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Admin CMBA
August 5, 2024
Question

Pre paid payments made on credit card

  • August 5, 2024
  • 1 reply
  • 0 views

An advance payment was made by credit card as a rental deposit on a venue for an upcoming event we are hosting. What is the best way to show that in QB's.  The deposit will be deducted from our final bill after the event. The final bill will be paid with a cheque. 

1 reply

T
Trish_T
August 5, 2024

Hi Admin CMBA,

 

Thanks for reaching out to us here.  Recording your transactions accurately in QuickBooks, is essential in keeping your accounts balanced.  I would be glad to provide some information here, so you can complete your QuickBooks goals with confidence!

 

When you need to Record supplier prepayments, you have two options.  You can enter the payment by using your Accounts Payable account, or an Asset account.  You will find the detailed process here.  If you're not sure of which account would be best for your business needs, I suggest reaching out to an accounting professional.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area. 

 

If you have any other questions, feel free to reach back out. We would be glad to help!

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