One of the key features in TrulySmall Accounting is the ability to create, send, and accept estimates. Once an estimate is accepted, you can convert it into an invoice and get paid instantly.
To get started, click on the Estimates tab.
You can create new estimates, edit existing ones, and filter them by status [Pending, Accepted, Closed]. A summary of all pending estimates is displayed at the top of the screen.
Important: Estimates DO NOT appear in any transaction lists, accounts or reports. This only occurs after an estimate is converted into an invoice.
Create an Estimate
To create a new estimate, click on the + Add Estimate button.
Fill in the relevant information required for the estimate. The following fields are available to edit:
Estimate #
Client
Estimate Date
Expiry Date
Currency
Line items
About This Estimate memo
If you have more than one item to add to your estimate, click on the + Add another line item link to enter a new item.
You can also add notes or attachments to the estimate to provide more details or clarification.
Lastly, click on the Save button, or click on the down arrow for more save options.
Save Options
There are multiple save options available when viewing an estimate. The options will change depending on the current state of the estimate you are viewing.
Below is a description of each of these options:
Preview & Send launches a Send Email window with a preview of the saved estimate you wish to send for your final review, along with distribution details that you can change.
Download PDF allows you to download a PDF copy of the estimate.
Create Invoice saves the estimate you just completed and opens an invoice ready for you to edit or save.
Mark as Accepted changes the status of the estimate to accepted.
Mark as Declined changes the status of the estimate to declined.
Duplicate creates a duplicate of the estimate exactly as shown when the option is selected and then saves and closes the original estimate. The duplicate is now the estimate shown on the screen. You will still need to save the working duplicate estimate after you complete your changes.
Send an Estimate
When you select the Preview & Send option, a preview of the estimate you will send appears on the right. If your logo has been added to your Business Details page, it will appear above your sender information. The "Issued by:" details, including the billing contact name and address, will come from the Invoicing and Payments section in your settings.
Enter the appropriate email address and click on Send Email. Your customer will receive the estimate via email and can review it.
The details pane on the left contains several fields explained below:
Client Name appears at the top. Although "Client" is not a required field to create an estimate, you cannot send the estimate without one. If this row is empty, close the window by clicking the X button, then add a client to your estimate; then click Preview & Send from the Save button options again.
To includes the email address of the client to whom the estimate is linked. If no email address has been added, click into the field to type in a valid email address. If you wish, you can send the estimate to multiple people, by typing in more than one email address.
Message is an optional message that will appear in the body of the email above the estimate.
Accept or Decline an Estimate
Once your customer has reviewed and accepted the estimate, open the estimate in TrulySmall and select the Mark as Accepted option. This will update the status of the estimate and allow you to convert it into an invoice in the future.
If your customer declines an estimate, open the estimate in TrulySmall and select the Mark as Declined option. This will update the status of the estimate and prevent it from being sent or converted into an invoice.
If an estimate expires, it can no longer be sent, accepted, declined or converted into an invoice. The only options are to duplicate it or download a PDF.
Convert an Estimate into an Invoice
Once an estimate has been accepted in TrulySmall, you can click on Create Invoice to generate a new invoice with the same information as the estimate. The invoice can be edited before saving it.
Once the invoice is saved, it will automatically be linked to the estimate, as indicated by the link symbol.
The invoice number and estimate number will be displayed together and each document will be available for reference purposes.