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Level 3

Deposits / retainers

Hello again :-).

 

Apologies for asking repeated questions regarding managing quotes in QB but our previous software allowed us to create sales orders and apply payments to them. I understand we cannot do this in QB.

 

Please can you explain how the deposit function works and if this is possible:

 

1. Create a quote for a customer in the amount of $10,000

2. Customer is required to pay us a $3,000 up front payment before we commence work,  half way though and once  goods are delivered which if I understand correctly can be done via a "Sales Receipt".  without the need for an invoice.

 

Question; Can I record the sales receipts against a particular quote number (we have numerous quotes for the same customer) and if so how do I do this?

 

Question: How can I determine how much the client owes us after these deposits are made. (Is there a customer ledger/report)

 

Question : How do I thereafter create a final invoice (once all deposits have been received and at the conclusion of the project)

 

I appreciate your patience and apologise for all the questions.

 

 

 

Solved
Best answer 08-04-2019

Best Answers
Highlighted
QuickBooks Team

Deposits / retainers

I have some steps that can help you record the customer transactions, Deano2.

 

A Quote is a non-posting transaction. Therefore, we’re unable to associate a sales receipt to a specific quote. 

 

Instead, you can record the upfront payment as a deposit or receive payment. This will put the amount as a credit on the customer section, so you can apply them when you create the invoice.  

 

For the report, you can use the Transaction List by Customer and customise it to show the customer's open balance.

 

Here's how:

  1. On the left panel, click Reports.
  2. Type Transaction List by Customer in the search field.
  3. Choose the Report period, and then click the Customise button.
  4. Select Rows/Columns to expand, and then click the Change columns link.
  5. Put a check mark on the Open Balance box.
  6. Click Run Report.

You can create an invoice when you open the quote.

 

Here are the steps:

  1. Go to Sales on the left panel, and select Customers.
  2. Click the customer's name.
  3. Find the quote and click the Create invoice link under the Action column.
  4. Choose Remaining total of all lines and click Create invoice.
  5. Click Save.
  6. Click the Receive payment button inside the invoice page.
  7. Under Credits, put a check mark on the deposit or payments recorded.
  8. Click Save and close.

If there's anything else you need, I'll be around to help you some more. Thanks.

View solution in original post

1 Comment
Highlighted
QuickBooks Team

Deposits / retainers

I have some steps that can help you record the customer transactions, Deano2.

 

A Quote is a non-posting transaction. Therefore, we’re unable to associate a sales receipt to a specific quote. 

 

Instead, you can record the upfront payment as a deposit or receive payment. This will put the amount as a credit on the customer section, so you can apply them when you create the invoice.  

 

For the report, you can use the Transaction List by Customer and customise it to show the customer's open balance.

 

Here's how:

  1. On the left panel, click Reports.
  2. Type Transaction List by Customer in the search field.
  3. Choose the Report period, and then click the Customise button.
  4. Select Rows/Columns to expand, and then click the Change columns link.
  5. Put a check mark on the Open Balance box.
  6. Click Run Report.

You can create an invoice when you open the quote.

 

Here are the steps:

  1. Go to Sales on the left panel, and select Customers.
  2. Click the customer's name.
  3. Find the quote and click the Create invoice link under the Action column.
  4. Choose Remaining total of all lines and click Create invoice.
  5. Click Save.
  6. Click the Receive payment button inside the invoice page.
  7. Under Credits, put a check mark on the deposit or payments recorded.
  8. Click Save and close.

If there's anything else you need, I'll be around to help you some more. Thanks.

View solution in original post