I read through some other questions but none of them seem to address how the deposit field on the invoice page adds to your income without linking to anything. Attached a screenshot showing $500 as the deposit. This has already been invoiced in a previous invoice and linked to a transaction with our bank account and is counting as income. When I save this new invoice the $500 deposit is added as if I just received payment for it and therefore doubling the income.
I would be fine if this was purely an aesthetic feature to show clients how their deposit is applied and thought that is what it was doing VS logging additional income.
We just started using this function in the last couple of months but realized it's been messing up our P/L because of the doubling of the income.
Please advise a solution to use this feature as it seems something is missing as I would be surprised to believe QB allows you to add income without linking to anything that easily.
This would not double the income as long as we use the Deposit field on the Invoice page to record the advance payment made by your customer. By the time you receive the payment of this transaction, only the remaining balance will show. QuickBooks will also ask where you want the deposit amount to be recorded. This is another alternative for Credit memo.
Here are the sample screenshots:
If your customer will pay after you send the invoice, there's no need to use the deposit field. Instead, you can go directly to the Receive payment section and enter the exact amount given by your customer.
You may want to learn about managing your sales form, you can check these articles:
What we are looking for a solution for is representing the deposits made against the overall project. We typically bill for deposit up front and then again after the job.
Would be great to show this transaction and any reference the deposit invoice on the final invoice that represents the total. That is what I was trying to do with this field, but doesn't look like that is the purpose. The purpose is just to log a payment received before the invoice is issued?
Thank you for getting back to us and sharing more details on your concern, @brycejrich.
Yes, you're correct. The Deposit field on an invoice is to record advanced payments. However, you can consider adding a message on the invoice to represent the total.
Also, there isn't an option to link a field to the deposit invoice to show the amount paid towards an overall project. I understand how beneficial it is for you and your company to have this option. But the invoice template is working as designed.
For now, you can visit our blog site so you'll be able to get the latest news about QuickBooks and what our Product Care Team is working on.
Please touch base with me here for all of your QuickBooks needs, I'm always happy to help. Thanks for dropping by.