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Hi Team,
We have a few queries for our client. Please provide a solution for the same-
Regards,
Ashish Tulsian
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.
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.
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:
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!
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