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accounting-emint
Level 2

How to record the advance payment on accounts payable beginning balance?

advance payment in vendors installments beginning balance that can be seen as a amortization process
1 Comment 1
MJoy_D
Moderator

How to record the advance payment on accounts payable beginning balance?

I can help you with recording an advance payment for your vendor, @accounting-emint.

 

You can record an advance payment for the supplier using the Expense feature. You'll just set the payment as an Accounts Payable

 

Follow the steps below:

 

  1. Go to the + New button and select Expense.
  2. Choose the Payee name and Payment account.
  3. Go to the Category details section.
  4. Under the Category column, select the Accounts Payable (A/P).
  5. Provide the description and the amount.
  6. Click Save and close.

 

Refer to the following article for more information about adding, editing, reviewing, and deleting an expense: Enter and manage expenses in QuickBooks Online.

 

From here, you can run the Income by Customer Summary report to review income and expenses for each of your customers. Here's a detailed guidance about generating and customizing your report: Run reports in QuickBooks Online.

 

Let me know if you need further help or guidance about adding your advance payment. I'm always here to assist. Have a great rest of the day!

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