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Level 1

Debt payment using items

I own a farm business where customers pay ahead for product they recieve over time. For example, Customer A pays me $300 on Jan 1. My responsibility is to deliver $100 of my product to the customer on Jan 1, Feb 1, and March 1. I want to know how to record both the payment from Customer A on Jan 1 and how to record the items I repay the customer with over time without double recording things.  To further complicate things, the items used to repay the customer are spread over different classes. Thanks

2 Comments
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Level 6

Debt payment using items

Hi,

Nice of you to share this with us. We need more information as to version and edition of QuickBooks you use

Highlighted
Level 1

Debt payment using items

Sorry, I should have posted that.  I use the Desktop 2016 Quickbooks for Mac.  

 

I think I have found a solution to my question, but it brings up other questions.  

 

This is my possible solution:

Customer A writes me a check for $300 on Jan 1 for three $100 deliveries of product on Jan 1, Feb 1, and March 1.  The deliveries will have a various selection of items in them, all equaling $100.    In QB I record Customer A's check in "Recieve Payments" which gives Customer A an open Balance of $300.  Then on Jan 1 I make an Invoice of the $100 worth of items that Customer A is receiving that month.  When I go to "Recieve Payments" I can apply existing credits and Customer A should then only have $200 left as an open balance.  Does that work?

 

My new question is that I'd like to record my customers that pre-pay so that I can see how many prepaid customers signed up with me in a year.  Until I figured out how to record the items going out in the prepaid deliveries, I was recodring the prepaid customers as purchasing Items that were named for the amount of time they signed up for.  For example, I had been recording Customer A's check as a purchase of an item called "3 month share."  Is there a way for me to record that Customer A purchased a 3 Month Share and also record the individual items that go out in the monthly share distributions - without double recording?

 

Thanks!

 

 

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