Payments On Account
Most banking transactions in Goldenseal accounting software apply to a specific business transaction (or multiple transactions). However, if you need to enter a payment or deposit without applying it to a specific purchase or sale, then you can use an On Account transaction.
Goldenseal subtracts the on account from the amount owed for purchases, the next time you use the Pay Bills command.
HINT-- It is not hard to identify specific bills when you make payments, so the only time you need to use the Paid On Account option is when you make a payment before any purchases have been entered.
To pay cash to a vendor on account, follow these steps:
You can also receive money from Job accounts "on account"-- enter On Account into the Transaction Paid field of a Bank Deposit.
Goldenseal accounting software stores the credit in the job account, and subtracts it from the next bill amount when you use the Billing command.
HINT-- It is not hard to credit deposits against specific billing records or sales, so the only time you need to use the Paid On Account option is when you receive a payment, before you've entered the transaction that it applies to.
To accept a check from a customer on account, follow these steps:
Construction Project Deposits
Clients frequently make advance payments for construction projects, to users of our construction accounting software. The best way to apply such deposits depends on how you will bill for the project.
For a progress payment or time and materials project, enter a deposit On Account, as described in the previous section. When you do later project billings, you can deduct part or all of the deposit when you create Billing Records.