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deposits and invoices

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ladyjojo

deposits and invoices

Post by ladyjojo » 20 Apr 2006, 11:09

i have a situation that people pay deposits then i issue them an invoice showing final amount and deposit paid, how can i do this.

hope someone can help

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brucedenney
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Post by brucedenney » 21 Apr 2006, 17:23

Well you could work around this in several ways.

The easiest is to put the prepayment as a "payment on account" and then once you have raise the invoice produce a statement which shows the balance due.

You could attach the pre payment to the payment tab of the invoice and then do a custom invoice layout to show the amount prepaid being deducted from the invoice to leave a balance.

From a technical VAT perspective - Deposits have to be "refunded", if they are used to pay a final bill then they are considered prepayments and VAT is due when you get them so you may need to make a manual calculation /adjustment of the VAT liability on all the prepayments at the end of each VAT period if they are significant.
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