Prepaid Sales in Deposit dropdown

Tim Marshall
Tim Marshall Member Posts: 7
edited February 2020 in Accounts Hosted
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
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited September 2019

    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


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Tim Marshall
    Tim Marshall Member Posts: 7
    edited September 2019
    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
    Acctd4 Accredited Partner Posts: 3,366 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited September 2019

    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


    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    shaz@accounted4.com.au

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Tim Marshall
    Tim Marshall Member Posts: 7
    edited September 2019
    Thanks Shaz for your assistance.
    Have a lovely weekend.
    Kind regards
    Tim