Customer Deposit: Difference between revisions

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==Customer Deposit Forfeit==
==Customer Deposit Forfeit==
:1. To forfeit the deposit balance. Access to Customer | Customer Deposit...
:2. Click on ADD button. See the screenshot below.
::[[File: Customer Deposit-08.jpg |640px]]
<br />
:3. Select '''Deposit Forfeit'''.
::[[File: Customer Deposit-09.jpg |640px]]
<br />
:4. Enter the '''Deposit Forfeit''' amount and select an account to be credit (eg. gain from deposit forfeit).
::[[File: Customer Deposit-10.jpg |640px]]
<br />
:5. Click '''Ok''' to save it.
:6. Deposit forfeit 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;"| 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 />

Revision as of 07:39, 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) selected to offset with customer payment amount. 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. Access to Customer | Customer Deposit...
2. Click on ADD button. See the screenshot below.
Customer Deposit-08.jpg


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


4. Enter the Deposit Forfeit amount and select an account to be credit (eg. gain from deposit forfeit).
Customer Deposit-10.jpg


5. Click Ok to save it.
6. Deposit forfeit 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 1,000.00
590-000 Gain from deposit forfeit 1,000.00