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Prepaid Sales in Deposit dropdown

Tim Marshall

With the Accounts Receivable function how can I set up my system to let Prepaid Sales be in the dropdown selections for the "Deposit to" field when paying customers invoices

Comments

Acctd4

Hi Tim

Only Bank & Current Asset accounts can be deposited to.

Normally, you would be receiving these funds (“Deposit to”) into a “Bank” type account, either:

Your main bank account (if paid directly into there by the customer via EFT)
A Clearing bank account (if paid via a 3rd Party Payment App that charges you Fees & deposits the net into your main account eg Square etc) or
via Cash

Where are your customer’s payments actually being made to?

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com

www.accounted4bs.com

Tim Marshall

Hi Shaz,

Thanks for your reply!!

Our Prepaid Sales account is an Accounts Receivables Type so that it why is cannot be selected.

Any thoughts on how I can get around this process??

Currently for a ProForma Invoices:
DR Bank CR Prepaid Sales

When the ProForma gets converted to a Sales Invoice and payment is applied in a different month:
Customer Invoice Received Payment - Deposit to A/R Year End Adj as I cannot select Prepaid Sales

Then I action to DR Prepaid Sales CR A/R Year End Adj which clears these two accounts.

Thanks for your assistance.
Tim

Acctd4

Hi Tim

I recommend duplicating your Tax Invoice template as an Estimate or a Sales Order & modifying/calling it a “Pro Forma Invoice” if this is what your customer requires.

These 2 forms are both non-posting so will not affect your financials. Each can be converted to an invoice upon payment/when necessary & can be progress-tracked too (Note “Progress Invoicing” with percentage tracking specifically requires use of an Estimate rather than the SO)

Another reason for using these forms is also because pre-payments/deposits are generally not GST-related as the product or service is yet to be provided so the GST is only applicable at the point of sale/invoice.
On a Cash basis - by default - any payments you enter (via “Receive Payments” or “Pay Bills”) will only be included in tax reports (BAS) when allocated to an invoice/bill.

Shaz Hughes Dip(Fin) ACQ NSW, MICB

Reckon Accredited Professional Partner Bookkeeper / Registered BAS Agent (No: 92314 015)

Accounted 4 Bookkeeping Services

Ballajura, WA

0422 886 003

shazinoz2@bigpond.com

www.accounted4bs.com

Tim Marshall

Thanks Shaz for your assistance.
Have a lovely weekend.
Kind regards
Tim

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