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Flyprowlers
August 12, 2021
Question

Installment sale

  • August 12, 2021
  • 1 reply
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How do i set up the sale of a mobile home with a downpayment and monthly payments on quickbooks?

1 reply

MJoy_D
MJoy_D
August 12, 2021

I can help you with recording the downpayment and monthly payments of the sale of your mobile home, @Flyprowlers. 

 

You can create progress invoicing for this sale of the mobile home. You can create an invoice for the downpayment and monthly payment. But, first, you must turn this feature on from the Preferences.

 

Here's how:

  1. Go to the Edit menu and click on Preferences.
  2. Choose Jobs & Estimates from the list of menus and select the Company Preferences tab.
  3. Select Yes in the DO YOU CREATE ESTIMATES? section and in the DO YOU DO PROGRESS INVOICING? section.
  4. Click on OK to save and close your preferences. 

 

Once done, you can now create an estimate to create progress invoices. Here's detailed guidance in turning on this feature and creating one: Create an estimate in QuickBooks Desktop.

 

After that, create progress invoices from the estimate for the downpayment and monthly payments. Follow the steps below: 

 

  1. Go to the Customers menu and select Customer Center.
  2. Click the customer's name and open the estimate on the customer's page.
  3. Select Create Invoice from the toolbar.
  4. Decide how much you want to charge on the invoice and click on OK.

 

Refer to the following article for more information about using progress invoicing, creating an estimate and invoices in QuickBooks Desktop: Set up and send progress invoices in QuickBooks Desktop. 

 

From here, you can now record the customer payment. See this article for more information in recording those transactions: Record an invoice payment. 

 

I'm also adding this resource to know more about the different ways you can track customer transactions in QuickBooks Desktop: Get started with customer transaction workflows.

 

Keep me posted if you have other concerns with progress invoices. I'll be happy to help you further. Have a great rest of the day!

F
FlyprowlersAuthor
August 13, 2021

MaryJoyD,

Thanks for your reply. I normally don't invoice any of my residents charges as I have a billing company that sends out the bills. I just make the deposits in the bank and enter the payments under their names as my income. In the past my accountant had me make an other asset for the note I was carrying and then an account for interest income for that note. Then when i made the deposit I just entered it in and that reduced the principle and showed interest income. If I do an installment sale will that also get rid of the account for the fixed asset for the mobile   home? If you feel doing installment sale is best way of taking care of these issues then that is what i will do.

AlexV
AlexV
August 13, 2021

Hi LorenBrooks!

 

Thanks for the additional details. I'm here to further assist you with the installment sale.

 

Progress invoicing is the ideal method so you can also track the remaining balance. However, you can continue the old way of recording it, through a bank deposit, since you don't want to create an invoice. 

 

Another way is to create a sales receipt if you want to associate the transaction with an item or product. Follow these steps:

  1. Go to the Customers menu and select Enter Sales Receipts.
  2. Select a customer, date, item details, and enter the other info needed.
  3. Tap Save & Close.

 

Here are the articles for your reference. These will show you the detailed steps in adding a product to your file and a guide on a proper tracking of customer transactions:

 

Also, I recommend seeking some help from your accountant. They may have the best way of handling this situation especially since they already set up accounts for you.

 

If you need help in balancing your accounts in QuickBooks Desktop, check this link: Learn the reconcile workflow in QuickBooks. This will show you the detailed steps of reconciliation including fixing issues in balancing your book.

 

Keep on posting here if you have additional concerns. Take care!

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