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vs89
Level 1
posted
‎August 10, 2021 05:06 PM
last updated ‎August 10, 2021 12:06 AM

Customer cash deposits

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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Best answer August 10, 2021
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IntuitSheila
Level 8
‎August 10, 2021 05:54 PM

Customer cash deposits

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:

  1. Click on the + New button.
  2. Click on Bank deposit.
  3. Select the Bank account the payment is received in to.
  4. Go to Add funds to this deposit section, and under Account choose Account Receivable.
  5. Enter the amount, customer name and other details.
  6. Click Save.

Link prepayments/deposits to the Invoice:

  1. Go to Sales tab, and locate the invoice.
  2. Open the invoice and click on Receive payment.
  3. In the Outstanding Transactions section, select the Invoice and the deposit.
  4. Click on Save or Save and Close.

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.

 

 

 

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2 Comments 2
IntuitSheila
Level 8
‎August 10, 2021 05:54 PM

Customer cash deposits

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:

  1. Click on the + New button.
  2. Click on Bank deposit.
  3. Select the Bank account the payment is received in to.
  4. Go to Add funds to this deposit section, and under Account choose Account Receivable.
  5. Enter the amount, customer name and other details.
  6. Click Save.

Link prepayments/deposits to the Invoice:

  1. Go to Sales tab, and locate the invoice.
  2. Open the invoice and click on Receive payment.
  3. In the Outstanding Transactions section, select the Invoice and the deposit.
  4. Click on Save or Save and Close.

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.

 

 

 

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vs89
Level 1
‎August 11, 2021 07:22 AM

Customer cash deposits

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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