Downpayments From Customers Job Deposits Explained In QuickBooks Online

[@worldwidequickbooks]

Hello my friends! This video covers everything you need to know about: pre-payments, advanced payments and job deposits in QuicbOoks online. It's the part of the accounts receivable and customer records course that deals with up-front payments from customers in advance of giving the what they paid for. It explains every method and you will have everything you need regarding this topic if you watch this video training tutorial. I hope you will click "like" and subscribe. -Mark

[@virtuousmama6089]

Hi Mark! Could you please do a video explaining the difference between classes, location, tags, sub-customers and when is best to use each?

[@worldwidequickbooks]

I do thank you for asking and I thank you for being a fan However those are very unrelated topics and they would not be in one video together I have individual videos for each of those topics and you can look at how each of them work. And decide in your particular circumstance which is best for you I suggest you click on the kitty directly under the video to go to the channel page and in the small search bar with the small magnifying glass, you can search within the channel for the topic you're looking for If you can't find them. Let me know when I will send you the link to each one Mark

[@tomahawk312]

Thank you for sharing your wisdom. I have called quickbooks to learn how to accept and record deposits, but they could not answer and never mentioned the "deposit" switch. Hurray! I use my invoice as a contract, accept deposits to order custom materials and accept progressive payments. While looking for the "deposit" switch I found the Progress invoicing section. Thank you. FYI, having moved to Kansas 15 years ago, you remind me of my time in the Bronx, and make me long for a good Bagel. LOL Many Blessings good sir.

[@worldwidequickbooks]

Wow, thank you so much for such kind words. And i'm very glad the videos are helping good people like you I hope you will always remember to click like after watching each one. And please subscribe to help support the free channel for everyone Mark

[@brynnmatthews1730]

This was wonderful-many lightbulbs going off here. Thank you!

[@worldwidequickbooks]

Thank you very much. I'm glad it helped and I hope you will click like and subscribe to help support the free channel for everyone Mark

[@jseskin3]

23 or so years ago I went back to school for my Post-Bac in accounting so that I could sit for my CPA exam (when i got there). I ended up changing careers (that's another story). Well I'm back bc I decided to start bookkeeping as a side job. Anyway...if I had a teacher like you when I was going back to school then I may not have changed careers! Thank you for your videos!

[@worldwidequickbooks]

Well, thank you so very much for the kind words and for being a loyal student and loyal fan I'm so glad the videos help you. And I promise I have a quick book's video for every topic you could need I hope you will click like after watching each 12 help support the free channel for everyone and please subscribe Mark

[@muhammadrizwanshakir9596]

Excellent

[@worldwidequickbooks]

Thank you so much 😀 Please ask if you need any other QuickBooks topic and I hope you will click like after each one to help support the free channel for everyone and please subscribe Mark

[@paulguzyk2978]

Very helpful video. At 7:57 you skip over "Payment method" and "Deposit to" are they ignored since it's a $0.00 net payment?

[@worldwidequickbooks]

You can skip payment method but deposit to you have to choose an account but you're correct that it won't matter cuz it's $0 The desktop version has an extra feature now it's brand new and it solves this problem Put in QuickBooks Online you still have to do it this way and thank you for asking and I hope you will click like after watching each one to help support the free channel for everyone and please subscribe Mark

[@tracybuford9243]

Sorry but am I overlooking the link for following along and doing the exercises with you as you do them? You are a great instructor by the way. I am trying to learn QB's because it was thrust upon me at the beginning of the year and these videos definitely help me more than other channels that I tried to follow. Thank you for that.

