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AMYVFL
January 30, 2024
Question

How to classify a materials draw deposit

  • January 30, 2024
  • 1 reply
  • 0 views

Our clients pay us a some of money so we can at our discretion purchase materials for a remodle project without bothering them each time we need something,  what do I classify that deposit as in quickbooks?

 

Thank you

    1 reply

    OnTrack Team
    OnTrack Team
    July 30, 2024

    Here are your options:

     

    1. In the 2024 version, you can receive payments toward sales orders.
    2. Post a payment and leave it unapplied until you post invoices against it.
    3. Post it to an Other Current Asset account called "Customer Prepayments". You will then have multiple options how to apply it to the customer balance.

     

    Let me know if this helps.

     

     

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