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Join nowThere is a "deposit" field on my invoices right after "total due" and right before "balance". If I enter a number here, it reduces the Balance Due. My question is: Is this used to indicate a deposit that has already been paid? Or is it to indicate that I require a deposit now, meaning customer isnt expected to pay the full invoice amount at once?
I would use it if the latter, but the former wouldnt suit my needs.
Thanks in advance
Solved! Go to Solution.
It's nice to see you in the Community, haskenazi1.
QuickBooks provides different ways to help manage your finances and reflect how your business is doing. I'm here to further discuss the deposit field of your invoices.
The Deposit field is an optional portion you can enable and add to your invoices. It is mainly use to subtract a customer deposit from the total to calculate the balance due.
For your question, this fits best to the first scenario you've mentioned. It generally indicates a deposit that has already been paid by your customer. You can remove this field from your invoices by turning it off from the Accounts and Settings page.
Here's how:
That's it! You should now be able to use this field accordingly.
If you have other questions about the process, don't hesitate to let me know. I'll be around!
It's nice to see you in the Community, haskenazi1.
QuickBooks provides different ways to help manage your finances and reflect how your business is doing. I'm here to further discuss the deposit field of your invoices.
The Deposit field is an optional portion you can enable and add to your invoices. It is mainly use to subtract a customer deposit from the total to calculate the balance due.
For your question, this fits best to the first scenario you've mentioned. It generally indicates a deposit that has already been paid by your customer. You can remove this field from your invoices by turning it off from the Accounts and Settings page.
Here's how:
That's it! You should now be able to use this field accordingly.
If you have other questions about the process, don't hesitate to let me know. I'll be around!
In addition to this question, I have received a deposit from my customer and recorded it in an Other Current Liabilities account I have created called Customer Upfront Retainers. Will using this Deposit field when invoicing the customer reduce this Liability account accordingly? How do I tell QBO to use the correct Liabilities account?
Hello there, PaperPanda.
Let me share with you some information on how to handle upfront retainers in QuickBooks Online (QBO).
There are two ways to apply upfront deposits or retainers to invoices. You can either enter the upfront deposit or retainer as a line item on the invoice or apply the upfront deposit or retainer as a credit.
Here's how to enter an upfront retainer as a line item on an invoice:
Here's how to apply an upfront retainer to an invoice as a credit:
To be more familiar with managing retainers in QuickBooks Online (QBO): How to record a retainer or deposit.
That's it. Don't hesitate to get back to me if there's anything you need. I'm always here to help you some more.
My issue is that I have filled out the deposit amount but when I hit save it says..
"You need to specify an account to credit the deposit to." Its already given me the balance due including the deposit deduction but won't let me go any further. I don't need anything else. I just need to save the invoice to send later.
Thanks for joining this thread, 1142.
There may be accounts that weren't saved when creating the transaction reason why you're getting the error. Let's review the invoice transaction and make sure you enter the complete information.
If the error persists, I recommend performing some basic troubleshooting steps. Let's start by opening your QuickBooks account in incognito/private mode to check if it caused by a browser.
Here are the keyboard shortcuts to open a private browser:
If it works fine with a private browser, I suggest clearing your browser's cache to start fresh. Otherwise, try using other supported browser.
Keep in touch if there's anything I can help you with aside from this. I'm always around to provide further assistance.
Hi
I am getting warning message
you need to specify an account to credit the deposit to
please answer ASAP
[removed]
Hello there, @629786.
You need to select an account to get past this warning message and save the invoice successfully. Let me show you how:
For additional reference, I've attached some links for options to receive and categorize customer payments in QuickBooks Online:
Let us know how I can help you further by clicking the Reply button below. Have a great day ahead.
This does not work.
Good Evening, @abrothers.
Thanks for joining in on this thread. Since you've already tried the steps my colleague provided, then I recommend contacting our Customer Support Team. They have additional tools to help look further into your account to resolve these types of problems. Here's how:
If you run into any trouble along the way, just let me know. I want to make sure that you get this issue resolved as soon as possible. Have a great day!
When you use the second solution mentioned above, does that work similarly to "recording a payment" from the invoice itself? So let's say I have an invoice that's $7,000 for a job. I require 1/2 upfront, 1/2 upon completion. I can make the whole invoice, then go into the customer and input the $3500 credit as you described. To my understanding, I would then go and record a bank deposit for that $3500 for whichever day I deposit the amount into my bank. Then when the remainder is paid, I could record the other $3500 payment as usual under the invoice, and again record a bank deposit for the appropriate day so that my bank records will match and I won't end up with double the income showing when I try to reconcile my account.
Hello there, @tricoteuse.
Recording an upfront deposit only applies if your customer pays you before performing any services. In your case, you can create an estimate for the $7,000 and invoiced the half amount. Here's how:
I'm adding this article for more details: Set up and use estimates.
Just in case you'll start reconciling your accounts, feel free to check out this article for the detailed steps and information: Reconcile an account in QuickBooks Online.
Please touch base with me here for all of your QuickBooks needs, I'm always happy to help. Have a great day.