Customer Deposit: Difference between revisions

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==Customer Deposit Refund==
==Customer Deposit Refund==
:1. Go to Customer | Customer Deposit..
:2. '''Deposit balance''' (total deposit from each customer) will be displayed after a customer has selected.
::[[File:Customer Deposit-02.jpg |640px]]
<br />
: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]]
<br />
:4. Deposit no (official receipt no) will selected to offset with customer payment. '''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;"| 6,000.00 || style="text-align:right;"| 
|-
| 300-A0002 || Customer Account || style="text-align:right;"| || style="text-align:right;"| 6,000.00
|}<br />


'''HINTS:'''
No deposit balance from the customer if the deposit balance shown 0.00 in customer payment.
[[File: Customer Deposit-05.jpg |400px]]


==Customer Deposit Forfeit==
==Customer Deposit Forfeit==

Revision as of 02:41, 1 November 2018

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-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. Deposit balance (total deposit from each customer) will be displayed after a customer has 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) will selected to offset with customer payment. 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 6,000.00
300-A0002 Customer Account 6,000.00

HINTS:
No deposit balance from the customer if the deposit balance shown 0.00 in customer payment. 
Customer Deposit-05.jpg

Customer Deposit Refund

1. Go to Customer | Customer Deposit..
2. Deposit balance (total deposit from each customer) will be displayed after a customer has 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) will selected to offset with customer payment. 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 6,000.00
300-A0002 Customer Account 6,000.00

HINTS:
No deposit balance from the customer if the deposit balance shown 0.00 in customer payment. 
Customer Deposit-05.jpg

Customer Deposit Forfeit