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T
Tours
October 13, 2021
Question

Owner deposits customer payments/refund checks directly into long term liability account rather than checking.

  • October 13, 2021
  • 1 reply
  • 0 views

What is the proper procedure to post a deposit that is a customer payment and/or refund from vendor check that the owner deposits directly into a long term liability account to make the monthly payment rather than depositing it into checking and making a payment that way?

 

Customer payment needs to be recorded to the customer account first to clear that balance?

Refund check ?

 

Thank you.

1 reply

A
Alex M
October 14, 2021

Hi there Tours,

 

It's vital that all your transactions are correctly entered in your books so that your accounts are well balanced. QuickBooks Desktop is a great tool that's able to let you keep track of customer invoices and payments to see their balance due. I can point you in the right direction for assistance with entering these transactions.

 

To know exactly how these transactions should be entered in your books in order for the accounts to be properly balanced, I recommend reaching out to an accountant. They'll be able to guide you on the choice of the best transaction type to represent this money movement as well as which accounts need to be affected. If you'd like to find an accountant near you that has experience with QuickBooks, you can view our Find an accountant site.

 

If you have any other questions, feel free to reach out here.

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