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ashish91tulsian
Level 2

Advance payment to suppliers

Hi Team,

 

We have a few queries for our client. Please provide a solution for the same-

 

  1. Can we add a custom field on the Advance Payments to Vendor form? We also need a Location field in the Advance Payment form.

 

  1. The Transaction Report, which gets generated when we click on the amount in PL/BS report, does not have a memo/description for the transaction type "Advance Payment".

 

  1. Also in the Report Transaction list by Account, No transaction gets displayed for the account "Advance Payment asset". This is the default account that gets debited when we record an advance payment.

 

  1. The supplier ledger does not cover advance payments made to them.

 

 

Regards,

Ashish Tulsian

 

3 Comments 3
MariaSoledadG
QuickBooks Team

Advance payment to suppliers

Let's make sure we'll be able to address all your concerns in recording advance payments to suppliers, ashish91tulsian.

 

Advance payments are usually the amounts paid before a good or service is received. Normally, when filling out the advance payment form, you can use the Memo part if you need any additional custom or location field for any entries. For now, adding another custom or location field is unavailable.

 

Also, you're unable to find the Advance Payment asset in the Transaction List of account report since this works much like General Ledger reports and provides the same information. You'll want to run the Transaction List by Supplier report to check if payment was applied to the bill. You can also see the advance payments made to your suppliers when using this report. You can also use the Transaction Detail by Account

 

In most cases, these payments are classified as Current Assets on the Balance Sheet report. You may want to drill down from there. You can also double-check with your accountant why the supplier ledger doesn't cover such advances. 

 

Furthermore, to make sure that you'll be able to filter and customize reports according to how you want it to show the information. Learn from this article for your guide: Customise Reports In QuickBooks Online.

 

Feel free to let us know if you need additional assistance with advance payments. Remember, we're here to make sure we get you covered. 

ashish91tulsian
Level 2

Advance payment to suppliers

Thank you Maria for your reply.

 

With Advance Payment I am referring to the below Advance payment under Suppliers. Even If I add a memo in the Advance Payment form it does not get displayed in the transaction report. 

 

I will ask my client to check Advance by Supplier report.

Adavnce Payment.png

Mich_S
QuickBooks Team

Advance payment to suppliers

I've got additional tips so you can pull up the right report showing advance payments to your suppliers, @ashish91tulsian.

 

You can run the Transaction List by Supplier report check if the payment was applied to the bill and if the memo was added to it. If you're unable to see the Memo/Description column, you can customise the report to view it.

 

Here's how you can do it:

 

  1. Open the Reports menu and search for Transaction List by Supplier report to open it.
  2. Select all the necessary details.
  3. Click on Customise to edit the column.
  4. Tap Change columns.
  5. Put a checkmark on Memo/Description.
  6. Once done, hit Run report.

This is what the report would look like after modifying the format.

 

 

 

For future reference, read this article to know more about how you can manage reports in QBO: Manage and automate custom reports.

 

Please feel free to comment back if you need extra help with reports or QuickBooks in general. I'm always ready to back you up. Have a good one and take care!