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In this QuickBooks Online contractor instructional lesson, you will learn how to record advanced payments and “job deposits” from clients. Most often contracts require the customer to pay some money “up front” This requires recording a credit memo for the customer and possible printing it as a receipt for the customers advanced job payment. This brings the customer’s balance to a negative amount. This pre-payment will show up on the open invoice report until the first 1 or 2 job invoices are created. Then you will apply the invoice to the prepayments and the customer’s balance will be positive until they pay the open invoices. This method of recording pre-payments or advanced payments is called the “credit balance” method of accepting job deposits. It’s the clearest way even though you will see that there is no perfect way as was discussed in the video prior to this one.
This QuickBooks KZbin Playlist will teach you every possible contractor feature that a contractor could need when using QuickBooks Online. Not all contractors are physical contractors that do renovations or construction. QuickBooks Online has features for those types of contractors as well as “office professional” type of contractors like marketing companies that fill their client’s service contracts over time. This KZbin QuickBooks Online For Contractor’s Playlist will teach every available contractor feature in QuickBooks online. It will give you real-life, hands on practice with actual contractor problems and solutions for anything that could come up when managing any contractor company’s books and records in QuickBooks online. Every “on the job” challenge is addressed by demonstrating all job project features and how they are used in QuickBooks online. Even non-contractors can benefit from the features in QuickBooks Online demonstrated in this playlist.
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