Customer deposit - How to fix a problem

tonyvanw
tonyvanw Member ✭✭
I have Quicken Home & Business. I use it for a small farm business. I am on a cash basis. I have a few customers I invoice, they pay me and everything works as expected. I now have a customer how gave me a $2,000 for future purchases. I recorded the $2,000 as a payment. I have issued invoices later than the date of the $2,000. When I issue the next statement: (i) the balance column is correctly calculated, (ii) however for the invoices issued after the date I received the deposit do not show as paid, (iii) When I look at the "Itemized Categories Report" various invoices that should show as paid do not appear.

Questions: (i) How should I record a customer deposit on future purchases?
(ii) How do I fix the problem that I have.

I had expected that Quicken would automatically apply any positive balance to future invoices. It appears that it does not work this way.

Thank you for any help you can give.
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Best Answer

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Answer ✓

    Invoices typically are marked as paid when you receive another customer payment.

    For as long as the prepaid money lasts, you should once in a while record a new customer payment in the amount of $0.00 and Apply existing credits towards Outstanding Invoices:

    The $0.00 payment transaction, when saved, may not result in a register transaction, but it will make updates to take the prepaid amount into consideration when marking invoices as paid in full or part.

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Answer ✓

    Invoices typically are marked as paid when you receive another customer payment.

    For as long as the prepaid money lasts, you should once in a while record a new customer payment in the amount of $0.00 and Apply existing credits towards Outstanding Invoices:

    The $0.00 payment transaction, when saved, may not result in a register transaction, but it will make updates to take the prepaid amount into consideration when marking invoices as paid in full or part.

  • tonyvanw
    tonyvanw Member ✭✭
    Thank you for your quick response. You have solved my problem and I have learned something new.
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