upfront payment of account
Invoice Manager : 2009how do I give my client a credit for paying up front and deduct from that going forward
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LauraMac1
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04/12/11 7:51pm PDT
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The best and simplest way to do this is to create a "Customer Deposits" item in your chart of accounts -- this should be mapped to a liability. When the client gives you a deposit, say $5,000, invoice them for the Customer Deposit amount as the item and make the deposit. Now your balance sheet will show $5K in checking against $5K in liability.
When its time to bill (and recognized revenue) for a completed job, invoice them for the full amount, say $10K of services/items based on your income account, and record a NEGATIVE item on the final invoice for Customer Deposits.
This does several things -- erases the liability off your balance sheet at the appropriate time, records revenue correctly for the job, and invoices the client for the correct amount showing their deposits.
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