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Experienced Member

Posting a Customer payment via CC directly to liability

We require customers to prepay for their orders with a Credit Card.  I process credit cards through the "Receive Payments" screen in QuickBooks.  I would like this prepayment to directly hit my Customer Deposit account which is a liability.  Is there a way to do this through the "Receive Payments" screen?  Thanks in advance for the help!

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Moderator

Re: Posting a Customer payment via CC directly to liability

Hello, SK1412.

 

Thanks for joining the Community. I'm here to share some insights about managing prepayments.

 

Just to clarify, are you trying to record the prepayment in QuickBooks Desktop? If so, a sales receipt should be created when you receive an upfront deposit or retainer from a customer. Otherwise, create an invoice when paid for a product or service.

 

Before doing so, you need to set up an item to use in order to accept upfront deposit item or retainers. Here's how:

 

  1. From the Lists menu, select Item List.
  2. In the Item List window, right-click and select New from the pop-up menu.
  3. From the Type drop-down menu, select the purpose of the deposits you collect.
  4. You can select Service if you collect upfront deposits for services, or Other Charge if you collect upfront deposits for products.
  5. Enter a name in the Item Name/Number field.
  6. Select the Upfront Deposit liability account you created from the Account drop-down list.
  7. Click on OK.

For further guidance, you can check out this article: Manage upfront deposits or retainers.

 

However, if you're recording prepayments in QuickBooks Online (QBO), you can follow the detailed steps in this article: Record a retainer or deposit.

 

From there, you'll be able to receive prepayments that will directly hit your customer deposit liability account. 

 

You have me here if you have further questions. I'll be here to keep helping. Take care.