I'm here to help set up your deferred rent in QuickBooks Online, Allison23.
First, you'll want to enter a bill for the full amount using the rent expense account. Then, record your partial payment. I'm glad to show you how to do it in the system.
To enter the bill:
- Click + New, then Bill.
- From the Vendor ▼ drop-down menu, select a vendor.
- From the Terms ▼ drop-down menu, select your preferred bill's term.
- Enter the other needed information in Category details, then click Save and close.
To record the payment:
- Click + New, select Pay Bills.
- Select the appropriate Payment account and enter the Payment date. Use the account from which you pay the bills.
- Locate the bill and mark the box for the bill to pay.
- Enter the partial amount of the payment to be applied to the open bill.
- Click Save and close.
After that, use the Vendor Credit function, and select the same rent account to reduce the expense generated by the rent for the month. Make sure the date is in 2021 so the balance will appear as an expense on your Profit and Loss.
Here's how:
- Click + New, then select Vendor credit.
- In the Vendor drop-down, select your vendor.
- Enter the payment date.
- Depending on how you record purchases with this vendor, enter the Category details
- Click Save and close.
Once done, create another bill using the Rent Deferment account, and the date is 2021. It will move the payable next year. I've replicated this using the sample account and this is how the vendor profile should look.
Upon sharing this solution, I still suggest consulting with your accountant. He/She might have specific instructions on how to record the deferred rent in QuickBooks.
Let me know if you need additional information by clicking the Reply button. I'm always around to help.