Taking The Deposit
Cash Customer
In this example, I have taken a £50.00 plus vat of £10.00 deposit for a part on Invoice 39119
The postings should be as followes: -
A credit of the deposit value (£50.00) to nominal 1.10.70.11
A credit of the vat (£10.00) to 0.0.70.3
The total invoice value (£60.00) a debit to 1.10.60.0
The above posting goes to your Balance sheet
Workshop Customer
You cannot take a cash value deposit for a vehicle in the workshop, if you do, here are the posting transactions: -
A “Zero” value (£0.00) to nominal 1.10.60.80 (Parts Stock)
A “Zero” value (£0.00) to nominal 1.10.60.90 (Work in Progress)
Crediting The Deposit
Cash Customer
In the example above, we sold the part to the customer for £50.00 plus vat of £10.00 and credited the deposit on Invoice 39124: -
The postings should be as followed: -
A credit to parts stock of £25.00 to nominal 1.10.60.80 (Cost of Part)
A debit of £50.00 to nominal 1.10.70.11 (Parts Deposit)
A credit of £50.00 to nominal 1.10.10.10 (Parts Sales)
A debit of £25.00 to nominal 1.10.30.10 (Parts Sales)
The above postings go to your Profit and Loss
Workshop Customer
A credit to nominal 1.10.60.80 Parts stock
A debit to nominal 1.20.60.90 WIP