QuickBooks Online Contractors Prepaid Deposits And Down Payments

In this QuickBooks Online contractor instructional lesson, we will discuss the options on how to record advanced payments, pre-payments and job deposits on contracts. There are 2 main methods. There’s the “credit memo” method and the “Job deposit” method. Each method has good and bad attributes and this video explains the “pros” and “cons” of both methods and gives you an overview of what happens when you use them. You will set up estimates and jobs to prepare for both methods in upcoming videos.
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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[@worldwidequickbooks]

Hello to all my contractor friends using QuickBooks Online! I will discuss with you your options upon recording any kind of advanced payment you may get from clients before starting work on a job. They can be called “prepayments, advanced payments, down payments or job deposits. You will see the good and bad attributes of both methods and you can decide which one works for you. I thank you all and hope fs that you will click “like” and “subscribe.

[@VTPyzon]

Where are the 2 videos that "follow" this one? You should link to them either in the video notes or with cards in the video

[@worldwidequickbooks]

They are linked to the cards in the video If you click in the top right corner you will get the link to the full contractors playlist that you should watch in proper order to properly understand everything and I assure you if you do that everything will be clear Please watch them and confirm that you have everything you need and I'm here for any follow up you might need Mark

[@rid.h.tom.4296]

Hello, can we record an additional payment on a job that has started and had an initial deposit? My question is because we received a second transfer but we have not invoiced them yet. I want to make sure which way if correct? Thanks in advance

[@worldwidequickbooks]

Thank you for your question In general, you can always record a payment before the actual invoice is made and quick books will keep it as a credit towards that client's balance Then later, when you finally finish the contract or give the service, you can apply the invoice you make to the payment that you made earlier Those details are in the advanced playlist if you're interested I'll send you the link Mark

[@rid.h.tom.4296]

@@worldwidequickbooks thanks for your reply. Yes please, would love to get the a link for the advanced playlist. Thanks again.