Currently, using the "Deposit" entry on a Service Receivables Work Order creates a "credit memo" in Service Receivables. The Debit account can be specified when setting up the invoice "type", but for some, the creation of the "negative receivable" is a problem. Instead of the "credit invoice" being created and "counted in" Service receivables, (a Current Asset) the accountants want to have this entry be made to a Customer Deposits account (a current Liability) that has functionality and client links like Service Receivables. In fact, the enhancement would be perfect if there was an easy way to transfer balances between these two accounts in order to easily apply these prepayments to invoices as they occur periodically and into the future, or if it was easy to apply the credits against invoices as is done now. Maybe if the Credit Memos created with the Deposit entry went to the Customer deposits "control account" (like Service receivables, linked to clients, only the liability for the advance deposits.) When billings occur, they could be "applied" to those "credit invoices" just like they can be applied to credit invoices that reside in Service receivables. The main reason for the request is to get the advance deposits booked as a "liability" rather than a "negative asset", get them off the aging reports, and also still have easy access to a credit on the account that can be applied to billings/invoicing as it occurs.
by: Pam S. | over a year ago | Service Receivables
Comments
This has been an issue for years, a great enhancement request.