Why aren't several deposits not accruing to the customers named? They show up in reports, but not in the transaction list in the customer entry itself.

Kimberlina · ‎March 16, 2019

JessT · ‎March 18, 2019

Hi Kimberlina,

I've got some help about this.

When you create a deposit, you can choose the Accounts Receivable account in the ACCOUNT field and enter the name of the customer in the NAME field. In this way, the transaction will show up in your customer's Transaction List as deposit.

If this is something that you need to enter as a retainer, just follow the steps in this article: How to record a retainer or deposit.

We're just around if you have more questions.

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Regina_Lend_A_Hand_Accounting · ‎March 20, 2019

The best thing to do is to create a Sales Receipt when the payments are received. Also you can setup items for each royalty payment type so that you have an item to choose within you Sales Receipts with each royalty payment received. These items are mapped to your income accounts. A sales receipt is like an invoice and payment in one. It was not good advice to use Accounts Receivable as your category as someone else advised, this is not proper accounting and such a transaction is only done when you are recording deposit/retainers.

View solution in original post

Regina_Lend_A_Hand_Accounting · ‎March 16, 2019

A deposit is not a sale, so if the deposit was not matched to a customer invoice payment or customer sales receipt, it will not show up in the customer sales transactions.

Customer invoices and invoice payments OR sales receipts are created, and then matched to deposits.

Kimberlina · ‎March 17, 2019

Thanks for answering that. Another question: as a music publisher, we are sent royalty payments (such as the example above) -- sometimes monthly, sometimes quarterly, sometimes yearly -- from our distributor, from performance rights groups such as ASCAP and BMI. We have no way of knowing those amount ahead of time so these are neither "invoice payments" nor "sales receipts." Is there another device within QuickBooks that can both accommodate these kinds of remittances so that it accrues to a "customer?" -- thanks!

JessT · ‎March 18, 2019

Hi Kimberlina,

I've got some help about this.

When you create a deposit, you can choose the Accounts Receivable account in the ACCOUNT field and enter the name of the customer in the NAME field. In this way, the transaction will show up in your customer's Transaction List as deposit.

If this is something that you need to enter as a retainer, just follow the steps in this article: How to record a retainer or deposit.

We're just around if you have more questions.

Regina_Lend_A_Hand_Accounting · ‎March 18, 2019

@JessT

This is bad advice if there is no sales transaction, as the money received will not go to an income account on the profit and loss report. A transaction posted only to Accounts Receivable will be reflected on the balance sheet. An Accountant would not give this bad advice.

Regina_Lend_A_Hand_Accounting · ‎March 20, 2019

The best thing to do is to create a Sales Receipt when the payments are received. Also you can setup items for each royalty payment type so that you have an item to choose within you Sales Receipts with each royalty payment received. These items are mapped to your income accounts. A sales receipt is like an invoice and payment in one. It was not good advice to use Accounts Receivable as your category as someone else advised, this is not proper accounting and such a transaction is only done when you are recording deposit/retainers.

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Why aren't several deposits not accruing to the customers named? They show up in reports, but not in the transaction list in the customer entry itself.