Vireo — project deposit
The deposit record with amount, date, and the project it's held against.
Consulting & agency finance · Deposits
Tracking agency client deposits and how they apply
Taking a deposit upfront is easy; remembering exactly how it applies across a project's milestone invoices is where agencies trip up. Apply it twice or forget it entirely and the client math no longer works. Cash Workspace lets you record each deposit, note the project it's held against, and keep a running note of how it's drawn down against milestone invoices — with the deposit invoice and signed agreement attached.
The problem
Why deposits get muddled
A deposit sits against a project for weeks or months before it's fully applied, and without a clear record of how much remains, it's easy to lose track.
- A deposit is taken but never tied to a specific project, so it floats.
- It gets applied to a milestone invoice once but the running balance isn't updated.
- Two milestone invoices both 'use' the deposit, double-counting it.
- At project close, no one can say how much of the deposit is left or owed.
The workflow
Record and draw down each deposit
Record the deposit against its project, attach the paperwork, and update how it applies as milestones are invoiced.
- 1
Record the deposit
When a deposit is received, record the client, amount, date, and the project it's held against.
- 2
Attach the paperwork
Attach the deposit invoice and the signed agreement so terms and amount sit together.
- 3
Note the starting balance
Note the deposit's full amount as the starting balance available to apply.
- 4
Apply to milestone invoices
As you invoice each milestone, note how much of the deposit you applied and update the remaining balance.
- 5
Reconcile at close
At project end, review the deposit record to confirm it's fully applied or note any balance owed.
Record structure
What to record for each deposit
These fields keep a deposit's life — from received to fully applied — clear and reconcilable.
- Client
- Who paid the deposit, kept as a consistent client record.
- Deposit amount
- The full amount received, with currency.
- Date received
- When the deposit landed, for your records.
- Project held against
- The project the deposit is reserved for, so it never floats.
- Applied to milestones
- A running note of how much of the deposit each milestone invoice drew down.
- Remaining balance
- How much of the deposit is still unapplied, updated by hand as you go.
- Deposit invoice
- The deposit invoice attached to the record.
- Signed agreement
- The signed agreement governing the deposit, attached to the record.
Example setup
An example deposit setup
One way to organize a single client deposit across a project.
Vireo — paperwork
The deposit invoice and signed agreement attached to the deposit record.
Vireo — application notes
Running notes of how the deposit applied to each milestone invoice, with the remaining balance.
Vireo — closeout
The final reconciliation showing the deposit fully applied or a balance noted.
Common mistakes
Mistakes to avoid
- Taking a deposit without tying it to a specific project.
- Applying the deposit to a milestone but never updating the remaining balance.
- Letting two invoices both draw on the same deposit amount.
- Filing the deposit invoice and agreement somewhere other than the deposit record.
- Closing the project without reconciling the deposit.
How it helps
How Cash Workspace helps
Deposit records by project
Record each deposit with its amount and the project it's held against so it never floats unassigned.
Application notes
Keep running notes of how the deposit applies across milestone invoices and the balance remaining.
Paperwork attached
Attach the deposit invoice and signed agreement to the record so terms and amount stay together.
Accountant-ready exports
Export the organized deposit records when handing the books to your accountant.
Related
Related deposit and billing workflows
Deposit & milestone records
Keep deposits and milestone billing reconciled per project.
Deposit & refund records
Track deposits that need to be partly or fully refunded.
Deposit invoice folder
Organize the deposit invoices behind each project.
Partial payment records
Record partial payments cleanly against an invoice.
All finance workflows
Browse the full Cash Workspace workflow library.
FAQ
Client deposit FAQ
- How do I track how a deposit applies across invoices?
- Record the deposit's full amount, then note how much each milestone invoice draws down and update the remaining balance. The record shows what's left to apply at any point.
- Does Cash Workspace collect the deposit payment?
- No. It does not process or collect payments. You take the deposit through your own bank or service and record it here so you can track how it applies.
- Where should the signed agreement live?
- Attach it directly to the deposit record alongside the deposit invoice, so the terms governing the deposit sit next to the amount and how it's been applied.
Organizing help — not tax, accounting, or legal guidance
Cash Workspace is a free workspace for organizing invoices, expenses, receipts, clients, and documents. This page is organizing guidance only — not tax, accounting, legal, or bookkeeping guidance. Cash Workspace does not connect to your bank, does not scan or read your receipts for you, and does not move or collect payments. Whether an expense is deductible depends on your situation, so confirm it with a qualified accountant or tax professional.
Keep every deposit reconciled
Start a free workspace and record each client deposit with the project it's held against and how it applies across milestones so nothing is double-counted or forgotten.