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Our products take weeks to make and are specific to each order.
We hold inventory for months as Customers only require smaller quantities.
What is the best way to set this up?
1. Create a "Down payment (percentage)" Invoice for 50% from the big Sales Order
2. Create a "Regular Invoice" for what has shipped and add a discount line item that will credit (use up) part of the deposit:
Repeat the second step for as many smaller orders as you have
Note: In Step (1), the "income" account on the Down payment product should be configured to book to a Current Liability Account
In this worked example that follows:
For "extra credit" you can create a custom field that sums the credits in the liability account for each customer (subtracting debits) and shows this on the Customer Invoice view so you can always see the unapplied deposit amount (if any) during Invoicing. Setting up a different payment term (even if still calculating at NET30) for these Customers or these Sales Orders may also make sense.
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