Customer Deposit: Difference between revisions

Latest revision as of 07:37, 26 May 2021

Menu: Customer | Customer Deposit...

Introduction

Deposits are the advance payments made or received for future services and goods to be invoiced. With accrual basis accounting, a prepayment for work that a corporation is obligated to perform becomes a liability.
It might be refund or forfeited in partial or full balance of deposit received.

Generally, the double entry will be:-

Account Description	DR	CR
Bank Account	500.00
Prepayment from Customers		500.00

At General Ledger, Maintain GL Account must have a deposit account named "PREPAYMENT FROM CUSTOMERS" under Current Liabilities.

Customer Deposit - Entry

1. Click on New button.

2. Select the Customer Code. You direct key-in and search by either customer code or name.

3. You may select other deposit account to be credited in Deposit Acc.

4. You may select the bank / cash account to be deposit (to be debited) in Received In.

5. Enter the deposit amount into Paid Amount.

6. Below is the example of the entry created:

7. Double entry will be:-

GL Account	Description	DR	CR
310-001	Maybank	6,000.00
PREPAYMENT	Prepayment from Customers		6,000.00

Customer Payment Off Set with Deposit

Menu: Customer | Customer Payment...

1. Create NEW or EDIT the customer payment.

2. From Deposit will display a total deposit for a customer selected.

3. Click to the arrow key down to select a deposit to offset with customer payment (to knock-off the outstanding invoices).

4. Deposit no (official receipt no) selected and enter paid amount to be off-set. Received in will be auto set.

5. Click SAVE to post. Double entry will be:-

GL Account	Description	DR	CR
PREPAYMENT	Prepayment from Customers	3,000.00
300-A0002	Customer Account		3,000.00

HINTS:
Deposit balance will shown 0.00 in customer payment if no deposit balance to be off-set.

Customer Deposit Refund

1. To make refund for deposit. Access to Customer | Customer Deposit...

2. Click on ADD button. See the screenshot below.

3. Select Deposit Refund.

4. Enter the Deposit Refund amount and payment method to be pay back to customer.

5. Click Ok to save it.

6. Deposit refund will be added to off-set with deposit unapplied amount.

Double entry will be:-

GL Account	Description	DR	CR
PREPAYMENT	Prepayment from Customers	2,000.00
310-001	Maybank		2,000.00

Customer Deposit Forfeit

1. To forfeit the deposit balance (unapplied amount). Access to Customer | Customer Deposit...

2. Click on ADD button. See the screenshot below.

3. Select Deposit Forfeit.

4. Enter the Deposit Forfeit amount and select an account to be credit (eg. gain from deposit forfeit).

5. Click Ok to save it.

6. Deposit forfeit will be added to off-set with deposit unapplied amount.

Double entry will be:-

GL Account	Description	DR	CR
PREPAYMENT	Prepayment from Customers	1,000.00
590-000	Gain from deposit forfeit		1,000.00

NOTE:
Document number for deposit forfeit will be follow to original customer deposit no.

