customer deposits

[mfecko]

If a customer gives a deposit of $1000 against a future invoice of $5000.00, the help section says to enter the 1000 in receipts as a prepayment. The $1000 shows up in receipts, in the GL for cash, and the world is wonderful.

However, when you create the final invoice for $5000 the prepayment is not reflected anywhere on the invoice.

If on the other hand, you apply payment using "Amount paid at sale" , the deposit received shows up on the invoice, it shows up on the GL report, it shows up on the customer ledgers, but it does not show up in receipts.

Seems like a real oversight by PT.

We've been creating dummy invoices to apply the deposit payment to, but this has sales tax consequences.

Anyone have a solution??

[FrankM]

In PT2003 If you enter a prepayment , then create the invoice, then go to receipts screen you will see the prepayment and the Invoice amount. apply prepayment to invoice and balance due will be correct.

[mfecko]

While true, the balance will be correct, the prepayment is nowhere reflected on the invoice screen.

Any thoughts??

[FrankM]

True the individual payment is not noted on invoice, but the Payments received = correct amount and the balance due = 0

not much more can be said, but if you need payment detail issue a statement for the customer

[mfecko]

Thanks anyway

[Guy Polselli]

This is a big oversight by Peachtree and I recently sent a letter to the President of Peachtree on this very issue. Many customers pay a deposit on sales orders to be delivered at a future date. That payment now has to be entered through two different functions.
It's my opinion that Peachtree should have incorporated the payment logic which they used on the "Invoice" module on the "Sales Order" Module.

I hope that the people at Peachtree will be more responsive to the users and correct these minor but annoying ommissions.

[lustbergcpa]

To me the easiest way to reflect this on on invoice is to do the following. Lets say you perform work that you charge $500. You receive payment before the money is earned.

1. Go into sales invoice and put in a $(500). Go to the Journal part on top and make sure your cash account is debited and accounts receivable is credited.

2. When you earn the $500, you go back into the same invoice number and create another line item. Go to the journal and debit accounts receivable and credit sales. All of GL accounts will have the correct balance and the invoice will net out to $0 amount due.

This same principle will work with partial payments.

Peachtree has limitations, but can be easily manipulated when posting transactions in journals.