QuickBooks Insights, Blog

QuickBooks Insights – 50 Percent Up Front

Fourlane QuickBooks Insights

We at Fourlane have learned a lot from our customers when it comes to the problems they run into with their QuickBooks files. With our services, we try to help the businesses we work with identify the true issues hiding beneath the surface, and walk away better off then when they came to us. That’s why with this QuickBooks Insight series, we hope you can identify with the experiences other customers have faced. This week we discuss Fourlane QuickBooks Insights – 50 Percent Up Front.

Today’s QuickBooks Insight Tip #15: 50 Percent Up Front

QuickBooks does not have a feature to take down payments as a current liability (customer deposit). However, especially if the deposits are turned around within a short period of time, we can take a payment prior to the invoice being created.

Half Now, Half Later

A customer manufactures custom sports balls – varying logos and words on the ball. They take 50% at the time of placing the order and 50% at the time of shipment. This turn around is about 7 business days. They use sales orders and convert them to invoices once shipped.

Our Solution

We taught them to take 50% as a “Receive Payment” and not apply it to any outstanding invoices. This would make the Accounts Receivable run negative but since it was a short time period, the customer was ok with the balance there.

Next when we converted the Sales Order to an invoice, there would be a pop up that the customer had a credit balance on account – “Would you like to apply this credit to the invoice?” We would choose yes and this would leave the invoice paid 50%.

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About Marjorie Adams

Our head QuickBooks trainer and guru, Marjorie Adams, is Founder and CEO of Fourlane, Inc., an award-winning consulting firm and Intuit’s #1 QuickBooks Reseller Partner. Fourlane’s team of experts offers several QuickBooks oriented services including consulting, training, programming, integration, and more. Over the years, Fourlane has helped over 10,000 customers across many different industries with their QuickBooks accounting software. Marjorie Adams is considered one of the top QuickBooks trainers in the country. She was listed on CPA Practice Advisor’s 40 Under 40 in 2014 & 2015, and has been recognized as Intuitive Accountant’s 2015 QuickBooks Desktop ProAdvisor of the Year. Marjorie sits on Intuit’s VIP Program, is a frequent contributor to Inuit Accountants News Central, and has developed Intuit’s QuickBooks Enterprise Certification training. She has also been published in The Wall Street Journal, Forbes, BusinessWeek, American Express Open, the Huffington Post, and Inc. Magazine.

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