@@ Line 2: / Line 2: @@
 ==Introduction==
-* General invoice to customer likes services, insurance, or any non-stock control billing.
+* '''Deposits''' are the advance payments made or received for future services and goods to be invoiced. With accrual basis accounting, a prepayment for work that a corporation is obligated to perform becomes a liability.
-* Besides that, you can check the invoices status such as outstanding and payment history.
+* It might be refund or forfeited in partial or full balance of deposit received.
-::[[File:Customer Invoice-Browse.jpg|640px]]
+* Generally, the double entry will be:-
+::{| class="wikitable"
+|-
+! style="text-align:left;"| Account Description !! style="text-align:right;"| DR !! style="text-align:right;"| CR
+|-
+| Bank Account|| style="text-align:right;"| 500.00 || style="text-align:right;"|
+|-
+| Prepayment from Customers || style="text-align:right;"| || style="text-align:right;"| 500.00
+|}<br />
+* At General Ledger, Maintain GL Account must have a deposit account named '''"PREPAYMENT FROM CUSTOMERS"''' under Current Liabilities.
+::[[File:Customer Deposit-00.jpg|640px]]
 <br />
-==Customer Invoice - Entry==
+==Customer Deposit - Entry==
 :1. Click on '''New''' button. <br />
-:2. See the New Customer Invoice entry form screenshot below.<br />
+:2. Select the Customer Code. You direct key-in and search by either '''customer code''' or '''name'''.<br />
-::[[File:Customer Invoice-New.jpg|640px]]
+:3. You may select other deposit account to be credited in '''Deposit Acc'''.<br />
+:4. You may select the bank / cash account to be deposit (to be debited) in '''Received In'''.<br />
+:5. Enter the deposit amount into '''Paid Amount'''.
+:6. Below is the example of the entry created:<br />
+::[[File:Customer Deposit-01.jpg|640px]]
 <br />
+:7. Double entry will be:-
+::{| class="wikitable"
+|-
+! style="text-align:left;"| GL Account !! style="text-align:left;"| Description !! style="text-align:right;"| DR !! style="text-align:right;"| CR
+|-
+| 310-001 || Maybank || style="text-align:right;"| 6,000.00 || style="text-align:right;"|
+|-
+| PREPAYMENT || Prepayment from Customers || style="text-align:right;"| || style="text-align:right;"| 6,000.00
+|}<br />
-:3. Select the Customer Code. You direct key-in and search by either '''customer code''' or '''name'''.<br />
+==Customer Payment Off Set with Deposit==
-:4. Input the '''Sales A/c''' and amount to be credit.<br />
+''Menu: Customer | Customer Payment...''
-:5. Below is the example of the entry created:<br />
+:1. Create '''NEW''' or '''EDIT''' the customer payment.
-::[[File:Customer Invoice-Edit.jpg|640px]]<br />
+:2. '''From Deposit''' will display a total deposit for a customer selected.
+::[[File:Customer Deposit-02.jpg |420px]]
- Double Entry will be:-
+<br />
-                                   DR         CR
+:3. Click to the '''arrow key down''' to select a deposit to offset with customer payment (to knock-off the outstanding invoices).
-  Customer Control Account   RM500.00
+::[[File: Customer Deposit-03.jpg |640px]]
-  Service charge                        RM500.00
+<br />
+:4. Deposit no (official receipt no) selected and enter paid amount to be off-set. '''Received in''' will be auto set.
+::[[File: Customer Deposit-04.jpg |640px]]
 <br />
+:5. Click '''SAVE''' to post. Double entry will be:-
+::{| class="wikitable"
+|-
+! style="text-align:left;"| GL Account !! style="text-align:left;"| Description !! style="text-align:right;"| DR !! style="text-align:right;"| CR
+|-
+| PREPAYMENT || Prepayment from Customers || style="text-align:right;"| 3,000.00 || style="text-align:right;"|
+|-
+| 300-A0002 || Customer Account || style="text-align:right;"| || style="text-align:right;"| 3,000.00
+|}<br />
-==Customer Invoice - Project==
+ '''HINTS:'''
-* There are 2 types of project you need to be take note.
+ Deposit balance will shown 0.00 in customer payment if no deposit balance to be off-set.
-# Document Project
+ [[File: Customer Deposit-05.jpg |420px]]
