Customer Deposit

From eStream Software

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 Invoice - Attachment

  • It is very useful to attach any supporting documents to an invoice.
  • In future, you able to retrieve and refer the attachment file easily.
Customer Invoice-Attachment.jpg


1. You have to point to the attachment section.
2. Click on ( + ) button to insert the filename path.
3. See the sample screenshot below.
File:Customer Invoice-Attachment2.jpg


Customer Deposit Refund

Customer Deposit Forfeit