V8 - Recording customer deposits

 

You may need to record a customer deposit to show that a payment has been made against a sale. Two options are available to accomplish this action within the SOS Inventory and QuickBooks Online systems. 

 

Option 1

Allows you to record the deposit but not realize income with the deposit until the sales order is invoiced.

  1. Create the sales order in SOS Inventory.
  2. Create a modified sales form template.
    1. The format should take a sales order and rebuild it to look like a Pro Forma invoice to be sent to the customer.
    2. A custom field can be used to indicate to the customer how much they should pay now.
  3. Once the deposit has been received, record a customer payment in QuickBooks Online or in SOS Inventory. This payment will be unapplied (not tied to an invoice).
  4. When the order is ready to be fulfilled, create a shipment from the sales order.
  5. Create the invoice from the sales order.
    1. Sync the invoice to QuickBooks Online.
    2. Open the invoice in QuickBooks and select Receive Payment.
    3. Apply the deposit payment to the invoice and save.
    4. The balance of this invoice will be the total original amount, minus the amount of the applied payment.
  6. Sync.
  7. Send the invoice to the customer from either QuickBooks Online or SOS Inventory.

 

Option 2

Allows you to create an invoice for the deposit and receive a payment against that invoice. This option will tie the deposit invoice to the sales order on the V8 Sales orders list in SOS Inventory. This option will realize income at the time of the deposit invoice according to the amount of the deposit.

  1. Create a Customer Deposits liability account in QuickBooks Online.
  2. Sync SOS Inventory to QuickBooks Online to bring the account over.
  3. Create a service item in SOS Inventory called Customer Deposit and list the Customer Deposits liability account as the income account.
  4. Add a sales order.
    1. To the sales order, add the items that are being sold.
    2. Also add a line item for the Customer Deposit item.
      1. Enter a Quantity of 1.
      2. Enter the Amount (the amount of the deposit) as a negative number.
      3. Mark this line as shipped by updating the Shipped column.
  5. Create the invoice from the sales order. Change the Amount to a positive number, then save.
  6. Edit the sales order and change the Invoiced column of the Customer Deposit item back to zero.
  7. Create a modified sales form template.
    1. The format should take a sales order and rebuild it to look like a Pro Forma invoice.
    2. Send the Pro Forma invoice as well as the Deposit invoice to the customer.
  8. Once the deposit has been received, record a customer payment in QuickBooks Online or in SOS Inventory. This payment will be unapplied (not tied to an invoice). However, if you are using SOS Pay, the payment will automatically be applied to the invoice.
  9. Once the order is ready to be fulfilled, create a shipment from the sales order.
  10. Create another invoice from the sales order. The balance of this invoice will be minus the amount from the first invoice.
  11. Once the customer pays, add the payment to the invoice in QuickBooks Online.