New Company Setup

Stephenie Shea · ‎February 03, 2022

I have a company that has rolled to QBO as of January 1. We have a customer who just made a large payment in this fiscal year. However, he also made a deposit on the job in October. How should I account for the October payment on the Invoice when the payment actually occurred in a previous year? To receive it now will be to record it in the bank account and that is not right. Is there a GL entry I can make to show the payment on the Invoice? We have jobs that last for months. We collect deposits and then payment at commencement of work. This will occur again, so I need a solid answer. Help!

Rustler · ‎February 05, 2022

After you create the customer deposit liaiblity account. this assumes the deposit made is in the bank.
Open the bank register and scroll up to the first entry, edit the entry and reduce the amount by the amount of the deposit.
use the register and make a new entry, set the date back to same starting date, and make a deposit in the amount, use owner equity investment as the source account for the deposit.

View solution in original post

Rustler · ‎February 05, 2022

After you create the customer deposit liaiblity account. this assumes the deposit made is in the bank.
Open the bank register and scroll up to the first entry, edit the entry and reduce the amount by the amount of the deposit.
use the register and make a new entry, set the date back to same starting date, and make a deposit in the amount, use owner equity investment as the source account for the deposit.

Stephenie Shea · ‎February 07, 2022

Thank you so much for the tip! It was helpful and the exact right thing!

Topics

Training

Community

Resources

New Company Setup