Very informative, thank you. I will use the first method for ease, but can you please let me know if i can then send a sales receipt for the deposit/prepayment from the customer/ Thank you
@the Quickbooks University _ thank you so much for the video. If we create a line item for the deposit received in our sales order, is that going to impact our sales account? Also, instead of creating journal entry, can we create a line item with negative amount for the deposit in our final invoice?
@@QbuniversityOrg thanks for replying. I know creating a line item in the final invoice with negative amount to the liability account we created would reduce that liability account but how it would increase our AR?
I've never used Quick Books before so if my question sounds ridiculous or special I apologize in advance. I am using Quick Books Desktop 2019, I've been using roughly 2 months now. When using the "Record Deposit" option on "Banking" module and I deposit a payment received it simply records the deposit received from a customer to Quick Books only correct? Does it have any interaction with the actual bank? Meaning if there is no actual deposit of money/funds to my bank account. I've already received payments and I physically went to the bank and deposited that money myself. I only want to record on quick books that I've already received a payment for an invoice.
Not a dumb question at all! You are correct when you make the deposit in Quickbooks it does not make the deposit in the bank. You have to physically deposit it in the bank
Whwn. Making deposits, there is a field at the lower left corner which says "cash goes back to" Making u to choose an account. Which account are you selting there and when are you using that?
You only use that field if you take cash from a deposit. For example if the total deposit is $100 and you get $10 back to put into petty cash you put the $10 down there and put it to petty cash
Hi, thank you for this video! I'm trying to figure out how to acknowledge the deposit and balance for the client. Could I record the deposit in a sales order as a negative line item and give that to the client as a receipt? And then when the balance is paid issue an invoice from the sales order (that has the customer deposit as a negative line item) and would also reflect the balance payment as well. So in the end, the client receives a sales order for the purchase and acknowledgement of the deposit and then an invoice for the purchase, deposit and balance payment.
@the Quickbooks University _ thank you so much for the video. If we create a line item for the deposit received in our sales order, is that going to impact our sales account? Also, instead of creating journal entry, can we create a line item with negative amount for the deposit in our final invoice?
@@QbuniversityOrg @ thank you so much for the video. If we create a line item for the deposit received in our sales order, is that going to impact our sales account? Also, instead of creating journal entry, can we create a line item with negative amount for the deposit in our final invoice?
Feel free to leave a comment or question here!
Very informative, thank you. I will use the first method for ease, but can you please let me know if i can then send a sales receipt for the deposit/prepayment from the customer/
Thank you
Think I answered you in the other comment
@@QbuniversityOrg yes you did, thank you. Hedging my bets lol.
@the Quickbooks University _ thank you so much for the video.
If we create a line item for the deposit received in our sales order, is that going to impact our sales account?
Also, instead of creating journal entry, can we create a line item with negative amount for the deposit in our final invoice?
It will only impact revenue if in the Item set up you point the Deposit Item to a revenue account. You sure can do a negative instead of a JE
@@QbuniversityOrg thanks for replying.
I know creating a line item in the final invoice with negative amount to the liability account we created would reduce that liability account but how it would increase our AR?
Thank you , I’ll be watching this when I’m in the office this week, to enter it correct.
LINDA G you’re welcome!!
I've never used Quick Books before so if my question sounds ridiculous or special I apologize in advance.
I am using Quick Books Desktop 2019, I've been using roughly 2 months now. When using the "Record Deposit" option on "Banking" module and I deposit a payment received it simply records the deposit received from a customer to Quick Books only correct? Does it have any interaction with the actual bank? Meaning if there is no actual deposit of money/funds to my bank account.
I've already received payments and I physically went to the bank and deposited that money myself. I only want to record on quick books that I've already received a payment for an invoice.
Not a dumb question at all! You are correct when you make the deposit in Quickbooks it does not make the deposit in the bank. You have to physically deposit it in the bank
@@QbuniversityOrg Thank you very much! Your response really helped me out, I appreciate it.
Emmanuel Corral you’re welcome!
Whwn. Making deposits, there is a field at the lower left corner which says "cash goes back to" Making u to choose an account. Which account are you selting there and when are you using that?
You only use that field if you take cash from a deposit. For example if the total deposit is $100 and you get $10 back to put into petty cash you put the $10 down there and put it to petty cash
@@QbuniversityOrg what then is the implication of putting it into "retained earnings"
That just wouldn’t make sense. You would mess up your books
@@QbuniversityOrg and again if I have already put it up in retained earnings, how do i reverse it?
Go into that deposit and change the cash back account
Good information
Thanks!
Hi, thank you for this video! I'm trying to figure out how to acknowledge the deposit and balance for the client.
Could I record the deposit in a sales order as a negative line item and give that to the client as a receipt? And then when the balance is paid issue an invoice from the sales order (that has the customer deposit as a negative line item) and would also reflect the balance payment as well. So in the end, the client receives a sales order for the purchase and acknowledgement of the deposit and then an invoice for the purchase, deposit and balance payment.
Yeah that could work. I would just test it out to make sure it works but it sounds like it should
@@QbuniversityOrg thank you for your response.
@@seamslatasha3598 you’re welcome!
@the Quickbooks University _ thank you so much for the video.
If we create a line item for the deposit received in our sales order, is that going to impact our sales account?
Also, instead of creating journal entry, can we create a line item with negative amount for the deposit in our final invoice?
@@QbuniversityOrg @ thank you so much for the video.
If we create a line item for the deposit received in our sales order, is that going to impact our sales account?
Also, instead of creating journal entry, can we create a line item with negative amount for the deposit in our final invoice?
We bill every month what if the up-front deposit is more than what she owes at billing?
Can you leave it as a credit to applied the following month?
I use quickbook 18, when i tried to do like this transaction i lost apply credit from my qb 18
Help
I don't know what is it wrong to me ?
Thats odd. This method should work in QB 2018 as well?
3:57 2nd way.
How to record a split deposit from online banking?
How do I link the deposit money to the customer invoice I created before I had an understanding of all this?
Watch this video
ua-cam.com/video/cGF_rKkgezI/v-deo.html