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jitendrakumar
January 29, 2024
Solved

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

  • January 29, 2024
  • 1 reply
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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.

 

Best answer by Ivan_G
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.

1 reply

I
Ivan_GAnswer
January 29, 2024
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.
J
jitendrakumarAuthor
January 30, 2024

Hi,

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

C
CharleneMaeF
January 30, 2024

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. 

  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.

 

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!

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