Customer Prepayment Account

BwanapBwanap Member Posts: 6

The page on this topic tells you where to create this account but not how to use it, I assume from the thread I read that when the transaction shows up from your bank, you assign it that category? Although I would think there should be a way to assign before then (journal transaction?) I thought this sounded better than the previous way of creating a Deposit Holding Account in Sales, but I need to send a receipt for this deposit amount, which I don't see a way to do with the Customer Prepayment route. Am I missing something?

Comments

  • CalliePCallieP Member Posts: 439 admin

    Hi @Bwanap , thanks for your message here. It's true that there's no way to provide a receipt to a customer unless it is associated with an invoice. I would recommend assigning the payment to their next invoice if you need to provide a receipt for the payment through Wave. Thanks for this feedback.

    As for how to use it, you got it right there: you'd categorize the payment to the Customer Prepayment account you created.

  • AnsiAnsi Member Posts: 1

    I have a question about Customer Prepayments. A prepayment account like this is really a liability account. When I go to create a product or service so I can assign a "client prepayment", it doesn't allow for other account type other than INCOME. Is there a way to allow the selection of balance sheet accounts (other liabilities) to be selected when you add a product or service?

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