Paying a deposit amount on a Purchase Order or Voucher in Point of Sale
Scenario: When you order a part or a service from a vendor, the vendor may require you to pay a deposit. This is not tracked directly in Point of Sale (POS). To track this, use the Accounts Payable option in QuickBooks Financial.
If you’ve ever come across this scenario in QuickBooks Point of Sale, here are recommended steps to resolve this.
Note: These steps are only applicable for customers who are performing Financial Exchange with QuickBooks Financial.
To complete this process, first, write a check to the vendor and record it against their Accounts Payable (A/P) account. Then, record a Purchase Order in POS.
Go to the Banking menu, then select Write Checks.
Enter the vendor name, date, and the payment amount.
Go to the Expenses tab. In the Account column, enter Accounts Payable.
In the Customer tab: Customer:Job column, click the drop-down, then choose the vendor name.
Select Save & Close to create a credit balance with the Vendor.
In Point of Sale, after the item has been delivered/received:
Go to Receiving Voucher.
Select I want to.
Select Receive from PO.
Select the PO you created earlier.
Receive the items on the PO.
Select the Billing Info button.
Enter the Vendor billing information from the vendor transaction on the window that pops up.
Close that window.
Select Save to close the Voucher.
Run Financial Exchange. To transfer The voucher created in POS should now be transferred as a bill in Quickbooks.
In QuickBooks Financial, apply the prepayment to a bill:
Open the Vendors menu and select Pay Bills.
Highlight the bill from that vendor.
Select Set Credits to display a credit amount in the Set Credits screen.
Select the credit that displays.
Select Done to create a bill payment check to pay the remainder of the balance from the bill, if any.
Note: There are reports in QuickBooks Financial that can help you locate the transactions created in this process.
View existing deposits:
Open the Reports menu.
Select Vendors & Payables then Vendor Balance Detail.
Select a date range.
Locate the vendor on the report.
View existing unused deposits:
Open the Reports menu.
Select Vendors & Payables then Unpaid Bills Detail.
Locate the Vendor on the report to view any unapplied credits which will show as a negative number.
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