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Chapter 4. Invoicing and Collecting Inco... > Receiving Advances, Retainers, and D...

Receiving Advances, Retainers, and Down Payments

You might require that your customers or clients give you advance payments, retainers, layaway payments, or down payments on purchases of goods or services. If the payment you receive is a down payment on the purchase of goods, you can create an invoice for the goods and then can record the payment as a partial payment for that invoice (see “Receiving Payments for Invoices,” earlier in this chapter). If you are taking an advance payment or a retainer for goods or services that have not yet been invoiced, the procedure for recording the payment is somewhat different.

Receive Advances, Retainers, and Down Payments

Select Make Deposits from the Banking menu. Note: If the Payments to Deposit window appears, ignore that window at this time by clicking the X in the upper-right corner to close the window.

Indicate the account into which this money will be deposited.

Enter the date of the deposit.

Enter the name of the customer and, if applicable, the job related to this deposit.

Enter the account in which the deposit will be recorded. Typically this is a current liability account, not an income account.

Enter optional information about the method of payment.

Enter the amount of the deposit.

Click Print to print a deposit slip or deposit summary.

Save the deposit.



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