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MarydeH
August 2, 2022
Question

Pre-payment to fuel Card

  • August 2, 2022
  • 1 reply
  • 0 views

Hi,

We have a fuel account with one of the larger fuel companies in the country. This allows us to make pre-payments to our account via bank-transfer and everytime one of our vehicles tops up the fuel at their petrol station the amount is expensed to our account. If it's (nearly empty) we top it up again. At the end of the month we can download an invoice showing the total tipped-up and the total consumed. 

 

How do I deal with this in quickbooks? How do I record the top-ups to our account and balance it with the invoices received?

1 reply

Rose-A
Rose-A
August 2, 2022

Helping you deal with pre-payment to your fuel card in QuickBooks Online is my priority, MarydeH.

 

To ensure the top-ups are balanced with your invoices received, we can create a check and use the Accounts Payable (AP) to record the prepayment.

 

This way, the system will generate a credit that can be applied to your future invoices. See the sample screenshot below:

 

 

Once the bill or invoice is created, we can apply for the credit as a payment. Let me show you how:

 

  1. Click Expenses in the left panel and select Supplier/Vendors.
  2. Go to the supplier's profile and find the bill.
  3. Under the Action column, click the Pay Bills or Make payment link.
  4. From the Bill Payment page, put a checkmark on the check you've recorded under Credits.
  5. Hit Save and close.

 

We take a look at this article: Record vendor prepayments or deposits for prepaid parts or services. Though, this link is for QuickBooks Desktop US, the concept can be applied to your International account.


In case you need help with managing your expenses in QuickBooks Online, check this write-up: Expenses and suppliers. This will provide you with links to how your expense transactions work in QuickBooks.

 

I'm always here should you have any follow-up questions or concerns, MarydeH. Wishing you and your business continued success!

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