I am categorizing everything from the bank feed, I create an "Other Current Liability" account and categorized all the pre-payments in this account but then when I create a monthly bill for example Chit Chats Express (like stamps.com prepaid shipping account) I enter end of month bill categorize as courier costs I am trying to match that bill to that liability account to offset the prepayments.
* eBay account, we receive weekly payouts from our sales fees deducted but don't receive an invoice with fee/tax breakdown until end of month, so we have bank deposits that need to be matched with the gross sales and the monthly fees/sales tax deductions.
* Expense Reimbursements Payouts - sometimes the receipts we are given are actually dated for many months even once in awhile a year+ old, what’s the best way to handle this. Previously in our old system I had a liability "slush" account I would enter individual receipts with their original dates then record the payout, any newly entered old dated receipts gst/hst is recovered in the following month the "petty cash" cheque is created, but doing it this way will sometimes cause expense #'s in previous fiscal year to change and we must enter manual journal entry to bring forward into new fiscal year). We are accrual based accounting so any expenses are supposed to be claimed/entered based on receipt/invoice date rather than payout.
Thank you for any help you can provide!
