Amount Due-Amount Paid). Then you could sort/group this by date/year overall or for each job/customer, and sum the Balance field to show what is owing. You could then also use this to record discounts (if you offer such a thing) as a negative Amount Due. Or even a refund (negative Amount Paid). Use the Description field to note anything else you might like to track, such as a cheque number, or note to say “Paid by credit card”, or “Discount”, or “Extra Prints ordered”. You get the idea.

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  • 1 yr agoLast active
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