A deposit received is a payment for goods and services which yet to deliver. It’s liabilities. The balances are cumulative presents in the Balance Sheet. It has to offset against the invoice when goods and services have fulfilled at a later stage.
All the balances in the Balance Sheet have to transfer over when the accounting system changed. And that includes the deposit received from various customers.
Let’s assume that you have decided to move your business accounts to the cloud and adopted QuickBooks Online (QBO) accounting system.
You can use the general journal to transfer the balances from the Balance Sheet to the QuickBooks Online. Set the date of the journal as the crossover date, and then debit the opening balance equity and credit the deposit received account when transferring the deposits over to the new system.
Issue an invoice when goods and services have fulfilled on the following financial year. Then, use a journal to transfer the deposit, which paid by the customer in the previous year, to the receivable account. It reduces the amount owed by the debtor when the journal credits the accounts receivable.
Offset the journal with the outstanding invoice when payment received.
QuickBooks accounting system is easy to use and is suitable for small businesses. Sign up a demo to find out more.
Password is a ‘key’ allowing you to access to a place, or in our case is the database. Password is confidential and should not be shared. You do not want others to use your login and later found that important information has removed from the database with your user name tagged.
The administrator may create a temporary password for you when creating the user access in MoneyWorks Datacentre, and expecting you to change it after you have logged in to the database.
How to change a password?
Select change password feature from the file menu after you have log in to the MoneyWorks Datacentre successfully with the temporary password. Then, enter the new password and enter the password again to confirm.
Password should be something you can remember but not something too easy for others to guess.
Software: MoneyWorks accounting software
A company logo is not just a symbol; it’s the identity, the branding of the company. It’s important.
In this COVID-19 era, go digital, go paperless is a trend which big and small business worldwide adopting. Email official document in PDF instead of the traditional print, stamp, sign, and mail method is a norm as work from home is widely adopted. The workflow changed as the business environment changed. Cutting down redundant paperwork, stay lean and move on towards digital platform. Maybe, this could be the initial step moving forward, towards the next revolution — E-invoicing.
Prepare your company logo in a jpeg or png format, and add it into the MoneyWorks document (company file) when you first setup. From the Company Details feature, under the Show menu, you can also add or amend the company logo if you have missed it during the initial setup.
Your custom templates such as the Purchase Order and Sales Invoices gets updated if you are changing the company logo. If you are creating a form, then add the company logo via the picture tool from the Form Designer.
Sign up a demo and find out how to move your business accounts to the Cloud.