Deposit
Deposit is the amount of funds paid by customers in advance of a product or service delivery.
Deposits is a contract liability account in the general ledger.
A common example of deposit is that a company may require a large deposit from a customer before it begins work on a highly customized product.
Foundry Bean Global Work System uses Deposit as a receivable transaction to record fund receivable to the company in advance as par the agreement between buyer and seller.
Once the receivable transaction as deposit is created,
A receipt is created to record the cash received by the customer in advance. Applying the receipt against the deposit
How to apply deposit against a receipt
Create a deposit More…
Create a receipt
Save the receipt
Add receipt line
apply deposit into the receipt line
Save the receipt line
View receipt
View Accounting transaction
