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jitendrakumar
Level 2

Vendor Prepayment(Advance Payment) and Overpayment made - Quickbooks Online

Hi,

I am using Quickbooks online. We have made some Advance Payments(Prepayments) and Overpayments  to the Vendors. Now we want it to enter into Quickbooks Online but we are not able to find any option for the same.

Please advice if any option is available to enter Advance and Overpayments in Quickbooks Online.

If yes, please explain how to do this.

 

Solved
Best answer January 29, 2024

Best Answers
Ivan_G
QuickBooks Team

Vendor Prepayment(Advance Payment) and Overpayment made - Quickbooks Online

Thank you for reaching out here in the Community, jiten.

Let me help you record your payments to vendors in QuickBooks Online (QBO). We can achieve this by creating an Expense account for advance and Vendor credit for overpayments respectively.

Here's how:
For overpayments:
  1. Go to + New, then select Vendor credit.
  2. In the Vendor ▼ dropdown, choose your vendor.
  3. Depending on how you record purchases with your vendor, enter the Category details or Item details accurately.
  4. Press Save and close.

For advance payments:
  1. On the + New tab, click Expense.
  2. Create an expense for the Supplier by selecting a Payee and Payment account.
  3. Under the Category column, select Account: Accounts Payable (A/P), then enter the accurate details and the amount.
  4. Select Save and close.

In addition, I added an article to help you in case you need to record and make bank deposits in QuickBooks Online.

Let us know if you have more bills and payment concerns. We're here to assist you 24/7.

View solution in original post

CharleneMaeF
QuickBooks Team

Vendor Prepayment(Advance Payment) and Overpayment made - Quickbooks Online

I appreciate you for getting back on this thread, jitendrakumar. I'll make sure you'll be able to get an accurate explanation about this.

 

We have a separate and dedicated forum that handles API concerns for QuickBooks Online. It is a place where developers engage to discuss programming concerns. They can provide information on which entity corresponds to an Expense.

 

Here's how:

 

  1. Go to https://help.developer.intuit.com/s/.
  2. Choose QuickBooks Online under What do you need help with?
  3. Click Ask a Question
    Capture (1).PNG
  4. Log into your existing Intuit Developer Account or create a new one. 
  5. Enter your concern. 
  6. Click Ask

 

Additionally, you can also visit the API Docs & Tools menu to find API topics that'll help you in completing your other QuickBooks tasks.

0.PNG

 

Please leave a comment below if you have any other QuickBooks-related questions or concerns, jitendrakumar. I'm always here to help. Have a good one!

View solution in original post

5 Comments 5
Ivan_G
QuickBooks Team

Vendor Prepayment(Advance Payment) and Overpayment made - Quickbooks Online

Thank you for reaching out here in the Community, jiten.

Let me help you record your payments to vendors in QuickBooks Online (QBO). We can achieve this by creating an Expense account for advance and Vendor credit for overpayments respectively.

Here's how:
For overpayments:
  1. Go to + New, then select Vendor credit.
  2. In the Vendor ▼ dropdown, choose your vendor.
  3. Depending on how you record purchases with your vendor, enter the Category details or Item details accurately.
  4. Press Save and close.

For advance payments:
  1. On the + New tab, click Expense.
  2. Create an expense for the Supplier by selecting a Payee and Payment account.
  3. Under the Category column, select Account: Accounts Payable (A/P), then enter the accurate details and the amount.
  4. Select Save and close.

In addition, I added an article to help you in case you need to record and make bank deposits in QuickBooks Online.

Let us know if you have more bills and payment concerns. We're here to assist you 24/7.
jitendrakumar
Level 2

Vendor Prepayment(Advance Payment) and Overpayment made - Quickbooks Online

Hi,

Thankyou for the response. Can you tell me in API Explorer which entity corresponds to "Expense" which we are creating in the UI.

CharleneMaeF
QuickBooks Team

Vendor Prepayment(Advance Payment) and Overpayment made - Quickbooks Online

I appreciate you for getting back on this thread, jitendrakumar. I'll make sure you'll be able to get an accurate explanation about this.

 

We have a separate and dedicated forum that handles API concerns for QuickBooks Online. It is a place where developers engage to discuss programming concerns. They can provide information on which entity corresponds to an Expense.

 

Here's how:

 

  1. Go to https://help.developer.intuit.com/s/.
  2. Choose QuickBooks Online under What do you need help with?
  3. Click Ask a Question
    Capture (1).PNG
  4. Log into your existing Intuit Developer Account or create a new one. 
  5. Enter your concern. 
  6. Click Ask

 

Additionally, you can also visit the API Docs & Tools menu to find API topics that'll help you in completing your other QuickBooks tasks.

0.PNG

 

Please leave a comment below if you have any other QuickBooks-related questions or concerns, jitendrakumar. I'm always here to help. Have a good one!

jitendrakumar
Level 2

Vendor Prepayment(Advance Payment) and Overpayment made - Quickbooks Online

Hi,

For Overpayments I want to ask on your solution that VendorCredit will be made after an overpayment is made. So where or how we have to register the overpayment on which we will make the VendorCredit.

 

For Advance Payments I created a demo Vendor and create an Advance Payment and a Bill for that vendor.

But I am receiving correct Open Balance for the vendor but in the transaction list of that Vendor the Expense and the Bill is getting clubbed and I am getting the clubbed amount of expense and Bill. But it should be negative for the expense and positive for Bill.

Enteries I made -

1. Expense(Advance Payment) to the Vendor, which should be negative but is showing positive.

2.Bill which is showing positive.

DebSheenD
QuickBooks Team

Vendor Prepayment(Advance Payment) and Overpayment made - Quickbooks Online

Good day, @jitendrakumar.

 

Allow me to jump in and share some information about the vendor's advance payment in QuickBooks Online (QBO).

 

For entering advance payment for vendors ensure to create an expense and check the affected accounts as Accounts Payable (AP). This way when you're ready to create a bill it'll automatically show to add the prepayment.

 

  1. Make sure you have the supplier listed in QuickBooks Online (QBO). Skip this step and continue to step 3 if you've already added the supplier to your account. If not, select Expenses, then Suppliers.
  2. Create a new Supplier by filling out all the information, then select Save.
  3. Go to + New.
  4. Select Expense.
  5. Create an expense for the supplier by selecting a Payee and Payment account.
  6. Under the Category column, select Account: Accounts Payable (A/P), then enter the description and the amount.
  7. Select Save and close.

 

Once your bill is created, we can apply the credit as a payment. Please see the screenshot below for your reference.

 

advance.PNG

 

Furthermore, to make sure that you can filter and customize reports according to how you want them 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, @jitendrakumar.