Hi ChristinaD84,
Thanks for reaching out in the Intuit Community! Ensuring your transactions are recorded accurately simplifies the reconciliation process. QuickBooks Online has the versatility you need to complete your daily goals seamlessly. I'd be happy to help!
When dealing with partial payments due to government deductions, you can follow these steps in QuickBooks Online:
Create an Estimate:
- First, create an estimate (or sales order) for the full amount of the invoice. In the description field, clearly state the payment terms (e.g., “30% deposit, balance due on delivery”).
- Specify the item(s) being sold and their total value.
Convert to Invoice (Enable 30% Due):
- When it’s time to invoice the customer, convert the estimate to an invoice.
- Set the invoice to show that 30% is due (you can customize this in the invoice settings).
- The invoice will reflect the full amount, but the customer will only need to pay the 30% deposit initially.
Record the Deposit:
- Receive the payment from the customer using the “Receive Payments” function.
- Enter the actual payment amount received (in this case, the 30% deposit).
- Save and close the transaction.
Final Payment and Balance:
- When the customer pays the remaining balance, create a second invoice for the remaining 30%.
- Use the same item(s) as the original invoice.
- Record the payment as usual.
- Your accounts receivable will reflect the remaining balance due.
By following these steps, you’ll accurately track the partial payments and ensure proper accounting.
I recommend reaching out to your accountant. They'll be able to make sure all is correctly entered for your books to be correctly balanced. You can invite your accountant to your QuickBooks Online account by clicking on the My Accountant tab. There's also an option to find an accountant near you in that section by clicking on the Find a Pro to help button.
If you have any other questions, feel free to reach out here.
