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ACH2830
September 18, 2024
Question

DEPOSITS ON FINAL INVOICES

  • September 18, 2024
  • 1 reply
  • 0 views

Our company only creates final invoices online in Quickbooks but we receive 50% down payments in order to move forward with a job. We might receive that deposit months before the final invoice is created, so when I create the final invoice I put the deposit amount in the corresponding field and QB's records it as if I was receiving that deposit in that moment when in reality I have already received it months earlier. This makes it very tricky when reconciling because I can never clear that deposit because I already cleared it months earlier when the actual deposit was made. How do I stop this from happening?

1 reply

R
RheaMaeH
September 18, 2024

It's great to see you here in the Community, ACH2830. I can help you link your deposit to your invoice so you can accurately reconcile your QuickBooks Online (QBO) account.

 

To begin with, if this is a 50% down payment for an invoice, we can link the deposit to the invoice instead of directly adding it to the final invoice. Entering the deposit in the Deposit field of the invoice can result in a misrepresentation of the deposit date, which could have cleared in previous months and lead to creating duplicate recordings.

 

Here are the steps to do this:

 

  1. Go to your Chart of acccounts and then select View register for the bank account where the down payments are posted.
  2. Look for the Bank Deposit record that cleared your bank in the previous months. Then, click on Edit.
  3. In the Add funds to this Deposit section, choose the customer from the Received From dropdown.
  4. Choose Accounts Receivable from the Account dropdown. This will store the deposit as a credit to the customer.
  5. Ensure other details are correct. Then, hit Save and close.

 

To apply it to the invoice:

 

  1. After creating the final invoice, select +New and then Receive payment.
  2. Place a checkmark for the final invoice to link to the downpayment deposit.
  3. Ensure that the Amount received is $0. This is because we're just linking the deposit to the invoice.
  4. Enter the deposit amount in the Payment column.
  5. Scroll down to the Credits section. Then, find and place a checkmark for the Deposit transaction.
  6. Hit Save and close.

 

Once you view the final invoice, the deposit will be reflected in the Payment row, reducing the balance due from your customer. When you're ready to send the invoice, refer to this article: Email or print multiple sales forms in QuickBooks Online.

 

Furthermore, you can visit this article to learn what to do if QBO doesn't match your bank statement at the end of a reconciliation: Fix issues at the end of a reconciliation in QuickBooks Online.

 

If you have additional questions about linking your deposit to your invoices, please don't hesitate to contact us. We're always here to help.

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