-# Detail Project
-* For '''document project''', you need to point to '''MORE''' section '''(on the left side bar)'''.
-* For '''detail project''', you have to insert the '''project''' column out from Field Chooser.
-::[[File:Customer Invoice-Project.jpg|640px]]
+==Customer Deposit Refund==
+:1. To make refund for deposit. Access to Customer | Customer Deposit...
+:2. Click on ADD button. See the screenshot below.
+::[[File: Customer Deposit-08.jpg |640px]]
+<br />
+:3. Select '''Deposit Refund'''.
+::[[File: Customer Deposit-09.jpg |640px]]
+<br />
+:4. Enter the '''Deposit Refund''' amount and payment method to be pay back to customer.
+::[[File: Customer Deposit-10.jpg |540px]]
+<br />
+:5. Click '''Ok''' to save it.
+:6. Deposit refund will be added to off-set with deposit unapplied amount.
+::[[File: Customer Deposit-11.jpg |700px]]
+<br />
+:Double entry will be:-
 ::{| class="wikitable"
 |-
-! '''Label''' !! '''Types''' !! '''Explanation'''
+! style="text-align:left;"| GL Account !! style="text-align:left;"| Description !! style="text-align:right;"| DR !! style="text-align:right;"| CR
 |-
-| A || Document Project || It represent the project for a document to be debit.
+| PREPAYMENT || Prepayment from Customers || style="text-align:right;"| 2,000.00 || style="text-align:right;"|
 |-
-| B || Detail Project || It represent the project for individual GL Account to be credit.
+| 310-001 || Maybank || style="text-align:right;"| || style="text-align:right;"| 2,000.00
-|}
+|}<br />
-<br />
-==Customer Invoice - Attachment==
+==Customer Deposit Forfeit==
-* It is very useful to attach any supporting documents to an invoice.
+:1. To forfeit the deposit balance (unapplied amount). Access to Customer | Customer Deposit...
-* In future, you able to retrieve and refer the attachment file easily.
+:2. Click on ADD button. See the screenshot below.
-::[[File:Customer Invoice-Attachment.jpg|640px]]
+:3. Select '''Deposit Forfeit'''.
+::[[File: Customer Deposit-17.jpg |640px]]
 <br />
+:4. Enter the '''Deposit Forfeit''' amount and select an account to be credit (eg. gain from deposit forfeit).
-:1. You have to point to the attachment section.<br />
+::[[File: Customer Deposit-18.jpg |540px]]
-:2. Click on ( + ) button to insert the filename path.<br />
-:3. See the sample screenshot below.<br />
-::[[File:Customer Invoice-Attachment2.jpg|640px]]
 <br />
+:5. Click '''Ok''' to save it.
-==Customer Invoice - Note==
+:6. Deposit forfeit will be added to off-set with deposit unapplied amount.
-:1. Click on the Note section '''(on the LEFT side bar)'''.<br />
+::[[File: Customer Deposit-19.jpg |640px]]
-:2. '''RIGHT''' click it, you will see the '''Rich Text Editor''' pop-up.<br />
-:3. You can start key-in the note. See the example screenshot below.<br />
-:4. Click on '''X''' button to save and exit the '''Rich Text Editor'''.<br />
-::[[File:Customer Invoice-Note.jpg|640px]]
 <br />
+:Double entry will be:-
+::{| class="wikitable"
+|-
+! style="text-align:left;"| GL Account !! style="text-align:left;"| Description !! style="text-align:right;"| DR !! style="text-align:right;"| CR
+|-
+| PREPAYMENT || Prepayment from Customers || style="text-align:right;"| 1,000.00 || style="text-align:right;"|
+|-
+| 590-000 || Gain from deposit forfeit || style="text-align:right;"| || style="text-align:right;"| 1,000.00
+|}<br />
-:5. You will get prompted the '''Save changes?''' message. Click '''YES''' to save it.
+ '''NOTE:'''
-::[[File:Customer Invoice-Note2.jpg|400px]]
+ Document number for deposit forfeit will be follow to original customer deposit no.
-<br />
-==Customer Invoice - Invoice Description==
+==See also==
-:1. To show the document description in Customer Statement, eg. '''Sales-Oct 2012'''.<br />
+* [https://wiki.sql.com.my/wiki/account4:Contents SQL Accounting]
-::[[File:Customer Invoice-Description.jpg|640px]]
+* [[Customer Payment]]
-<br />
-:2. Sample of customer statement screenshot below.
-::[[File:Customer Invoice-Description2.jpg||640px]]
-<br />