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Understanding the New Sales Order and Prepayment Workflow in QuickBooks 2024

QuickBooks 2024 introduces a significant change to the sales order and prepayment workflow, making it easier to manage prepayments on sales orders. Traditionally, QuickBooks handled prepayments awkwardly, often placing them in negative accounts receivable (AR). However, with this update, prepayments are now classified as liabilities, reflecting a more accurate accounting practice.

Creating Sales Orders and Receiving Payments

When you create a sales order in QuickBooks 2024, you can now receive prepayments directly against that sales order. Upon receiving a payment, the system automatically classifies it as a liability rather than negative AR. This is a key improvement, as it aligns with standard accounting principles. The sales order remains a non-posting transaction, but the prepayment is recorded in a new customer deposit liability account.

One notable enhancement is that QuickBooks now links the sales order and prepayment directly. When you create an invoice, QuickBooks will prompt you to apply any available prepayments to that invoice. This streamlines the process, ensuring that the payment is correctly matched to the sales order and subsequently to the invoice.

Reporting and Customer Deposits

The reporting structure also sees improvements. When you run an open sales order report, you can now see which sales orders have prepayments attached. However, there’s no filter available to show only sales orders with prepayments, which could be a useful feature in the future.

The balance sheet now reflects customer deposits as a liability, with journal entries automatically transferring amounts from customer deposits to accounts receivable as invoices are generated and payments applied. This automation reduces manual adjustments and ensures accuracy in financial reporting.

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