progress payments

Pauline Kapral_8993555

Prepayments and progress payments in Reckon Hosted.  I have builders that find it confusing when they do progress payments and have $50k sitting on credit on the client's account.  Is there a way of doing it without having it sit there.  I sent it to Progress payments in a liability account but I will have to name each client as it is done.  Any ideas. P

Shirley Ingle

Hi Pauline  For a builder to claim a progress payment, the work must have been completed to that stage.

Firstly, you should have raised a Quote or an Invoice for the whole job.

You can have progress payments turned on under Edit, Preferences, Jobs and Estimates. Here you have the option for percentage or dollar value to invoice the customer.

On the other hand, if you have just raised an invoice for the whole job, you just go to Receive Payments and enter the $50000. For GST reporting, you will pay, if under Cash Basis, GST on $50000. Your Customer account will show the balance still to be completed or claimed on the job.

My preference would be a Progress Invoice as you can issue an invoice each time for work completed.

You don't put the $50000 into a Liability Account, it is not a deposit, it is payment for work completed to a certain stage of the job.