Created with Sketch.Learn about PPP and Loan Forgiveness, stay informed with the latest changes.
Created with Sketch.Need help with 1099's or other Year End topics? Visit our Year End Resources page.
Created with Sketch.New to QuickBooks or using a new product? Visit our Get Started resource page to help you get going.
Created with Sketch.Need to make changes to your account? Visit the Account Manager Portal.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 2

What is the "Deposit" field on the invoice used for

There 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
Best answer December 07, 2018

Best Answers
QuickBooks Team

What is the "Deposit" field on the invoice used for

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:

  1. Go to the Gear icon, then Account and Settings
  2. Choose Sales in the left panel, then pick the pencil icon in the Sales form content section.
  3. Remove the check mark in the Deposit box.
  4. Select Save.
  5. Click Done (see screenshot below).

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!

View solution in original post

11 Comments
QuickBooks Team

What is the "Deposit" field on the invoice used for

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:

  1. Go to the Gear icon, then Account and Settings
  2. Choose Sales in the left panel, then pick the pencil icon in the Sales form content section.
  3. Remove the check mark in the Deposit box.
  4. Select Save.
  5. Click Done (see screenshot below).

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!

View solution in original post

Level 1

What is the "Deposit" field on the invoice used for

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?

Moderator

What is the "Deposit" field on the invoice used for

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:

  1. Open the customer invoice.
  2. In the Detail section, select the Upfront Deposit item you created from the Item drop-down list.
  3. Enter the amount of deposit to be applied to the invoice in the Amount column.
  4. Select Save and close.

Here's how to apply an upfront retainer to an invoice as a credit:

  1. From the Customers menu.
  2. Select Create Credit Memos/Refunds.
  3. From the Customer:Job drop-down list, select the customer or job.
  4. In the Amount field, enter the amount of the retainer.
  5. Select Save and close.
  6. In the Available Credit pop-up dialog that appears, select Apply to an invoice and select OK.
  7. In the Apply Credit to Invoice dialog that appears, select the invoice to which to apply the upfront retainer and select Done.

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.

Level 1

What is the "Deposit" field on the invoice used for

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.

Moderator

What is the "Deposit" field on the invoice used for

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: 

  • Google Chrome: press Ctrl+Shift+N 
  • Mozilla Firefox: press Ctrl+Shift+P 
  • Internet Explorer: press Ctrl+Shift+P 
  • Safari: press Command+Shift+N

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.

Level 1

What is the "Deposit" field on the invoice used for

Hi 

I am getting warning message 

 

you need to specify an account to credit  the deposit to

 

please answer ASAP 

[removed]

Moderator

What is the "Deposit" field on the invoice used for

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: 

  1. On the left pane, select + New
  2. Under CUSTOMERS, click Invoice
  3. Enter the transaction information, including the deposit amount. 
  4. Click anywhere to view the Deposit to field.
  5. Select the Deposit to drop-down and select an account.
  6. Click Save and close

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. 

Level 1

What is the "Deposit" field on the invoice used for

This does not work. 

QuickBooks Team

What is the "Deposit" field on the invoice used for

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: 

 

  1. Go to the Help icon. 
  2. Click the Contact Us button. 
  3. Type in your question and press Let's Talk
  4. Scroll down and choose to Get a callback

 

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!

Level 1

What is the "Deposit" field on the invoice used for

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.

QuickBooks Team

What is the "Deposit" field on the invoice used for

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:

 

  1. Click the + New button, then select Estimate.
  2. Select the customer or project (job) from the Customer drop-down.
  3. Fill out the necessary information.
  4. Hit Save.
  5. Beside the Amount section, click Create invoice.2.PNG
  6. Select the second option (50% of each line = $3,500).
  7. Click Create invoice.1.PNG
  8. Once you created the invoice, you can record the payment when you received it.

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.

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us