Applying customer deposit to invoice

[KBlinds]

Hi folks, Hope all is well.

Our customers pay 50% deposit to our bank account before we start on a job. The previous bookeeper has allocated that amount in "1-1150 Job Deposits Received" using Receive Money. First of all my understanding is that it should be "Receive Payment" option not "Receive Money"- is this correct? This transactionhas been reconciled too.

Secondly, we have now completed the job and have received the rest of the 50% which i have correctly allocated to the invoice. The invoice now shows that rest of the 50% still required to be paid which is not correct. This money is sitting in "1-1150 Job Deposits Received"

My question is how do I now allocate the 50% deposit to the invoice so Myob shows that the total invoice has been paid.

Can anyone assist please? Thank you

[gavin12345]

Hi @KBlinds 

The previous bookkeeper would have had a procedure to handle this, so check with them, or examine what has happened to transactions in this account previously. My guess would be the bookkeeper would enter a Receive Payment transaction using account 1-1150 as the 'Deposit to Account' account and apply this to the invoice when the balance was paid.

The original Receive Money would have been a deposit to the bank account, and the credit to account 1-1150. The above will reverse that and close the invoice.

MYOB does have a method for processing customer deposits. This involves creating an Order and applying the deposit. This is later reversed when the Order is converted to an invoice. See this article in the Support section. This method has its drawbacks, eg cannot be deleted once processed etc - see other forum posts on customer deposits for more info. There is probably a good reason why the previous bookkeeper did things a particular way.

Regards

Gavin