Recording deposits for supplier purchase orders

We have a chart of accounts asset code call Prepaid Overseas Payments.  We code all deposit and part payments to this account (there is no GST impact)  as usually we will pay 30% on order and 70% when the goods are shipped so in both cases fully paid before the stock arrives.  Then when the stock arrives we process a journal to take it into purchases.

Hi, I have set up an asset account called "Deposits Paid" and record to that account.  When the final invoice is paid allocate to expense account and bring back the deposit amount.