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Old 01-30-2018, 07:37 PM
ofof ofof is offline
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Join Date: Jan 2018
Posts: 2
Upfront deposit from customer

I am a general contractor in Ontario and after quoting a customer on a bathroom renovation I received a 50% upfront deposit from the customer. I then deposited the cheque in the bank by filling in "make bank deposit" and choose the "customer deposit" account from my chart of accounts. This was back in Sept, 2017 and I have reconciled the bank account 4 times since then. I use QB 2012. Was this the correct way to record this or should I have recorded it through "receive payment from customer" drop down?
Now that I am trying to do my year end(Oct 31st) I notice that this money is listed as a liability and I do not think it is attached as a credit for this customer as I purchase items to complete this renovation. I have tried correcting this but fear I could make things much worst. Can anyone please help? Changed the deposit to bank entry to use the "accounts receivable" account instead of "customer deposit" and entering the cheque also in "receive payment from customer" but this deposited the cheque twice.
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