Deposit invoices

[aniciu]

\n

What is a deposit invoice?

\n

\n

A deposit invoice is different than a standard invoice. We recommend that you use one when you start a new job and you need an upfront payment.

\n

When you use a deposit invoice, QuickBooks knows to show this as a liability because you haven’t started the work yet. When you’re ready to send the final invoice, QuickBooks lets you know about any deposit payments so you can easily request the correct balance from your customer.

\n

When you use a deposit invoice, QuickBooks knows to show this as a liability because you haven’t started the work yet. When you’re ready to send the final invoice, QuickBooks lets you know about any deposit payments so you can easily request the correct balance from your customer.

\n

\n

\n

\n

How to create a deposit invoice

\n

\n

\n
1. Open a new invoice, choose a customer, and fill in their info.
\n
2. Check This is for a deposit or initial payment for work you haven’t started.
\n
3. Add the amount, description, and any other info. Note: If the deposit is a percentage of a total amount, indicate it in the description.
\n
4. If the down payment is for services, select the correct VAT rate.
\n
5. If the deposit is for goods, select the VAT rate of Pas de TVA FR (Ventes), because the VAT set for the final invoice only.
\n
6. Choose Save or Save and send.
\n

\n

\n

\n

\n

How to receive a payment for a deposit invoice

\n

\n

Once your customer pays you for a deposit invoice, you can add it to your books.

\n

Note: With a deposit invoice you can only receive a payment for either a single deposit invoice or one or more standard invoices at the same time.

\n

\n
1. From global create +, choose Receive payment.
\n
2. Add the usual info.
\n
3. Select Add to invoice.
\n
4. Choose the deposit payment, and select Add.
\n
5. And Save.
\n

\n

\n

\n

\n

How to refund a deposit or initial payment

\n

\n

One way to do that is by giving a refund and applying a credit.

\n

\n
1. Go to the Plus (+) sign and choose Credit Memo.
\n
2. Create a Credit Memo.
\n
3. Go to the Plus (+) sign and choose Check/Cheque.
\n
4. Write a check/cheque to your customer for the refund of the deposit. The amount should be the amount of the deposit.
\n
5. For Account, select Accounts Receivable.
\n
6. Click the Plus (+) sign and choose Receive Payment.
\n
7. Select your customer. Total Credits should equal the refund and the check/cheque listed under Outstanding Transactions. Make sure both have checkmarks.
\n
8. Then Save and close.
\n

\n

\n

\n

\n

What if your customer overpays? What your your customer underpays?

\n

\n

This article is under construction. Come back later for more details.

\n

\n

\n

\n

What if your customer has not paid the deposit yet?

\n

\n

This article is under construction. Come back later for more details.

\n

\n