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Our company follows a cash basis for accounting and tax purposes. What is the correct set up and process for a non-refundable deposit invoice in this scenario?

 
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Re: Our company follows a cash basis for accounting and tax purposes. What is the correct set up ...

Hi MelissaB,

 

You can record the non-refundable customer payments by creating a bank deposit. Please follow the steps below on how you can do it:

 

  1. Click the Plus (+) icon.
  2. Choose Bank Deposit
  3. To enter Bank Deposit,  select Accounts Receivable under Account.
  4. Click Save and Close.

 

When the customer made full payment, you can just simply link their Deposit payment to Invoice. Also, I suggest reaching out to your accountant they might also share another way on how on to set up with this. 

 

I'll be right here in case you need more help with QuickBooks transactions.

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