[@worldwidequickbooks]

Thank you for the kind words and i'm very glad the videos are helping you That's what I made them for Let me know if you need any other quick books topic I hope you will click like after. Watching each 12 help support the free channel for everyone and please subscribe Mark

[@Lugosi_31]

HI Mark, Thank you for your great videos! I also cannot seem to find the link for the full accounts receivable step by step process. That is exactly what I need right now as I am completely new to QB. @@worldwidequickbooks

[@Lugosi_31]

Hi Mark, than you so much for these videos! I am also looking for the accounts receivable tutorial that you mentioned, it just says "link coming soon" I am really looking forward to that one. Am I just overlooking it?@@worldwidequickbooks

[@RavikumarRandhir]

Thank You Mark, But Only 1 question, In Traditional M Adj. JE Amt would be 700$ 27:00, But What would be amount in JE in Method 2, 28:40 4500$ or 3600$ ?

[@worldwidequickbooks]

Thank you I don't have the numbers memorized but it would be the amount that it had already been finished and then after you report your financial statements you would reverse the entry so that you can make the normal entry later when the job is finished Mark

[@amberjacobs1895]

You are wonderful at teaching these things. What I'm hearing, however, is that QBO does not allow me to request and receive a deposit digitally. In other words, to receive a deposit, a customer will have to call and pay by phone with a card, come in and pay cash or check, or mail a check. Is that correct?

[@worldwidequickbooks]

Thank you for the kind words Your issue is not a QuickBooks issue because any type of payment method that you get from a customer will not matter you simply record the payment regardless of how the payment came in Mark

[@amberjacobs1895]

@@worldwidequickbooks I understand but QBO doesn’t seem to have a way for us to email the DEPOSIT payment request by email. I mean it does now, as of recent, from the Estimate, but when the customer pays the deposit, QBO auto-creates an invoice to link it to. That’s an issue because the invoice balance then shows up on the AR report even though the job has not been completed.

[@hussainsabbier6693]

Thank you for helping us. I'm a new learner of Quickbooks, facing a problem that I can not open Quickbooks Accountant version (30 days trial) of US or UK. Plz help me so that I can open and practice QBO free of cost.

[@worldwidequickbooks]

Thank you. Please contact quick books, online sales and support. Because I can only teach the software once its working for you Mark

[@rokhardwoodie75]

With your explanation (on option 2), they have already given you a check. Well, I need to send them some kind of invoice asking for the deposit in the first place. How do I do that? It seems like we're skipping a step here. This is what I want to do: Make the job invoice: Send an email via QBasking for the deposit: THEN, I can click recieved payment for the deposit. What am I missing?

[@worldwidequickbooks]

I don't know what you're missing but this video does show how to do that You are able to build your customer for both methods and it explains and shows how to so maybe you should watch this video again. I don't know Mark

[@DavidHaddad]

@@worldwidequickbooks Hi Mark, I am afraid I don't see what the poster asked about either. I see you showing how to create an invoice later on. But Client's always ask for an invoice before paying, which of course is a big no-no from an accounting perspective when you have not yet delivered anything. So is there a way to provide something to the customer from QuickBooks that is a pro-forma invoice they are paying against? I usually do something like print the estimate to pdf, then modify it to say "pro forma invoice", but that is a major PITA. Is there a better way? Thanks

[@LifeMax305]

@@DavidHaddad I have the same issue.

[@jeanniecrook6868]

If you want to give your customer an invoice for the deposit, then you would use what he describes here as the Traditional Method and not use the Invoice Deposit feature. Using his example, say you want to collect a $700 deposit on Editing services that will be $2,100 in total. You would create an invoice for the deposit. To do that you would need to set up a product/service item in QuickBooks for Deposits. The Deposit product/service item should be mapped to a liability account, such as Customer Deposits, instead of Sales. Use the Deposit product/service item for $700. Then, when you create your final invoice for the Editing services of $2,100, you will want to show their deposit of $700 and the balance due of $1,400. To do that use the Editing product/service item for $2,100, then on the next row use the Deposit product/service item and enter the amount as a negative $700, the balance due will be $1,400.

[@rokhardwoodie75]

Do you not see how absolutely, utterly ridiculously complicated that is for such a simple task. WTF is wrong with you people?