QuickBooks Pro 2019 Advanced Payment From Customer u

Record advanced customer payment, or customer deposit in QuickBooks Pro 2019 - QuickBooks Desktop 2019. Payment can be received either before, work is done, at the same time work is done, or after. Receiving payment before work is done is the must unusual of the three transactions for most businesses, and means we got paid before we can recognize revenue. The journal entry to record this transaction is to usually to increase cash and increase unearned revenue. We can enter this journal entry into QuickBOoks but it is helpful to track the prepayment in the customer reports. For this reason we may use the receive payment icon to record the payment. The receive payment icon is usually used for payment of an invoice entered in the past an the journal entry is a debit to undeposited cash and a credit to accounts receivable. We will have the same journal entry here but the accounts receivable will have no related invoice to the customer payment and will result in a credit. In other words, we will have a negative receivable for a customer. The negative receivable will work itself out once we enter the invoice or sales receipt at a later date. For more accounting and QuickBooks information see accounting website. accountinginstruction.info/

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