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DanielTN
Apr 4, 2024 2:26 PM UTC
Question

Convert Customer Deposits to Sales

Our construction company charges the customer a 10% Deposit Check before work commences.  This money is deposited into an Escrow account as a Liability.  When the money is transferred to our Business Checking account, how do we recognize this as a sale?

1 reply

SashaMC
Apr 4, 2024 3:56 PM UTC

Good afternoon DanielTN,

 

Welcome to the QuickBooks Community! For a question like that, it would be best to consult your accountant about the best practice for your business. If you don't have an accountant, we provide a Pro Advisor service where you can connect with experts within your area. Some even offer a free consultation. I am adding the link for this below.

 

 

If you have any other questions, please let us know. My team and I are here, ready to help. See you soon. 

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