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Level 3

Payments against quotes

Hello again :-)

 

Does QB have the ability to apply partial / full payments against a quote? (we can only convert to an invoice when goods are delivered but in order for that to occur we need a prepayment)

 

Are there alternative solutions if this cannot be done in the current system

 

Thank you once again. I really appreciate your time and efforts

5 Comments
Moderator

Re: Payments against quotes

Thanks for visiting us again here in Community, Koala.

 

Let me get the help you need in recording advance invoice payment.

 

In QuickBooks Online, there are different ways on how to record Customer prepayments. With this being said, I'd recommend consulting your Accounting Professional. This is to ensure that accounts are recorded properly and on which method they've preferred.

 

Additionally, to know more on what you can do in QuickBooks Online, you can check out our community page: QBO Self-help.

 

You may also find this article helpful in the future: Record a customer payment.

 

I'm always here to help you if you have any other concerns in recording your transactions, just feel free to reach back out.

Level 3

Re: Payments against quotes

Thank you your quick response.

 

Hopefully, I am on an Australian community board  (We do not have VAT in Australia).

 

Not sure if I am fully understanding your answers.

 

Please confirm - It can only be done when we have converted to an invoice.  If this is the only available solution then I am having concerns if QB will meet our business requirements. Are there any add-ons that allow us to allocate payments against quotes prior to it being recorded in our financials.

 

Many thanks

 

QuickBooks Team

Re: Payments against quotes

I'd like to share some information about prepayments, Koala.

 

A Quote is a non-posting transaction. Therefore, applying a partial/full payment is unavailable.

 

As a workaround, you can create a Receive Payment to put a credit on the customer's account. Then, record the invoice later and apply the credit as a payment.

 

Note: When you enter the Receive Payment, you can use the Undeposited Funds account from the Deposit to drop-down. This account is a "temporary holding" for funds that are yet to be deposited.

 

The article provided by my colleague MirriamM also contains additional information about prepayments.

 

Please let us know if you have additional questions related to this. I'll be around to help you some more. Thanks.

Level 3

Re: Payments against quotes

thank you 

QuickBooks Team

Re: Payments against quotes

You're welcome, Koala!

 

You can always visit us if you have other questions or concerns about QuickBooks. Have a great day!