How to Record a Deposit (Refundable/Non-Refundable) in a Sales Invoice (New Vers.)

How to Record a Deposit (Refundable/Non-Refundable) in a Sales Invoice (New Vers.)

Learn how to properly record both refundable and non-refundable deposits in a sales invoice to ensure accurate accounting and reporting.

Learn How To

1. Record Deposit in sales invoice (Not refundable)
2. Record Deposit in sales invoice (Refundable)

Record Deposit in sales invoice (Not refundable)

1. Click on Sales and select 'Sales Invoices'

2. Click on the customer's name

3. Click on the three-dot menu

4. Click on Receive Payment

5. Enter the amount to deposit

6. Select Deposit as the payment type

7. Select who will collect the deposit

8. Select where the prepayment wallet the deposit should go into (optional)

9. Click on Save

10. The funds have been received as a prepayment or deposit

Record Deposit in sales invoice (Refundable)

11. Click on Accounting and select 'Chart of Account'

12.  Create a new chart of account - Deposit from Debtor

13. Fill in the information

(Ensure to choose Other Current Liabilities as the account type)

14. Click on Save

15. Click on Products/Services and select 'Products/Services'

16. Create new product for Deposit

17. Fill in the details

18. Ensure to select Deposit from Debtor as the account type

19. Click on Save

20. Click on Wallets

21. Create a new wallet for Deposit

22. Fill in the information

23. Choose Deposit from Debtor as the account type

24. Click on Save

25. Click on Sales and select 'Sales Invoices'

26. Click on the three-dot menu

27. Click on Edit

28. Add the deposit under the item code. The deposit will be recorded under the Other Current Liabilities account.

29. Click on Save

30. After the customer returns the machine/product and you have confirmed everything is in good condition, you can transfer the deposit back to the customer. Click on Cashflow and select 'Transaction'

31. Click on Fund Transfer

32. Transfer from bank to deposit

33. Enter the amount to transfer

34. Click on Add Fund Transfer…

35. Click on Save