Deferred Dues Payments

Welcome to the Community, @JJV43.

I will share some information to manage expenses you do not want to show in the accounting reports in QuickBooks Desktop.

If you are not using cash or accrual accounting methods, you can record the deposit in QuickBooks Desktop by the time you want it to show in the reports. This way, the deposit will not appear yet. Not until you record it by January.

There are several different reports that QuickBooks provides that show how your business is doing financially. I suggest reading this article: Understand reports to learn more about how it generates one. The system then gives you the option to modify them to concentrate on the particulars that are most important to you.

I’m here to help if you have additional questions or concerns about unapplied payments. Just comment down below. Take care!

@JJV43 

Does your HOA use cash or accrual basis accounting?  If you use cash basis, it should be reported as income if you deposit it in December.  If you use accrual accounting and deposit the funds in December, and it is not considered income, you can simply receive the payment and not apply it to an invoice.  This will create a credit in their customer account which you can apply to January's invoice.  In QB, it will show up as a bank deposit and a reduction in A/R, both of which are balance sheet accounts, and it will not appear on your profit & loss statement.  From a tax standpoint, if you're on accrual basis, this will have no impact .  If you're cash basis, it is unlikely to impact your HOA but you should confirm.  Does your HOA file an 1120-H?