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  • 1.  Best Practice for Tracking Customer Deposits

    Posted 02-07-2023 14:46
    A customer frequently receives multiple advance deposits on sales orders. The orders can take several weeks/months to fully complete and deliver, so these are milestone payments. They do not use J/C. The current process is to enter the deposit on the SO, and then enter a cash receipt. They had been entering a prepayment with cash receipts entry, but due to the length of time it takes to fully invoice the SO, the AR aging for the customers would nearly always run negative in total. So they started booking the cash receipts entry to a GL line, which doesn't show up on the customer's AR account. Little to no traceability. Has anyone found a better practice? Add-on software? Custom report? Custom Office tools? I'm open to all suggestions.

    Karen

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    Karen O'Lane
    Accounting Systems, Inc. (ASI)
    kolane@asifocus.com
    90 Minds Secretary
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  • 2.  RE: Best Practice for Tracking Customer Deposits

    Posted 02-07-2023 14:53
    IIG Services has a decent deposit tracking solution. It's sold as part of their credit card processing module. I don't know if it's available separately.
    https://www.iigservices.com/_files/ugd/356892_c2cd71150e724278bdd3beda1631588b.pdf

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    Bill Pfahnl
    Nims & Associates
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  • 3.  RE: Best Practice for Tracking Customer Deposits

    Posted 02-07-2023 14:55
    I've used the DSD SO-1032 extended solution a couple times which works great but there is no integration with credit card, just in case that is a factor.

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    Amber Prayfrock, Blytheco
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    Original Message


  • 4.  RE: Best Practice for Tracking Customer Deposits

    Posted 02-07-2023 14:59

    I have a client using the IIG Multi-Deposits on Sales Order with their Credit Card Product.  We found it very hard to report from, but it does work well for the client.  

    I usually add a Note Box to Sales Order Entry, that allows them to manager Deposits on Sales Order.  Enter the Cash Receipt posting to the Customer Deposit GL Account listing the Sales Order Number as the Check Number, then at the same time, edit the Sales Order to record the Deposit Amount with a Note.  (Rec'd $10K 1/2/2023 Chk 123).  Each time they pay toward that Order, the AR Clerk updates the deposit amount.  I think we even have that field 'locked' from being used by the SO Data Entry Team.  I also have a report that lists all "on SO Deposits" that they use to reconcile to the Customer Deposit Account.  Helping them find deposits they processed in CR, but forgot to record on SO.



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    Madeline Stefanou
    RKL eSolutions, LLC
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