Mastering Customer Deposits and Accounts Receivable

$25.00

Receiving deposits from customers is very common, so knowing the best way to handle them in QuickBooks is very important.

Keep your financial statements clean.

Maintain a system for tracking deposits that is easy to set up and use.

This video also explains some best practices in terms of how you want to present your financial statements to potential investors or creditors such as a bank.

You will have insights into how banks and investors will look at your financial statements and why it is so important to have them ready and clean at all times.

Description

Description

Receiving deposits from customers is very common, so knowing the best way to handle them in QuickBooks is very important.

Keep your financial statements clean.

Maintain a system for tracking deposits that is easy to set up and use.

  1. Know how your transactions will affect your financial statements.
  2. Two ways to record a customer deposit and the advantages / disadvantages of each.
  3. Set up your “Customer Deposits” account on the books.
  4. Set up an item in QuickBooks for the customer deposit.
  5. Invoice your customer in QuickBooks for the deposit.
  6. Customize a report to track your customer deposits in QuickBooks.
  7. Think through how the transaction SHOULD affect your financial statements.
  8. How to figure out how to set up QuickBooks and post your complex transactions.
  9. Know how to record a journal entry to apply the deposit to the customer’s balance
  10. You will know how to run, customize, and analyze various accounts receivables reports.
  11. Set up your own report group in QuickBooks’ memorized reports and save your custom reports in that group.
  12. Two ways to apply credits to an invoice.

This video also explains some best practices in terms of how you want to present your financial statements to potential investors or creditors such as a bank.
You will have insights into how banks and investors will look at your financial statements and why it is so important to have them ready and clean at all times.

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