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This chapter is from the book

This chapter is from the book

Receiving Advances, Retainers, and Down Payments

You might require that your customers or clients give you advance payments, retainers, layaway payments, or down payments on purchases of goods or services. If the payment you receive is a down payment on the purchase of goods, you can create an invoice for the goods and then record the payment as a partial payment for that invoice (see “Receiving Payments for Invoices,” earlier in this chapter). If you are taking an advance payment or a retainer for goods or services that have not yet been invoiced, the procedure for recording the payment is somewhat different, as shown in this task.

  • orange_circle_1.gif Select Banking, Make Deposits.
  • orange_circle_2.gif Indicate the account into which this money will be deposited.
  • orange_circle_3.gif Enter the date of the deposit.
  • orange_circle_4.gif Enter the name of the customer and, if applicable, the job related to this deposit.
  • orange_circle_5.gif Enter the account in which the deposit will be recorded. Typically this is a current liability account, not an income account.
  • orange_circle_6.gif Enter an optional memo.
  • orange_circle_7.gif Enter optional information about the method of payment.
  • orange_circle_8.gif Enter the amount of the deposit.
  • orange_circle_9.gif Click Print to print a deposit slip or deposit summary.
  • orange_circle_10.gif Save the deposit.
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