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featherlyservice
December 18, 2022
Question

How can I deal with Prepayments/Customer Deposits?

  • December 18, 2022
  • 1 reply
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I have uploaded prior months bank transactions into QBO and am trying to figure out how to deal with the customer deposits.  Lets say on Jan 5th the customer puts in $10. For this Im categorizing it as Customer Deposit (Current Liability) and putting in the Customers name from the Banking menu. Then after 2 weeks they pay the remainder of $190. So total to sales should be $190 and the amount in Customer deposits should be zeroed out.  Im not sure how this can be done. I dont want to waste time creating invoices for the deposits and the full payment and then matching it to the bank feed. That just feels like double work

1 reply

A
Amanda-B
December 19, 2022

Hey there featherlyservice,

 

Thanks for reaching out to us here. Making sure your recording your transactions correctly in QuickBooks, is an important step in maintaining clean books. I would be happy to point you in the right direction.

 

To ensure youre recording your transactions correctly in QuickBooks, I recommend reaching out to an accounting professional for expert advice on creating these types of transactions. They'll be able to guide you in choosing the correct transaction type as well as which accounts to affect so that your accounts can end up with the right balance. You can add your accountant to your books by going to the My Accountant tab of your QuickBooks account. You can also find an accountant that has experience using QuickBooks near you by clicking on the Find a pro to help option in that section.


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

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