2600 Customer Deposits
Money customers paid before you delivered: retainers, deposits, prepaid orders. A liability until you earn it.
In Solo Superstars
Record a deposit here rather than as revenue; when you deliver and invoice, move it out. Reports on cash basis will show the cash either way.
Example
A $2,000 project deposit: debit 1010 2,000, credit 2600 2,000. On delivery: debit 2600 2,000, credit 4010 Services 2,000.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- deferred revenue
- retainer
Related
- Accrual basis — Counting revenue when you send the invoice and expense when you receive the bill, whether or not money has moved. The alternative is cash basis.
- Invoice — Your request for payment. Sending one books revenue and a receivable; the customer pays through the hosted link.
- Chart of accounts — The list of buckets your money can be sorted into: assets, liabilities, equity, revenue, expenses. New workspaces start with a default set you can rename or extend.
- Default chart — The chart of accounts every new workspace starts with, numbered the way QuickBooks users expect. Yours may have been renamed or extended since.