Prepayment for estimates
I use a small contractor that does path maintenance in an association in Panama and asks for payments in advance based on a written estimate he provides us. How do I set up an estimate payment and then the actual?
70
12036
dwxPQaOKSr3RjjacfA8pyY
09/15/09 4:03pm PDT
Viewed by asker 09/16/09 3:28pm PDT
Viewed by asker 09/16/09 3:28pm PDT
4 Replies
Mike Block CPA
Questions asked: 1
Questions answered: 68
Points earned: 106
Questions answered: 68
Points earned: 106
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
09/15/09 8:20pm PDT
I answered this earlier:
QuickBooks says you cannot enter a deposit on an Estimate with your usual Deposit Item. You can only use that Deposit on an Invoice. However, there is no problem entering the word Deposit and the amount in the Estimate. You simply enter BOTH on ONE separate Estimate line, IN THE DESCRIPTION COLUMN. There also is no problem in entering the same Deposit under Customers, Receive Payments, even though you have no open invoice. Use the word Deposit (plus possibly something like Est #1234) in the Memo line.
09/16/09 11:20am PDT
Guess I did not communicate clearly enough - I want to prepay a supplier based on his estimate and then correct it when the actual invoice is received. I thought a clearing account would work where the payments are washed against the final invoice.
QB Master Denise
Questions asked: 6
Questions answered: 368
Points earned: 551
Questions answered: 368
Points earned: 551
Intuit Solution Provider
Intuit has teamed with a network of Intuit Solution Providers to deliver the personalized and professional services growing businesses need. Get help with finding the right solution, implementation, customization, integration, education, IT and accounting
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
Allstar
Advisory council of community power users.
Retail Solution Provider
Intuit has teamed with a network of local, certified Retail Solution Providers (RSP) to deliver professional business management solutions and technology consulting services that growing businesses needs.
09/22/09 5:00pm PDT
You can create a check and use the Accounts Payable as the account to apply the amount against. When you use the Accounts Payable account, you will need to assign the vendor you are paying in the Customer:Job column on the right. When you get the bill in from the vendor, you need to enter the bill in as normal. When you go to pay the bill, once you select the bill to be paid, then you can apply the credit against the bill.
Mike Block CPA
Questions asked: 1
Questions answered: 68
Points earned: 106
Questions answered: 68
Points earned: 106
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
09/23/09 3:35am PDT
Latest post
That's easy! You can create a written estimate for a vendor with a purchase order. You can then record the payment as a narative line item even before (if ever) you change the purchase order into a bill.
