Surely there has to be a simpler way to take a deposit than creating a liability account, creating a new Other Charge Invoice then create a Sales Receipt then waiting unitl the item is ready for pick up and the balance being paid---having to make an invoice with a minus amount listed to Customer Deposit. Too many steps I think. Or, I could get POS which I won't since it is more than I can afford. Anyone know a simpler way.
Paul
If you don't care about "correct" accounting, just receive the payment; apply it against the invoice at a later date.
afford.
How long a period of time are we talking about here? A few days to a couple weeks? Then don't worry about "correct" accounting.
If we are talking about, say a year long subscription, then YES make the liability account. Or if you have to custom order or fabricate the product and you are expecting a couple months, then YES take the extra steps. If this were to happen over, say TAX TIME, and you had not delivered on product or service for which you had taken a deposit, you could be up the proverbial creek without a paddle.
To quote someone's previous excellent advice, "Talk to your accountant."
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It's just a few days to a few weeks. Mostly, I do just what you suggested and have only used the 'long method' a few times. I wonder if they make it this tough so that you want to buy the Point of Sale module.
To repeat my previous suggestion, posted 3 days ago, and acknowledged by Stephanie: If you don't care about "correct" accounting, just receive the payment; apply it against the invoice at a later date. What's so tough about this? What's wrong with it?
Yes. Intuit is the devil, and is in league with the OTHER devil, the tax man. Together they have decided that making you account for money you have received by RECORDING it will be best for each. The tax man, being the generous demon he is, has decided to give Intuit a portion of the spoils, by writing laws so complex as to require the purchase of accounting software - specifically the QB POS module.
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