If you work with clients on an ongoing basis, or if you’re beginning a large project, you may want to accept a deposit or pre-payment from your customer. We’ll walk you through how you can easily handle this type of arrangement and similar transactions.
Customers can choose to pay only part of the total invoice amount. You can include payment terms in the Notes field when you create an invoice, indicating to your customer that they should pay a certain amount by a particular date, and the remainder by the due date.
If an invoice is not paid in full by the due date, its status will change from Partial to Overdue.
How to account for deposits or pre-payments in Target One Accounting Software?
- From the left navigation menu, select Sale (Ctrl+S). At the top of the page, select New
- You have the option to either create a Credit/Cash Invoice. If you choose cash there is no need to take partial payment. So you should choose CREDIT.
- Complete all the steps up to add items in your invoice. After adding all item before click on SAVE Click on (+) symbol which show near Bill amount as show in image in Red Mark or Red Square.
- A new Pop Up Window will open.
- Here You can manage all types of payment like Cash, Credit Card, Debit Card or UPI Payment. If you receive partial payment, you can make payment entry. Balance payment will be show in customer’s ledger.