Hello there. We can record your advance payment made to your supplier as an expense transaction. I'll guide you on how to accomplish this below.
Let's start with creating an expense transaction and use the Accounts Payable (AP) to record the advance payment. This way, the system will generate a credit that can be applied to your future invoices (bill from supplier). Here's how:
Once your bill is created, we can apply the credit as a payment. Please see the screenshot below for your reference.
Additionally, you can determine the total amount you paid to a supplier for the year by generating a Transaction List by Date report. For a detailed guide on how to do this in QBO, please refer to this article: Run a report with supplier totals.
If you have any other concerns or questions regarding managing supplier and expense transactions in QBO, please feel free to leave a comment below. I'm here to assist you. Take care.
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