Customer Prepayment Estimate, Sales Order, Receive Payment 1160
Channel: Accounting Instruction, Help, & How To
Date: 03/12/2023

Customer Prepayment Estimate, Sales Order, Receive Payment 


📢 Welcome to our QuickBooks Desktop 2024 tutorial! In this video, we'll dive deep into the new customer prepayment and estimate sales order receive payment forms. Grab your coffee, and let's get started! ☕📊

In this tutorial, we'll be using QuickBooks Desktop 2024 in an Enterprise version of the software. We've set up a sample company file for practice.

🏢 Company Setup:

We have selected the "hide icon bar" and "open windows" options under the View dropdown.
We are currently on the homepage.
📈 Financial Reports:

Balance Sheet Report:

Customized the date range from 01/01/27 to 12/31/27.
Adjusted font size to 14 for better visibility.
Profit and Loss (Income Statement) Report:

Customized the date range from 01/01/27 to 06/06/27, showing a month-by-month breakdown.
Font size also adjusted to 14 for clarity.
✨ New Feature Introduction:

We're introducing the new "unearned Revenue" feature, designed to handle customer prepayments and customer deposits more effectively.
🛒 Scenarios Recap:

Normal Scenario: We walk you through the standard process of creating an estimate, sales order, invoice, purchase order, receiving inventory, and receiving payment.

Unearned Revenue Scenario (Customer Deposit): We explore a scenario where you receive a deposit from a customer upfront before completing a sale, using the example of selling a custom surfboard.

Unearned Revenue Scenario (Subscription Model): We discuss how to handle unearned revenue in a subscription-based model.

💼 Customer Prepayment and Estimate Sales Order Receive Payment:

We show you how to record a customer prepayment in the new way, marking it as a liability account called "customer deposit." This method avoids the issues of negative accounts receivable and provides cleaner reporting.
👥 Customer Center:

We navigate the Customer Center, demonstrating how these transactions appear.
📝 Comparison of Methods:

We compare the new method to the old method, emphasizing the clarity of the new approach from a bookkeeping and reporting perspective.
🤔 Areas for Clarification:

We highlight potential areas of confusion when using the new method, such as the need for multiple subledgers.
In this tutorial, we've covered the key steps for utilizing the new customer prepayment and estimate sales order receive payment forms in QuickBooks Desktop 2024. We hope this video helps you better understand this feature and its benefits for your accounting needs. If you found this tutorial helpful, please like, share, and subscribe for more QuickBooks tips and tutorials! 📚💼📈

👕 Check out our merchandise, including the "Accounting Rocks" product line, because accountants deserve the best tools for their creative expression! 🎨💼✨

For a commercial-free experience, consider subscribing to our website at accounting.com or accountinginstruction.ai.com.