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.
- 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. Deposit balance (total deposit from each customer) will be displayed after a customer has 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 to offset with customer payment amount. 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