Customer Deposit: Difference between revisions

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==Introduction==
==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.
* '''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:-  
* Generally, the double entry will be:-  
Line 40: Line 41:
''Menu: Customer | Customer Payment...''
''Menu: Customer | Customer Payment...''
:1. Create '''NEW''' or '''EDIT''' the customer payment.   
:1. Create '''NEW''' or '''EDIT''' the customer payment.   
:2. '''Deposit balance''' (total deposit from each customer) will be displayed after a customer has selected.
:2. '''From Deposit''' will display a total deposit for a customer selected.
::[[File:Customer Deposit-02.jpg |640px]]
::[[File:Customer Deposit-02.jpg |420px]]
<br />
<br />
:3. Click to the '''arrow key down''' to select a deposit to offset with customer payment (to knock-off the outstanding invoices).
:3. Click to the '''arrow key down''' to select a deposit to offset with customer payment (to knock-off the outstanding invoices).
::[[File: Customer Deposit-03.jpg |640px]]
::[[File: Customer Deposit-03.jpg |640px]]
<br />
<br />
:4. Deposit no (official receipt no) will selected to offset with customer payment. '''Received in''' will be auto set.
: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]]
::[[File: Customer Deposit-04.jpg |640px]]
<br />
<br />
:: Double entry will be:-  
:5. Click '''SAVE''' to post. Double entry will be:-  
::{| class="wikitable"
::{| class="wikitable"
|-
|-
! style="text-align:left;"| GL Account !! style="text-align:left;"| Description !! style="text-align:right;"| DR !! style="text-align:right;"| CR
! 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;"| 6,000.00 || style="text-align:right;"|   
| 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;"| 6,000.00
| 300-A0002 || Customer Account || style="text-align:right;"| || style="text-align:right;"| 3,000.00
|}<br />
|}<br />


  '''HINTS:'''
  '''HINTS:'''
  No deposit balance from the customer if the deposit balance shown 0.00 in customer payment.  
  Deposit balance will shown 0.00 in customer payment if no deposit balance to be off-set.  
  [[File: Customer Deposit-05.jpg |400px]]
  [[File: Customer Deposit-05.jpg |420px]]


==Customer Invoice - Attachment==
==Customer Deposit Refund==
* It is very useful to attach any supporting documents to an invoice.  
:1. To make refund for deposit. 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]]
::[[File: Customer Deposit-08.jpg |640px]]
<br />
<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"
|-
! 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;"| 2,000.00 || style="text-align:right;"| 
|-
| 310-001 || Maybank || style="text-align:right;"| || style="text-align:right;"| 2,000.00
|}<br />


:1. You have to point to the attachment section.<br />
==Customer Deposit Forfeit==
:2. Click on ( + ) button to insert the filename path.<br />
:1. To forfeit the deposit balance (unapplied amount). Access to Customer | Customer Deposit...
:3. See the sample screenshot below.<br />
:2. Click on ADD button. See the screenshot below.
::[[File:Customer Invoice-Attachment2.jpg|640px]]
:3. Select '''Deposit Forfeit'''.
::[[File: Customer Deposit-17.jpg |640px]]
<br />
<br />
 
:4. Enter the '''Deposit Forfeit''' amount and select an account to be credit (eg. gain from deposit forfeit).  
==Customer Invoice - Note==
::[[File: Customer Deposit-18.jpg |540px]]
:1. Click on the Note section '''(on the LEFT side bar)'''.<br />
: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 />
<br />
 
:5. Click '''Ok''' to save it.
:5. You will get prompted the '''Save changes?''' message. Click '''YES''' to save it.
:6. Deposit forfeit will be added to off-set with deposit unapplied amount.  
::[[File:Customer Invoice-Note2.jpg|400px]]
::[[File: Customer Deposit-19.jpg |640px]]
<br />
<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 />


==Customer Invoice - Invoice Description==
'''NOTE:'''
:1. To show the document description in Customer Statement, eg. '''Sales-Oct 2012'''.<br />
Document number for deposit forfeit will be follow to original customer deposit no.
::[[File:Customer Invoice-Description.jpg|640px]]
<br />


:2. Sample of customer statement screenshot below.
==See also==
::[[File:Customer Invoice-Description2.jpg||640px]]
* [https://wiki.sql.com.my/wiki/account4:Contents SQL Accounting]
<br />
* [[Customer Payment]]

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-00.jpg


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:
Customer Deposit-01.jpg


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.
Customer Deposit-02.jpg


3. Click to the arrow key down to select a deposit to offset with customer payment (to knock-off the outstanding invoices).
Customer Deposit-03.jpg


4. Deposit no (official receipt no) selected and enter paid amount to be off-set. Received in will be auto set.
Customer Deposit-04.jpg


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-05.jpg

Customer Deposit Refund

1. To make refund for deposit. Access to Customer | Customer Deposit...
2. Click on ADD button. See the screenshot below.
Customer Deposit-08.jpg


3. Select Deposit Refund.
Customer Deposit-09.jpg


4. Enter the Deposit Refund amount and payment method to be pay back to customer.
Customer Deposit-10.jpg


5. Click Ok to save it.
6. Deposit refund will be added to off-set with deposit unapplied amount.
Customer Deposit-11.jpg


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.
Customer Deposit-17.jpg


4. Enter the Deposit Forfeit amount and select an account to be credit (eg. gain from deposit forfeit).
Customer Deposit-18.jpg


5. Click Ok to save it.
6. Deposit forfeit will be added to off-set with deposit unapplied amount.
Customer Deposit-19.jpg


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.

See also

Retrieved from "https://wiki.sql.com.my/index.php?title=Customer_Deposit&oldid=11186"
Last modified
This page was last edited on 26 May 2021, at 07:37.