We take in a lot of customer deposits/prepayments, and also pay deposits. Because there is often a significant amount of time between the time we accept/pay a deposit and the event, we book those payments to/from us in a Customer Prepayment/Deposit liability account or a Pre-Paid Expense asset account.
When the event occurs so that all revenue and expenses for the event need to be recognized, I create a journal entry to move the customer deposits from Customer Prepayments to Sales, and from Pre-Paid Expense to Expenses.
The problem is with reporting. On a P&L detail report, the journal entry line items do not display the customer/vendor name, who made/received the payment even though I have entered the customer name in the journal entry. (There's a field for that). So I have no idea from whom the revenue came from when I look at the report (nor who the expense went to). Additionally, on the report, I've now lost the date in which these payments were made and instead only see the date of the journal entry which isn't useful.
Is there a better way of doing the above rev rec so I can see the important descriptive information on reports? Specifically, I'm looking for who made/received the payment, and when it was made.
I suppose instead of journal entries I could go back and try to edit the original transactions, but that leaves a poor audit trail.
