Scenario 

  • Deposits are the advance payments received for future services and goods to be invoiced. 
  • Deposits might be refund or forfeited in partial or full balance of deposit received.
  • A Deposits/customer advance is usually stated as a current liability on the balance sheet of the seller.

If received Advance Payments from Customer, how to record in QNE Optimum System.

Please refer below:

Solution 

Step 1 – Click File >  Click Module

 

Step 2 – Tick Deposit Module.


Step 3 – Click General Ledger> Click Chart of Account.


Step 4 – Right Click Current Liabilities > Click New.


Step 5 – After Click New, below box will prompt, Please insert GL Account Code, Description, and Special Account Type.

Example:
GL Account Code: 800-DEPS

Description: PREPAYMENT FOR CUSTOMER

Special Account type: choose ‘Deposit Account’


Step 6 – After successfully create account ‘Prepayment from Customer’, please Click Maintenance > Click ‘Default Interface Accounts’ > then Select ‘Prepayment from Customer’ under row ‘Debtor Deposit Account’

Once done Click ‘Save’.

Note: Now the requirement of setup Deposit module is done, can start to record deposit in QNE Optimum System.

 

Step 7 – Click Customer > Click Customer Deposits


Step 8 – insert Customer Name, then insert Ref and Amount


Step 9 – A Deposit from Customer is created.


Step 10 –User can fully transfer/ Partial transfers the deposit, into Receive Payment when it need.

Deposit Module - Fully Transfer:

Click Customer > Click Receive Payment.


Once Receive Payment prompt out, then select Customer, after select Customer system will prompt a confirmation message box to ask whether user wants to transfer deposit to Receive Payment, Click Yes


After Click ‘Yes’, System will prompt out Deposit Listing, tick the Deposit, then Click ‘OK’


Once Done, Click ‘Save’

System Successfully, Fully Transfer deposit to receive payments.

 

Deposit Module - Partial transfer:

Click Customer > Click Receive Payment.


Once Receive Payment prompt out, then select Customer, after select Customer system will prompt a confirmation message box to ask whether user wants to transfer deposit to Receive Payment, Click Yes


After Click ‘Yes’, System will prompt out Deposit Listing, tick the Deposit and key in amount partially, then Click ‘OK’

Once Done, Click ‘Save’


System Successfully, Partially Transfer deposit to receive payments.

AND

If user create receive payment again to this particular customer, system will still prompt the outstanding Deposit list as below, due to it still have outstanding amount in the deposit.

Note: Deposit still have outstanding RM400.00 not yet transfer to Receive Payment.

 

Step 11 – If user wants to refund / forfeit deposit, which can follow below

Deposit Module - Refund deposit

In customer DepositsàClick Refund Tabà Tick Refundà select which bank account to refund àinsert refund dateàinsert refund amountà Click Save.

 

The double entries of refund will post into same deposit transaction, Click infoà Click GL journal


Note: User unable insert refund amount more than outstanding amount, system will prompt remind/warning Message.


Deposit Module - Forfeit Deposit

In Customer DepositàClick Forfeit TabàTick Forfeità insert account code for post forfeit amountàinsert forfeit dateà insert forfeit amountà Click Save.


The double entries of refund will post into same deposit transaction, Click infoà Click GL journal


Note: User unable insert Forfeit amount more than outstanding amount, system will prompt remind/warning Message.


End.


Find out more about : Deposit in GST/SST Module
Find out more about : Microsoft Azure