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Using Quickbooks with Unleashed

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QuickBooks deposits & prepayments

If you pay a supplier in advance of receiving the ordered stock or require payment from a customer prior to delivering their order, whether it is the full amount or a deposit, you may want to record the payment in your accounting platform as well as Unleashed.

If payment is made in advance, the transaction shows up on your bank statement. Using this transaction, you can create a prepayment in Quickbooks which means it can then be reconciled; you can create the prepayment transaction without the entry on your bank statement as well. This means if any deposits are made, regardless of whether it is you paying or receiving it, you can reconcile it to a prepayment transaction in QuickBooks. When the Sales or Purchases invoice is then sent to QuickBooks from Unleashed, you can match it up to the prepayment.

Prepayments and deposits process for Sales Invoices

  1. Create a Sales Invoice in Unleashed for a customer.
  2. Receive a 50% deposit from the customer before sending the goods.
  3. Record the Prepayment in your accounting provider and reconcile it to the 50% deposit.
  4. When sending the goods to the customer, complete the invoice in Unleashed.
  5. Match the Prepayment in your accounting provider to the newly created Accounts Receivable Invoice (from Unleashed).

Prepayments and deposits process for Purchases

  1. Create and send a purchase order from Unleashed.
  2. Pay a 50% deposit to the supplier before receiving the goods.
  3. Record the Prepayment in your accounting provider, and reconcile it to the 50% deposit.
  4. When receiving the physical order, receipt it in Unleashed.
  5. Match the Prepayment in your accounting provider to the newly created Accounts Payable Invoice (from Unleashed).

If you use accrual-based accounting, use these procedures to give the supplier a deposit (for example: for a rental) and record when you get the deposit back.

If you use cash-basis accounting, use a check to record the deposit, assigning an expense account for the deposit.
In Quickbooks:
  1. Create a check to enter a payment to your supplier.
  2. Enter all the information as you would a regular check.
  3. For Account, enter the name of an account to track the deposit. When you create the account, make it an:
    • Other current asset account
    • Other current asset detail type

To record when you get the deposit back transfer the amount from your deposit account to your bank account.

If some of the money is withheld, create a journal entry to debit the account where you track the deposit and credit the expense account for the purpose of the money withheld.

For more information, refer to QuickBooks support.

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