Best Practice: Customer Deposits (QuickBooks Desktop)

Best Practice: Customer Deposits (QuickBooks Desktop)

Recording customer deposits against future work.

• • Other Current Liability GL Account for Customer Deposit

• • Create Other Charge Item & link to Customer Deposit Liability account

• • To track easily create memorized report based on Customer Balance Summary.
  • Filter for just Customer Deposit Liability account

• • Create Invoice to take deposit

• • When the job is complete run the Customer Deposit report to see how much the deposit is,

• •  create an invoice for the total, add line item to remove the deposit amount

• • This reduces the balanced in the Customer Deposit Liability account to $0
  • The Customer Deposit Liability account does not show on Profit & Loss Statements, but does show on the Balance Sheet Report