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Based on the description of the term, we’re unable to set it up in QuickBooks. As a workaround, you’ll have to enter the down-payment as a separate transaction. Then set a term for 30 days.
I can help and guide you through the step by step process. Here’s how to record the vendor prepayment.
There are two ways on how to track this type of transaction in QuickBooks. You can either use the Accounts Payable to record it or use the asset account to associate the prepayment.
For the Accounts Payable, we’ll have to create a check. Then, enter a bill to apply the prepayment. Here’s how:
To make a bill:
For the downn payment:
If you want to use the asset account, let me share the Record vendor prepayments or deposits for prepaid parts or services guide and proceed directly to Option 2. It outlines the complete instructions on how to record the down payment using this method.
Next, let’s set the term for your vendor. Let’s go to the Terms page to do this one.
Now that we’re done setting it up, go to the vendor’s profile to link the term. Here’s how:
You can also bookmark the Setup payment terms article for future reference. It provides an overview of when to use the Standard and Date Driven method.
Keep me posted if you have any other concerns or questions. I’ll be right here to answer them for you. Enjoy the rest of the day.