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There is a customer that has paid in advance. So I have created a cash advance (bank in the asset) to track the cash advance payments by all customers.
When the customer uses the cash advance I create a invoice . I allocate the payment to this invoice but still in credit. When I look at the customers ledger it shows up correct. When I go into the balance sheet the total of the payment has not changed. What am I doing wrong??
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Welcome to the Community, vs89.
You'll have to check the bank account allocated for the invoice payments. Also, in QuickBooks Online you can simply create a Bank deposit to record the advance payment you've received from a customer and then, allocate to the Accounts Receivable category. Then, link the deposit to the invoice to the invoice to close off the invoice or partially pay the invoice.
To create a Bank deposit:
Link prepayments/deposits to the Invoice:
Then, go back to the Customers transaction list under Sales tab to view the invoice and the payment linked, this should close the invoice off.
Leave a comment below if you have any other questions. I'm here to answer it for you.
Welcome to the Community, vs89.
You'll have to check the bank account allocated for the invoice payments. Also, in QuickBooks Online you can simply create a Bank deposit to record the advance payment you've received from a customer and then, allocate to the Accounts Receivable category. Then, link the deposit to the invoice to the invoice to close off the invoice or partially pay the invoice.
To create a Bank deposit:
Link prepayments/deposits to the Invoice:
Then, go back to the Customers transaction list under Sales tab to view the invoice and the payment linked, this should close the invoice off.
Leave a comment below if you have any other questions. I'm here to answer it for you.
Yes that makes sense. I had to create another account receivable account so I can have all cash advance payments showing on the balance sheet. Of what has been paid to her but not used
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