Advertise here    

QuickBooks Forums      

Go Back   QuickBooks Forums > QuickBooks Software Support > QuickBooks Pro Forum

Reply
 
Thread Tools Rating: Thread Rating: 8 votes, 5.00 average. Display Modes
  #1  
Old 11-06-2007, 11:22 AM
cre8tive1 cre8tive1 is offline
Registered User
 
Join Date: Oct 2007
Posts: 15
Newbie Question—How do I show payments received on an Invoice?

Hi all,

We have just started using Quickbooks Pro 6, on Mac, for our graphic design business.

I created an estimate for a client initially. Then used Receive Payments to record a deposit of 50% to start the project. The project is now finished. So I opened the estimate and used the Invoice button to create an invoice. I went back to the Customer Payment window and checked the column next to the invoice just created to apply the payment to the new invoice.

However, when I print the invoice it shows the full balance due with no record of the deposit made. In the invoice window there is a button "Payment History" which allows me to see the payment made, but there is no way to add it into the invoice.

What am I doing wrong here?
Reply With Quote
  #2  
Old 11-06-2007, 11:38 AM
suzannemead suzannemead is offline
Moderator
 
Join Date: Nov 2003
Location: Woodbine, MD
Posts: 5,377
Unless you have an item set up for "Payments" that you enter directly on the invoice it won't show. You could enter your payments that way by going to the invoice and entering the payment. Unfortunately the payment date will be the invoice date, which is probably inaccurate. I don't use MAC so I don't know if it has the ability to show payments entered the proper way at the bottom of the invoice. In 2007 & 2008 Windows version I have the invoice customized to show the payments received.
__________________
Suzanne M. - "Better Books"
Certified Quickbooks ProAdvisor in Pro.,Prem. & Enterprise
suzannemead@msn.com / suzannemead@comcast.net
Reply With Quote
  #3  
Old 11-06-2007, 12:06 PM
cre8tive1 cre8tive1 is offline
Registered User
 
Join Date: Oct 2007
Posts: 15
Quote:
Originally Posted by suzannemead View Post
In 2007 & 2008 Windows version I have the invoice customized to show the payments received.
I have checked the invoice layout and I don't see any options for showing the payments received at the bottom of the invoice.

I can add a custom column called "Deposit Received" but it's more of just a comment field as it doesn't calculate with the other columns.

This seems like a very basic accounting function. Hence, the reason why I believe I'm missing a step somewhere.
Reply With Quote
  #4  
Old 11-06-2007, 12:44 PM
suzannemead suzannemead is offline
Moderator
 
Join Date: Nov 2003
Location: Woodbine, MD
Posts: 5,377
What year is your program. I believe the ability to do this was only the last couple of years.
__________________
Suzanne M. - "Better Books"
Certified Quickbooks ProAdvisor in Pro.,Prem. & Enterprise
suzannemead@msn.com / suzannemead@comcast.net
Reply With Quote
  #5  
Old 11-06-2007, 01:46 PM
cre8tive1 cre8tive1 is offline
Registered User
 
Join Date: Oct 2007
Posts: 15
I'm using QuickBooks Pro 6.0.1 R2 for Mac
Reply With Quote
  #6  
Old 11-06-2007, 01:50 PM
suzannemead suzannemead is offline
Moderator
 
Join Date: Nov 2003
Location: Woodbine, MD
Posts: 5,377
I don't know the features of MAC, but they do have less features than Windows. In Win. I can add that box for payments and credits by going to the Templates Additional Customization screen, Footer tab, and choosing this box.
__________________
Suzanne M. - "Better Books"
Certified Quickbooks ProAdvisor in Pro.,Prem. & Enterprise
suzannemead@msn.com / suzannemead@comcast.net
Reply With Quote
  #7  
Old 11-06-2007, 02:23 PM
cre8tive1 cre8tive1 is offline
Registered User
 
Join Date: Oct 2007
Posts: 15
The version I have does not have that option for the footer of Invoice Format.

I have a brainstorm and wonder if it might work. What if I did the following:

I would create the following:
1. An "Other Liability" account called "Customer Deposits",
2. An item called "Downpayment" defaulted to the "Customer Deposits" account.

I would create an invoice to my customer using the Downpayment item for 50% of the job. The invoice creates an accounts receivable for the customer and creates a liability for me in the amount of the downpayment. When the customer pays the invoice, it eliminates the receivable, I have cash but still owe the customer for his downpayment.

