Record payments when you have customer prepaying for services or products
This is a guide to record a prepayment from customers that is not against any services or products.
In Versa Cloud ERP a user can follow the below set of steps to record a prepayment:
- To start with a user would need to create a new invoice.
- While creating a new invoice under the section ‘GL account’ a user needs to select a GL account Customer Deposit - customer name. Every customer in Versa has a sub-account under Customer Deposit. Your customer deposit account might be renamed to something else. You can find it in your chart of accounts with the account subtype of customer deposits.
- Once the GL account is found, put the payment received in the invoice line. Put in a description. Then choose the account to record the payment received in the Post and Pay section.
- Choose payment method and enter payment reference if applicable.
Click on Post & Receive Payment to post the invoice and mark it as paid. After the invoice is posted, the customer deposit account holds the payment customer made. This deposit can be used to apply against future invoices for the same customer. See this article on how to do this.