Quick question customer despoit

customer despoit

Didn't find your answer?

Hello, 

I have an invoice of 13000 as despoit to my customer and but the invoice was still recorded as sales in quickbook, my question is how do I remove the sales because the deposit was not meant to become sales right?

Replies (13)

Please login or register to join the discussion.

avatar
By tltodman
22nd Dec 2023 09:42

For VAT purposes the tax point is usually the earlier of the date that the funds were received or the invoice was issued. So if you've had the deposit you need to account for the VAT on it now (assuming you're VAT registered). Then the net amount goes to deferred income in the balance sheet rather than sales in the P&L. If it's already in sales then either recode it or journal it. Or ask your accountant for help.

Thanks (1)
stonks
By WinterDragon
22nd Dec 2023 11:29

Create journal and DR sales, CR deferred income.
Reverse the journal when needed.

Thanks (1)
Replying to WinterDragon:
avatar
By leositu
22nd Dec 2023 16:10

Okay
DR sales, CR deferred income
but the good was delivered to the customer tho

Thanks (0)
Replying to leositu:
RLI
By lionofludesch
22nd Dec 2023 18:04

leositu wrote:

Okay
DR sales, CR deferred income
but the good was delivered to the customer tho

Then it's now sales and the money is in the right place. So why are you asking this question?

I'm confused .......

Thanks (0)
Replying to lionofludesch:
avatar
By leositu
22nd Dec 2023 18:25

so the 13000 will remind as deferred income in the balance sheet?

Thanks (0)
Replying to leositu:
avatar
By Bobbo
22nd Dec 2023 18:57

When was the deposit invoiced?

When were the goods delivered?

When was the remaining amount invoiced?

Thanks (1)
Replying to Bobbo:
avatar
By leositu
22nd Dec 2023 19:12

the deposit invoice on 26 Jan 23 with 13000, and the goods received on the 30th Jan with 13000, and nothing left.

But the invoice was recorded wrong in the first palace I believe. Normally record the sales after goods received.

Thanks (0)
Replying to leositu:
Routemaster image
By tom123
25th Dec 2023 18:54

When you say "after" surely you mean"at"?

I can't see how sales can be any later than point of delivery?

Thanks (0)
Replying to tom123:
avatar
By leositu
29th Dec 2023 14:46

I mean the deferred income will stay in the liability right, how do I offset this amount when the is is delivered to the customer.

Thanks (0)
Scalloway Castle
By scalloway
29th Dec 2023 19:29

DR Deferred income
CR Sales

Thanks (0)
Replying to scalloway:
avatar
By leositu
29th Dec 2023 20:01

the sales was deposit, the ultimate goal is there to nothing in the sales and balance,

I did DR sales and CR deferred income already, if I want to remove the derred income, what is the correct way to do that

Thanks (0)
Replying to leositu:
Scalloway Castle
By scalloway
29th Dec 2023 20:15

leositu wrote:

I did DR sales and CR deferred income already, if I want to remove the derred income, what is the correct way to do that


CR Sales
DR Deferred income
This will move the money the other way and remove the deferred income balance.
Thanks (0)
Replying to scalloway:
Avatar
By I'msorryIhaven'taclue
29th Dec 2023 20:35

Or just go press the cancel button on the original entry.

Thanks (0)