Setting up payment terms - 1/2 downpayment

[bpsa2]

Hi, all!

Can anyone advise me as to how I can set the default payment terms for customers to reflect a downpayment of 50%, and the remainder due upon completion, please? It doesn't look like the Payment Terms under Customer Defaults has a provision for this.

Also, any advice you might have for me regarding how to book the downpayments when received would also be greatly appreciated.

Thanks!

[Judy Nelson]

There are actually several ways to record a prepayment.
Go to the Peachtree Help button and use the index to find
deposits. It will give you a full explanation on how to record
customer prepayments as well as vendor prepayments. You will
need to set up a customer ID as well as a customer deposit
liability account. Once the work transaction is complete you will
be transferring the money that was first deposited into the prepayment liability account into your sales (income) account.
This may sound confusing but the software will accomodate
the prepayment.