deposits and invoices
Posted: 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
hope someone can help
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.