You can customize the template to show the total A/R balance for the customer at the bottom so they can see any remaining credit and/or link the credit and show that on the invoice if it is more appropriate.Īnd then finally, the invoice and the prepayment can be “linked” together by choosing Customers > Receive Payments > Click on the box that says “Apply Existing Credits.” The software will then apply the previous payment (i.e. The next step is to create the invoice for the entire amount of the job or project. Then a year end adjustment to reclassify the amount that has been received will address the issue from a tax reporting perspective. However, it is used by many QuickBooks users when the down payment is only outstanding for a short period of time. ![]() With this method, it is not following Generally Accepted Accounting Principles (GAAP). This will then show as a credit in Accounts Receivable for the customer. Because the invoice has not yet been created, the prepayment amount will remain unapplied. The most efficient way to record a customer deposit or pre-payment is: Receive Payment as usual (Customers > Receive Payments). ![]() Receive Payment Option without an Invoice: Do you have any suggestions?Īnswer – It depends on how you are recording the money when it is received. ![]() I am looking for an easy way to see which customers still have a down payment in the liability account. ![]() Question – I receive down payments from my customers based on invoices.
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