Hi there, @mwagner17!
You're already on the right path by recording this payment using a journal entry. If you opt for this option, it'd be best to reach out to your accountant to ensure you are debiting/crediting these to the correct accounts.
Another way is using a retainer or making a deposit. When your business receives a deposit from a customer before performing any service, you can set up a retainer item. This requires you to create a liability account. You can follow the rest of the steps in this article: Record a retainer or deposit.
Also, here's how to find the list of money that sits in your prepaid account:
- Go to the Chart of Accounts in the left panel.
- Search for the Prepaid Account name.
- Click View Register to see the list of all the money in your prepaid account.
Although, if you need a report to compare it with your spreadsheet, we can run the Transaction List By Customer report. This will list all the associated transactions, including the prepayments, from your customers. Here's how to run it:
- Go to Reports.
- In the search box, enter "Transaction List By Customer", then click the result.
- Customize the report if needed for better comparison. If you need help, I'll also add this article: Customize reports in QuickBooks Online.
Additionally, I'd like to share these articles which could help you in the future:
I'm always around to help if you have follow up concerns about your prepaid transactions. Have a great day!
