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Level 2

Why do prepayments, even though future invoices have been created and the prepayment applied, show available to use on current invoices? Is there a way to change this?

 
4 Comments
Level 2

Why do prepayments, even though future invoices have been created and the prepayment applied, show available to use on current invoices? Is there a way to change this?

I would like to avoid using a liability account for the prepayments only because of the amount of transactions there are.
Level 10

Why do prepayments, even though future invoices have been created and the prepayment applied, show available to use on current invoices? Is there a way to change this?

If the prepayment has been applied, there is no way it can be available to use. It must be something else

Level 2

Why do prepayments, even though future invoices have been created and the prepayment applied, show available to use on current invoices? Is there a way to change this?

It isn't actually available to use and doesn't show available at all on my end; but rather appears like an open credit when an invoice (with account summary) is printed/sent.  I have found it to be a date issue - as if QuickBooks doesn't completely recognize a credit as applied until the date of the invoice it has been applied to is here.  We have annual maintenance fees due in March each year, but we bill for them in November, creating the invoice date of March 1.  If someone pays towards this March bill, but then any invoice occurring between now and March the payment applied to the maintenance fee shows as an open credit on their printed/emailed invoice only.  It took me a bit to find what the credit was on their invoices because there is no open credit on my end.  I have, for now, changed the invoices to not include a summary, but would eventually like to go back to the summary invoices.  

Level 10

Why do prepayments, even though future invoices have been created and the prepayment applied, show available to use on current invoices? Is there a way to change this?

It is an odd method to date an invoice in the future, but an interesting way to properly accrue income. There are other ways.

 


@hlichliter wrote:

 I have, for now, changed the invoices to not include a summary, but would eventually like to go back to the summary invoices.  


The summary on the invoice is tricky because for example I am not sure if it's based on invoice date, create date or sent date i.e. dynamic or static, so I avoid using it.

The Statement is meant to show transactions and balance as of a point in time

 

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