Prepaid Sales in Deposit dropdown
Comments
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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
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
(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!)
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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
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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
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
(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!)
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Thanks Shaz for your assistance.
Have a lovely weekend.
Kind regards
Tim1
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