![]() ![]() Recording a partial payment is much like recording a full payment. If an invoice is not paid in full by the due date, its status will change from Partial to Overdue. You can include payment terms in the Notes field when you create an invoice, indicating to your customer that they should pay a certain amount by a particular date, and the remainder by the due date. Partial paymentsĬustomers may choose to pay only part of the total invoice amount. This method allows you to reduce the prepayment account as you clear your receivables. For the Payment account, choose the Customer Prepayments and Customer Credits account you created.Select Record a payment next to your customer's invoice.How to record a prepayment on a future invoiceįollow these steps when you’re ready to record the prepayment against an invoice: Choose a customer from the dropdown menu.Click the dropdown arrow on the far right of the deposit transaction, and select Edit more details.If you chose to create a single Customer Prepayments and Customer Credits account, you can add a customer to the transaction, to indicate which customer this deposit is coming from. This will increase the prepayment account by the amount of the deposit. Find the deposit (income transaction), and categorize it to your newly created Customer Prepayments and Customer Credits account.Next, we’ll use the new Customer Prepayments and Customer Credits account as the category for your deposit transaction: Or, you can create a Customer Prepayments and Customer Credits account for each customer, and use these accounts to categorize the deposits that you receive. You have two options here you can create a single Customer Prepayments and Customer Credits account to categorize all deposits you receive from customers. ![]() Fill in the account details, then click Save.Scroll down to Customer Prepayments and Customer Credits, and click Add a new account.At the top of the page, select the Liabilities and Credit Cards tab.From the left navigation menu, select Accounting > Chart of Accounts.The first step is to create your customer prepayment account: How to account for receiving deposits or prepayments We'll walk you through how you can handle this type of arrangement, and similar transactions. If you work with clients on an ongoing basis, or if you're beginning a large project, you may want to accept a deposit or prepayment from your customer. ![]()
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