How do I enter prepayments and then apply those prepayments against the vendor invoices in QB 2015 for Mac?

Forum|Forum|7 years ago
December 11, 2018
4 replies
28 views

We have prepaid for items that will be shipped elsewhere. We receive the "paid" invoices from the vendor for each load shipped. First, how should I set up the prepayment to the vendor. Second, how do I reconcile or mark off the items shipped from the vendors' invoice against the total amount prepaid?

QuickBooks Desktop

lindak1119Author

Level 7

Hi ML,

You can use Accounts Payable or an Asset account to record prepayments. For detailed instructions, please refer to the Record vendor prepayments article.

Let me know if you have other questions.

lindak1119Author

Level 7

Thank you....this seemed to work. The only issue was that I didn't see where I could "set credits" in the Pay Bills. I did see the negative amount of the prepayment which I selected to make the balance = $0.00.

Again, thank you.

qbteachmt

Level 11

"The only issue was that I didn't see where I could "set credits" in the Pay Bills."

You put the prepayment account on a Vendor Credit. You enter the bill in full, as if you still need to pay it all. In Pay Bills, you select that bill, and the middle section shows there is an available credit to apply.

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