Applying Prepayments from Previous Year

[DCDC]

Greetings,

I am a new user of Peachtree having upgraded from my previous single entry accounting system and Excel invoices.

I have a question related to prepayments. I am using a Cash Based system instead of Accrual.

In the first scenario, I had a client pre-pay me $400 for a job up front in December. This was to not be the full amount of the job, but partial a partial pre-payment. I created the January invoice for December's work ($615) in Peachtree, but I do not know how to accurately post the pre-payment for the client so that it shows up on the invoice as a negative number, and does not show up on the books as payment for fiscal year 2009 since it was already recorded for 2008. Please tell me how best to set this one time issue up.

Actually, this probably won't be a one time issue since I take deposits on every job I perform, and need a way to tie these deposits (receipts) to the customer account even though there is no current invoice.

Thank you in advance,

Christopher Sedlak
Deer Creek Design Company

[CraigFL]

With your situation, you could show it in several ways. The first would be to print a "Customer Statement" which would show the prepayment on one line and the invoice on the next line. The total below would show the net owed. The second way would be to go to the "receipts" window and apply the prepayment to the invoice, so that when you print the invoice, it will show the net owed- prpayment applied. If you now print the customer statement, it will only have one line showing, the invoice, with a partial payment note.