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Join nowWe, like many others here, have many customers who prepay. However, our prepay program is set up where customers pay for specific quantities of product at lower prices during the slow season to be used during the busy season. By necessity, we have to track customer prepayments by inventory item.
For example, a customer will pay for 5 units of Product X at $200 a unit ($1000) and 4 units of Product Y at $500 a unit ($2000), and they want a receipt for payment. Then, in a couple of months, they pick up the products during three separate visits, wanting a receipt for the product received each visit separately. At the time they receive the products, Product X would cost $300 a unit ($1500 total) and Product Y would cost $600 a unit ($2400 total) if it's not prepaid. (Essentially the prepayment in the offseason saves everyone money and helps our cash flow.)
I'm wondering if there is a way to record when customers pay, what items they paid for, when they receive the product, and track how much of their prebought product remains at any given time. While doing this, I would like for inventory and the bank account balance to be up-to-date in Quickbooks. Is there a way to do this, especially tracking the prebought quantities without manually noting on customer accounts every time? For reference, I'm using Quickbooks Desktop Pro Plus. Thanks in advance for any help.
On an Invoice payments are applied proportionally across all items, including any tax. Without creating a separate invoice or sales receipt for the specific discounted items there is no way in your version of Quickbooks to apply a payment to a specific part of an invoice. when you invoice the entire invoiced inventory is presumed to have moved.
One option is to use Estimates and create specific invoices for portions of the estimate as needed.
You might consider dating the invoices in the future for approximately when delivery will take place. If you are accrual, the invoiced date determines income, if you are cash, make sure the prepayments stay in a prepayment liability account or they are income when you got the check, not when you delivered the product
Thanks. I'll look more into that. Is there a Quickbooks product that has the right functionality for this? If there is an upgrade might be worth it.
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