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Recording Customer Deposits in QuickBooks Online
If you collect a deposit from your customers prior to sending them an invoice you can now record that deposit directly on your invoice in QuickBooks Online.
You can turn on the deposit feature under Account and Settings > Sales
The new field will now appear on your QuickBooks Online invoice.
This is where you can record customer deposits previously received and deduct from the balance owing on the invoice.
In this video I walk step by step through how and when to use this field to record customer deposits.
Note that the field on the invoice should only be used if you have previously recorded the customer deposit as income.
If you have recorded the deposit as a liability see my other video on customer deposits!
Still need help?
Check this out.
Recording Customer Deposits in QuickBooks Online
There is a new deposit field in QuickBooks Online where you can record deposits previously received from your customers when you send them an invoice. In this QuickBooks tutorial, I walk through how and when to use the new field to record customer deposits.
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Let's go!Video Transcript:
Hi, Kerry here from My Cloud Bookkeeping. I had a question from Spruce Tree Media about what to do with that deposit field that now appears at the bottom of the invoice. This is where you record amounts that you’ve previously received from your customers as a deposit and that you’ve recorded as income. I’ll show you how it works.
Now, let’s assume our customer, Kathy has previously paid a $10,000 deposit that we recorded as income. Let’s create an invoice for Kathy for some catering, put the amount of $25,000 – no sales tax for the time being. So now what we want to do is record the deposit of $10,000 that was previously paid and you can see the amount that’s due is $15,000, and we’ll save, and we’ll send that to Kathy.
If you want to set a deposit up as an amount owing a liability, then I have a different video. I’ll put a link here so that you can go and see how to do that.
If you’re not too sure which method to use, you should check with your accountant and if this was helpful, remember to click like below, subscribe to my channel.
There’s also a checklist you can download which will get you in my newsletter so that you can then keep up to date with anything else that’s happening in QuickBooks and the apps I’m trying out.
If there’s anything else you’d like to know, you can write in the comment box below; there’s a link to my calendar if there’s something else you’d like to learn about let me know and my next video could be for you.
Cheers!
Video Transcript:
Hi, Kerry here from My Cloud Bookkeeping. I had a question from Spruce Tree Media about what to do with that deposit field that now appears at the bottom of the invoice. This is where you record amounts that you’ve previously received from your customers as a deposit and that you’ve recorded as income. I’ll show you how it works.
Now, let’s assume our customer, Kathy has previously paid a $10,000 deposit that we recorded as income. Let’s create an invoice for Kathy for some catering, put the amount of $25,000 – no sales tax for the time being. So now what we want to do is record the deposit of $10,000 that was previously paid and you can see the amount that’s due is $15,000, and we’ll save, and we’ll send that to Kathy.
If you want to set a deposit up as an amount owing a liability, then I have a different video. I’ll put a link here so that you can go and see how to do that.
If you’re not too sure which method to use, you should check with your accountant and if this was helpful, remember to click like below, subscribe to my channel.
There’s also a checklist you can download which will get you in my newsletter so that you can then keep up to date with anything else that’s happening in QuickBooks and the apps I’m trying out.
If there’s anything else you’d like to know, you can write in the comment box below; there’s a link to my calendar if there’s something else you’d like to learn about let me know and my next video could be for you.
Cheers!
Still need help?
Check this out.
Recording Customer Deposits in QuickBooks Online
There is a new deposit field in QuickBooks Online where you can record deposits previously received from your customers when you send them an invoice. In this QuickBooks tutorial, I walk through how and when to use the new field to record customer deposits.
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