Accounting deposit for following tax year

Kevin080 · ‎March 18, 2019

Hi,

I take deposits from all my clients to secure bookings. At this time of the year, many are these bookings are for the next tax year when the work will actually be taking place. I hold the deposit until the job is completed as I may have to return them in case of cancellations. How do I not account for the deposit in the current tax year but in the next tax year?

Thanks

Rustler · ‎March 18, 2019

You can not do that in the limited QBSE

a customer deposit is your liability and it should post to a liability account, but QBSE does not have them nor does QBSE allow you to create any needed accounts

QBSE does not allow for any new accounts (categories) to be created
QBSE does not keep a customer listing
QBSE does not have a balance sheet so you can not enter the cost or the depreciation for a car/equipment
QBSE does not do inventory or cost of goods sold
QBSE can not do payroll
QBSE does not do any associated IRS forms, like home office deductions or depreciation
QBSE will not accept a banking file formatted as .qbo (a standard intuit type of file)

QBSE does not do sales tax either (not schedule C related but critical to a business)

Topics

Training

Community

Resources

Accounting deposit for following tax year

Accounting deposit for following tax year

Need to get in touch?