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  #1  
Old 01-02-2007, 04:58 PM
redW&blue redW&blue is offline
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Invoice and prepayment

Greetings,

I have customes who prepay and I do a receipt in peachtree and check the prepayment box.

When I do the sale a couple of days later and created an invoice I can't get it to show PAID. The customers balance is correct but the invoice shows UNPAID.

How do I tell peachtree that it is paid??

Thanks
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  #2  
Old 01-02-2007, 05:49 PM
LauraG LauraG is offline
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Go into Receipts again and apply the prepayment to the invoice you created for the sale. It will result in a zero dollar receipt but the prepayment and the invoices will be cleared.
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  #3  
Old 01-03-2007, 01:39 AM
Lizbit Lizbit is offline
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I am sure there is a Peachtree function or two available I am not familiar with (ha! probably quite a few!) but this topic caught my eye.

I, too, have customers that pay in advance or make a deposit on a job before I even invoice them. I am unsure how to handle a payment in advance, and deposit it, without having to immediately invoice it.

Also, I may invoice someone for a deposit on their job, and occasionally they pay substantially more to have a credit balance. When their payment comes in, if it's in the current month, I edit the invoice amounts to match the payment. If it's the following month, I enter another invoice for the difference, just to keep it in balance.

I'm unsure how to carry a credit balance on someone's account. Is there a simple explanation and process for this? Usually our processing is simplified and pretty basic.

Last edited by Lizbit; 01-03-2007 at 01:41 AM.
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  #4  
Old 01-03-2007, 05:33 AM
LauraG LauraG is offline
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The simpliest method is to use the receipts window to record the deposit as a prepayment. This will put the credit to A/R for that customer. No revenue is recorded and you are using the customary A/R account. Then invoice the customer when work is completed. To acknowledge the invoice has been paid go into receipts and apply the credit created by the prepayment to the outstanding invoice. No need to edit the invoices to match the deposit.

Since the prepayment funds received are liabilities that should not show up on A/R, let your CPA make appropriate adjustments at year end to show any outstanding deposits as Prepaid revenues. It is easier to use PT as designed and make the adjustment at year-end. Less chance of error during the year.
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  #5  
Old 01-07-2007, 06:09 PM
redW&blue redW&blue is offline
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I'm sorry I still can't get this pre-payment to work.

I own a flight school and have many customes that are putting large sums of money on account.

I am going to receipts and putting the amount in and checking prepayment.

Their account shows that I own them money, which is correct. When the instructors are doing an invoice the customers balance shows up but I can't get peachtree to show the invoive is paid.

After the invoice is saved the customers balance is correct but the sale shows up as NOT PAID. the problem is the instructors, who are set up as independent contractors, times and amounts are not showing up as the invoice is "NOT PAID"

I am confident I am doing something incorrect as a good programe that peachtree is, should surely be able to invoice a pre-payment.

Thanks
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  #6  
Old 01-07-2007, 06:31 PM
LauraG LauraG is offline
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Did you go back into Receipts (a second time) after you posted the invoice to apply the prepayment credit to the invoice?
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  #7  
Old 01-07-2007, 07:00 PM
redW&blue redW&blue is offline
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Cool, that worked but now I have another problem. The customers balance is incorrect.

His balance should decrease instead it added the amount back to him.

For example,

I did a prepayment for $1000.00 under receipts.
Did an invoive for $125.00
On invoice his balance is $875.00 but invoice is unpaid.
Go back to receipts and apply to invoice.
Invoice is now paid but his account goes back to $1000.00
It needs to stay at $875.00
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  #8  
Old 01-08-2007, 04:45 AM
LauraG LauraG is offline
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There must be an extra step in there somewhere because when you created the invoice for $125 it should be showing a balance of $125 not -$875 because the prepayment and the invoice have not been linked together yet. I would delete the second receipt and confirm this. Also, the total on your second receipt should be $0 = $125 (invoice) + -$125 (prepayment).
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  #9  
Old 01-08-2007, 05:48 AM
captainship captainship is offline
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When you go back into receipts to apply the prepayment credit to the new invoice you created, I think you need to change the amount of the credit to match what is being paid on the invoice. If you just check both, I think it will put the full $1000 instead of $125. I am going from memory, so I am not sure, but you may want to check that.
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  #10  
Old 01-09-2007, 06:20 AM
LauraG LauraG is offline
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Captainship is correct. You need to enter just the $125 plus the -$125 for the amount of the invoice paid from the prepayment.
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