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gramaswamy
Level 1

Which ever advance payments We need pay should be shown in quick books.

 
1 Comment 1
Mark_R
Moderator

Which ever advance payments We need pay should be shown in quick books.

It is good to see you in the Community, gramaswamy!

 

I'd be glad to help you out by sharing possible scenarios I could think of.

 

Are you trying to record an advance payment to a vendor? If so, you have two options for this. You can enter in as a prepayment (or a deposit), either by tracking it under Accounts Payable or an asset account.

 

You can read this article for the detailed steps: Record Vendor Prepayments or Deposits for Prepaid Parts or Services.

 

However, if you're trying to record a customer prepayment, you can record it as a retainer. Feel free to read this article for more details: How to Record a Retainer or Deposit.

 

Most importantly, I still recommend checking with your accountant for more guidance. He/she may add suggestions based on what's more suitable for your business and to your books.

 

Feel free to leave a comment below if you're referring something else or if you have any other questions. Have a good day!

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