Customer deposit shows negative on A/R Aging Report
Published on
June 15, 2023 at 10:51:14 PM PDT June 15, 2023 at 10:51:14 PM PDTth, June 15, 2023 at 10:51:14 PM PDT
Scenario
There was a Customer Deposit that has been recorded and applied to an open invoice.
It was noted that the amount of Deposit is greater than the amount of the invoice.
This resulted to show a negative amount on the A/R aging report due to the un-applied customer deposit balance.
Solution
To fix, delete the deposit application and re-process the payment application.1. Go to thepaid Invoice > History tab > Paymentsub tab then click the Date next to theDeposit Application link.
2. HitEditnext to theDeposit Applicationand clickDeletebutton then hit OK (this will re-open the invoice)
3.Viewthe re-opened invoice then hitAccept Paymentbutton
4. Payment amount field should be zero.
5. Go to theDeposits tabthen mark theApplycheck box next to the deposit.
6. Edit thePaymentfield equal to the amount of invoice.
7.Save
Result: Unapplied customer deposit will not show on the aging AR report.
NOTE: Customer deposit is not classified as part of Asset but as Liability of the Company instead.