ANSWER ID:36209A deposit is a payment for goods or services not yet delivered. This means if you make a payment against a purchase order, it's considered a deposit. How AccountRight treats supplier depositsBecause no goods or services have changed hands, AccountRight treats deposits differently to other payments. A supplier deposit is typically posted to an asset account because it's not yet considered a payment to the supplier. When the purchase order is converted to a bill, the deposit is transferred from the asset account to your trade creditors account. To set up AccountRight to track supplier deposits, or to check the asset account used for deposits, go to Setup > Linked Accounts > Purchases Accounts.
Recording a supplier depositIf the deposit is paid | do this |
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when the order is created | enter the deposit amount in the Paid Today field on the order
| after the order is created | use Pay Bills to apply the deposit to the order
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Reversing a depositBecause of the way AccountRight treats supplier deposits, you canHow you delete the deposit depends on the purchase order. If the purchase order hasn't be converted to a bill You can simply reverse or delete the deposit as follows: - Open the order (Purchases > Purchase Register > Order tab > click the zoom arrow to open the order).
- Click History to display the payment transaction.
- Click the zoom arrow to open the payment transaction.
- Go to the Edit menu and chose Delete Payment (or Reverse Payment).
If the purchase order has been converted to a bill You can't simply delete a the deposit; it the bill will first need to be reversedbe reversed. This also This provides an audit trail of the transaction and allows you to record a refundthe deposit to be refunded. HereLet's how to reverse a supplier deposit: UI Expand |
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