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Hi everyone, we’d like to round back to share an update that the ability to accept deposits has now rolled out to all AU, NZ, UK, CA, SG and US organisations, and we expect to make this available to remaining regions soon.
Staying close to feedback from its release, our team have recently added a due date field in which you can select a specific date that payment of the deposit is expected if this differs from the Invoice due date.
I look forward to looping back to finalise once we’re at 100% roll out of deposits, and give you a hint of where we’ll be expanding functionality next!
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Aaron Clore
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An error occurred while saving the comment Aaron Clore
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This is exactly what I wanted to see from xero especially with the price increases. Please let me know if I can help guinea pig ;-)
I'm really looking forward to what you guys come up with.
Keep up the good work xero~
An error occurred while saving the comment Aaron Clore
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Daily struggle. Not sure if I'm slow to learn the provided method or if this is a lack of development from xero...Really hoping for the change. I'm running two companies on xero platform...our needs have changed. Need prepayment invoices to work as a normal invoice...need to record prepayments to customer accounts and apply prepayments toward invoice balances. Thanks
Love the progress on the new deposit feature — this is very close to becoming a functional replacement for our current process.
The last step that would make it truly usable for businesses like ours is the ability to easily record customer deposits as **prepayments / customer deposits**, rather than as payments against an invoice.
For our workflow, the deposit cannot immediately come onto the books as a regular invoice payment and create tax liability months before the project becomes taxable. We pay tax when we install the custom products that we fabricate or order from suppliers. That installation is the taxable event for us, not the day the customer gives us a deposit to begin the project.
What we need is a simple workflow where:
1. A customer pays a deposit through the Xero/Stripe deposit feature.
2. When the payment comes in, we can reconcile it as a **customer prepayment / deposit**, not as taxable invoice income.
3. That creates a credit on the customer’s account.
4. When the project is installed and becomes taxable, we create the final taxable invoice.
5. We then apply the customer’s deposit/prepayment credit against that final invoice.
Right now, I’m considering a workaround: when the Stripe payment comes through, I may try to record it as a prepayment instead of simply reconciling it as an invoice payment. But the dream would be for Xero to make this a built-in option.
In short: the deposit feature is great, but for custom work, construction, fabrication, and similar businesses, we need a way to collect a deposit without prematurely recognizing the sale or creating tax liability before the actual taxable event occurs.