![]() Create Current Liability Account on your Chart of Accounts called “Customer Deposits Received”.Ģ. Here is the best way to deal with customer deposits:ġ. (See my blog article “Important unapplied payments check”.) This process wreaks havoc with your Accounts Receivable and can have serious consequences under-stating your income if not dealt with later. ![]() One mistake I see often is receiving a payment and leaving the payment “unapplied” to anything until some later date when an invoice is created. Many businesses who receive deposits from customers are not aware of how to process these payments properly.
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