Hello all you kind accounting-minded people out there!
Using: Peachtree Accounting 2005
I really can wrap my brain around this prepayment thing, the way PT has it setup.
Here's the scenerio: Customer calls me to perform a service. I go meet with them and give them an estimate (not a PT quote). I tell them it will be $100 and I require a $25 deposit, they hadn me a check.
I go back to my computer and fire up PT I enter a new receipt for $25 dollars for that customer and check "Prepayment".
Sometime later, I perform the service, and just like my estimate, the final const is $100.
Now I go to my computer again and enter an invoice. I enter the charges of $100.
But wait! They alread paid me a $25 deposit. That is nowhere to be seen on the invoice. It seems to me, this should be deducted under area of "Other Applied Credits" and the Invoice should show charges of $100 with a balance due of $75.
Just how is this supposed to be accomplished?
TIA BW