Question

customer deposit

Forum|Forum|2 years ago
March 20, 2024
1 reply
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When my customers place an order we create a sales order until order is ready to invoice. We invoice per shipment so sales orders can have multiple invoice and a sales order can be open for months or years. There can also be multiple item codes and prices per s.o, not just one lump sum price.

Sometimes a customer pays a deposit at the beginning of the order and wants an invoice for it. Example: customer orders $30,000 of product and pays $5,000 up front for deposit..

How does that get entered in QB so that at the end of the invoicing we see what is remaining to pay?

On the s.o if I add an item code for the deposit I can invoice that but then how do I decrease the total $$ remaining on the s.o?

I also want to be able to look at the s.o or the open s.o report and see the dollar amount outstanding so I can budget based on future invoicing. I want to see that I only have $25,000 in upcoming receivables, not $30,000

QuickBooks Enterprise Suite

T

Trish_T

Hello robin@concretein,

I appreciate you reaching out to us here. QuickBooks Desktop provides the ability to record and manage customer deposits, even if you haven't created an invoice yet. I would be glad to assist!

To get started, you'll need to turn on prepayments. Here's how;

1. Go to Edit, and choose Preferences

2. Select Payments and proceed to Company preferences

3. Open Prepayments, followed by Prepayment settings

4. Checkmark the box to Turn on prepayments

5. Choose a current liability account from the ▼ dropdown menu, or hit Add new, to create a new current liability account

6. Hit OK and select OK again in preferences.

Next, follow these steps to add the deposit/prepayment to a sales order;

1. Proceed to Customers and open the Customer Centre

2. From the left menu, select the Transactions tab, then Sales Order

3. Select the appropriate sales order, then Receive payments

Note; On your Customer Payment screen, you'll see a checkbox for Prepayment on Sales order.

4. Enter the Amount and any other details, as you feel necessary, for the prepayment, then hit Save and Close

5. Check the sales order to make sure the prepayment amount and balance due have been updated.

To learn more about applying customer credits to invoices, and the associated reports, click here.

Should you require additional assistance, please don't hesitate to contact us outside of this forum. We would enjoy the opportunity to work with you personally, and ensure you're able to complete your QuickBooks goals as soon as possible!

Feel free to touch base with us again, if you have other questions. We would be glad to help!