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haskenazi1
December 7, 2018
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What is the "Deposit" field on the invoice used for

  • December 7, 2018
  • 2 replies
  • 0 views

There is a "deposit" field on my invoices right after "total due" and right before "balance". If I enter a number here, it reduces the Balance Due. My question is: Is this used to indicate a deposit that has already been paid? Or is it to indicate that I require a deposit now, meaning customer isnt expected to pay the full invoice amount at once?

 

I would use it if the latter, but the former wouldnt suit my needs.

 

Thanks in advance

    Best answer by VivienJ

    It's nice to see you in the Community, haskenazi1. 

     

    QuickBooks provides different ways to help manage your finances and reflect how your business is doing. I'm here to further discuss the deposit field of your invoices. 

     

    The Deposit field is an optional portion you can enable and add to your invoices. It is mainly use to subtract a customer deposit from the total to calculate the balance due.

     

    For your question, this fits best to the first scenario you've mentioned. It generally indicates a deposit that has already been paid by your customer. You can remove this field from your invoices by turning it off from the Accounts and Settings page. 

     

    Here's how:

    1. Go to the Gear icon, then Account and Settings. 
    2. Choose Sales in the left panel, then pick the pencil icon in the Sales form content section.
    3. Remove the check mark in the Deposit box.
    4. Select Save.
    5. Click Done (see screenshot below).

    That's it! You should now be able to use this field accordingly. 

     

    If you have other questions about the process, don't hesitate to let me know. I'll be around!

    2 replies

    V
    VivienJAnswer
    December 7, 2018

    It's nice to see you in the Community, haskenazi1. 

     

    QuickBooks provides different ways to help manage your finances and reflect how your business is doing. I'm here to further discuss the deposit field of your invoices. 

     

    The Deposit field is an optional portion you can enable and add to your invoices. It is mainly use to subtract a customer deposit from the total to calculate the balance due.

     

    For your question, this fits best to the first scenario you've mentioned. It generally indicates a deposit that has already been paid by your customer. You can remove this field from your invoices by turning it off from the Accounts and Settings page. 

     

    Here's how:

    1. Go to the Gear icon, then Account and Settings. 
    2. Choose Sales in the left panel, then pick the pencil icon in the Sales form content section.
    3. Remove the check mark in the Deposit box.
    4. Select Save.
    5. Click Done (see screenshot below).

    That's it! You should now be able to use this field accordingly. 

     

    If you have other questions about the process, don't hesitate to let me know. I'll be around!

    P
    PaperPanda
    March 4, 2019

    In addition to this question, I have received a deposit from my customer and recorded it in an Other Current Liabilities account I have created called Customer Upfront Retainers. Will using this Deposit field when invoicing the customer reduce this Liability account accordingly? How do I tell QBO to use the correct Liabilities account?

    C
    Charies_M
    March 5, 2019

    Hello there, PaperPanda.

     

    Let me share with you some information on how to handle upfront retainers in QuickBooks Online (QBO).

     

    There are two ways to apply upfront deposits or retainers to invoices. You can either enter the upfront deposit or retainer as a line item on the invoice or apply the upfront deposit or retainer as a credit.

     

    Here's how to enter an upfront retainer as a line item on an invoice:

    1. Open the customer invoice.
    2. In the Detail section, select the Upfront Deposit item you created from the Item drop-down list.
    3. Enter the amount of deposit to be applied to the invoice in the Amount column.
    4. Select Save and close.

    Here's how to apply an upfront retainer to an invoice as a credit:

    1. From the Customers menu.
    2. Select Create Credit Memos/Refunds.
    3. From the Customer:Job drop-down list, select the customer or job.
    4. In the Amount field, enter the amount of the retainer.
    5. Select Save and close.
    6. In the Available Credit pop-up dialog that appears, select Apply to an invoice and select OK.
    7. In the Apply Credit to Invoice dialog that appears, select the invoice to which to apply the upfront retainer and select Done.

    To be more familiar with managing retainers in QuickBooks Online (QBO): How to record a retainer or deposit. 

     

    That's it. Don't hesitate to get back to me if there's anything you need. I'm always here to help you some more.

      6
      629786
      January 2, 2020

      Hi 

      I am getting warning message 

       

      you need to specify an account to credit  the deposit to

       

      please answer ASAP 

      [removed]

      M
      MaryGraceS
      January 2, 2020

      Hello there, @629786.

       

      You need to select an account to get past this warning message and save the invoice successfully. Let me show you how: 

      1. On the left pane, select + New. 
      2. Under CUSTOMERS, click Invoice. 
      3. Enter the transaction information, including the deposit amount. 
      4. Click anywhere to view the Deposit to field.
      5. Select the Deposit to drop-down and select an account.
      6. Click Save and close. 

      For additional reference, I've attached some links for options to receive and categorize customer payments in QuickBooks Online: 

      Let us know how I can help you further by clicking the Reply button below. Have a great day ahead. 

      A
      abrothers
      August 26, 2020

      This does not work. 

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