When I complete the job, I invoice the full amount of the job to our customer then on the last line use the Deposit item with the amount as a negative number. This transaction creates the sale, shows that the customer has paid half of the sale so that the receivable is only half the sale and eliminates the downpayment.

If the above would work, I have one question. What Tax Line option would I choose when creating the "Other Liability" account?
Reply With Quote
  #8  
Old 11-06-2007, 02:42 PM
suzannemead suzannemead is offline
Moderator
 
Join Date: Nov 2003
Location: Woodbine, MD
Posts: 5,377
That's the correct way of handling customer deposits. On whatever tax form you use it should be shown as Other Current Liability.
__________________
Suzanne M. - "Better Books"
Certified Quickbooks ProAdvisor in Pro.,Prem. & Enterprise
suzannemead@msn.com / suzannemead@comcast.net
Reply With Quote
  #9  
Old 11-06-2007, 02:54 PM
cre8tive1 cre8tive1 is offline
Registered User
 
Join Date: Oct 2007
Posts: 15
Great, I'm glad that method will work.

The part I don't understand is if this account needs to be related to a specific tax form or schedule as shown in the attached image.
Attached Thumbnails
Click image for larger version

Name:	Picture 2.png
Views:	189
Size:	92.1 KB
ID:	345  
Reply With Quote
  #10  
Old 11-06-2007, 03:29 PM
suzannemead suzannemead is offline
Moderator
 
Join Date: Nov 2003
Location: Woodbine, MD
Posts: 5,377
Are you transferring the balances to the tax program from Quickbooks? If not you don't need to worry about the tax line. I fyou are, edit the account and you should see a box that will probably have the tax line already in it. Mine shows B/S-Liab/Eq.:Other Current Liabilities. That is the correct line to use.
__________________
Suzanne M. - "Better Books"
Certified Quickbooks ProAdvisor in Pro.,Prem. & Enterprise
suzannemead@msn.com / suzannemead@comcast.net
Reply With Quote
  #11  
Old 11-06-2007, 03:59 PM
cre8tive1 cre8tive1 is offline
Registered User
 
Join Date: Oct 2007
Posts: 15
Ok, got it.

Thanks for all your help.

jr
Reply With Quote
  #12  
Old 11-06-2007, 04:18 PM
suzannemead suzannemead is offline
Moderator
 
Join Date: Nov 2003
Location: Woodbine, MD
Posts: 5,377
You're very welcome.
__________________
Suzanne M. - "Better Books"
Certified Quickbooks ProAdvisor in Pro.,Prem. & Enterprise
suzannemead@msn.com / suzannemead@comcast.net
Reply With Quote
  #13  
Old 11-07-2007, 09:31 AM
joeyfromaustin joeyfromaustin is offline
Registered User
 
Join Date: Nov 2007
Location: Buenos Aires
Posts: 5
Quote:
Originally Posted by cre8tive1 View Post

I would create an invoice to my customer using the Downpayment item for 50% of the job. The invoice creates an accounts receivable for the customer and creates a liability for me in the amount of the downpayment. When the customer pays the invoice, it eliminates the receivable, I have cash but still owe the customer for his downpayment.

When I complete the job, I invoice the full amount of the job to our customer then on the last line use the Deposit item with the amount as a negative number.
hey, i was having the exact same problem with my travel business. i take 50% deposit to confirm a travel reservation, and bill later for the other 50%.

i'm using pro 2006 for MAC also, and have been frustrated that i can't show a deposit paid. is there a way to do what cre8tiv suggested, yet still have an detailed itemized invoice rather than 1 single 'downpayment' line item??

also, is there a way a credit memo could be used to offset that deposit paid?
__________________
Joey
Reply With Quote
  #14  
Old 11-07-2007, 10:14 AM
joeyfromaustin joeyfromaustin is offline
Registered User
 
Join Date: Nov 2007
Location: Buenos Aires
Posts: 5
or maybe i invoice the FULL amount with itemized details, but indicate 50% deposit due in the customer message box, and then on the final invoicing use a payment line item to reflect deposit paid and offset it somehow?

why can't QB PRO for MAC just show a simple line under the invoice that subtracts previous payments?
__________________
Joey
Reply With Quote
Reply

Bookmarks
Bookmark and Share
Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is On

Forum Jump


All times are GMT -5. The time now is 09:00 PM.


 

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
All contents copyright (c) by AccountingUsers Inc.
You Rated this Thread: