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Manage upfront deposits

Metric Support
Updated

When you receive upfront deposits for services, there are several steps you need to take to account for that. This article guides you through the necessary steps to handle that.

 

Define deposit invoice item type

To process upfront deposits, you need to create an item for recording these related transactions.

  1. Go to Settings in the left-side menu.
  2. Open Invoicing.
  3. Create a new invoice item type for deposits and mark it as a deposit.
  4. Save it.

You can now use this item to record upfront deposits you accept.

 

Record upfront deposits you receive

When you receive an upfront deposit from a customer, you need to record it.

  1. Navigate to Invoices. You can access invoices for a specific project (if the deposit is related to a particular project) or invoices for a specific client.
  2. Click on +New invoice.
  3. Enter relevant information, such as the Date.
  4. Add an invoice line item for the Deposit. Select the type as Deposit and specify the amount.
  5. Assign the appropriate status to the invoice.
  6. Save the invoice.

 

Applying an Upfront Deposit to a Customer's Invoice

When incorporating an upfront deposit into a customer's invoice, it can be listed as a specific line item, effectively decreasing the invoice's total by the deposit amount.

Here are the steps to follow:

  1. Access the invoice you wish to apply the deposit to.
  2. Incorporate a line item specifically for the Deposit.
  3. Input the deposit amount that will be applied to the invoice within the Amount column.
  4. Click on Save to finalize the changes.

This action records the deposit directly on the invoice, consequently lowering the outstanding balance due.

 

Managing Deposit Balances

System users have the capability to monitor the current balance of all deposits. This can be accomplished by simply accessing the list of invoices either at the client level or at the specific project level (if the deposit was made for a project).

Additionally, the deposit is available as a metric that can be included in reports. This feature allows for comprehensive tracking and management of deposit funds, ensuring users have a clear view of their financial engagements related to deposits at all times.

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