When you receive advanced payments as job downpayment or even deposits from customers, there are several methods of recording these in QuickBooks online.
There are differences in the nature of any payments in advance that your customers could prepay to you before the service or products rendered or given.
A job deposit is usually what we call a small amount given in advance of service before work is started. A down payment is usually a percent of the amount for prepayment of a product purchased. I would call the payments receive from customer a prepayment or advanced payments if it’s payment in full from the customer before receiving what they pay for. It shows how to give a deposit receipt for proof of prepayment. There are choices when giving receipts for down payments. You will always have a negative cusotmer balance for these transactions, so I also show how to make adjustmenst for financial statemnst to adjust for prepaids so uneanred income is correct on the financial statements for both methods.

Quicbooks online has a special “invoice deposit feature” that you can activate and use, but there are pros and cons for using this job deposits tool instead of the recording methods that were available before this feature was added.
I will show you both methods, with or without the job deposit feature that you can activate and put on an invoice to record these downpayments and advance payments from clients.

Table Of Contents:
Chapter 1 Introduction And Welcome 00:00:00
Chapter 2 Choose Between Methods 00:00:33
Chapter 3 Using The Traditional Prepaid Downpayment Deposits Method 00:02:03
Chapter 4 Example Of Traditional Method 00:03:22
Chapter 5 Activating And Using The Invoice Deposit Feature 00:10:13
Chapter 6 Adjusting For Financial Statement Reporting 00:23:14


This is part of the full accounts receivable course that will teach you everything you could ever need to know about customers and accounts receivable. .

Link for all Accounts Recievable coming soon.

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