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fisherhouseinc
February 23, 2023
Question

Purchased shirts for next years golf tournament

  • February 23, 2023
  • 1 reply
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We have an annual golf tournament and have purchased the golf shirts ahead of time. Since the tournament isn't until next fiscal year. How do I record it so that next year the expense shows up on the P&L reports? I looked at doing it as a prepaid expense. That is how I do the payments to the golf course since they want most all of it paid prior. But I'm not sure if I can do that with the shirts. We got them and the bill already. 

    1 reply

    K
    Kevin_C
    February 23, 2023

    I'll make sure you can record your vendor prepayments in QuickBooks Desktop (QBDT) seamlessly, fisherhouse.

     

    You have two options for entering the prepayments or deposits, either by using Accounts Payable or an Asset account. Consult your accounting professional to know which option is best for you to record this.

     

    The first option is to write a check to the vendor and record it in your Accounts Payable (A/P) account, decreasing the balance until you are ready to enter the final bill. Follow these steps to proceed:

     

    1. Create a check for the vendor.
      1. Go to the Banking menu, then tap Write Checks.
      2. Enter the vendor name, correct date, and payment amount.
      3. Click the Expenses tab. Enter Accounts Payable in the Account column.
      4. In the Customer: Job column, select the drop-down and choose the vendor name. Then, click Save & Close.

         
    2. Enter the bill.
      1. Go to the Vendors menu, then select Enter Bills or Receive Items (if you like to record the bill later).
      2. Fill in the necessary information.
      3. Select Save & Close.

    3. Apply the prepayment to a bill.
      1. Go to the Vendors menu, then select Pay Bills.
      2. Highlight the bill you want to associate with the prepayment.
      3. Click Set Credits. The prepayment will display in the Set Credits screen. 
      4. Make sure it is checked and select Done.

     

    For the other option, please refer to this article for the detailed steps: Record vendor prepayments or deposits for prepaid parts or services.

     

    Additionally, please check out this article to view various ways how you can track the money you owe your vendors and how it works: Accounts Payable workflows in QuickBooks Desktop.

     

    Please know that you're always welcome to post a reply in this thread if you have any other questions about your QBDT account. It's always my pleasure to help you out again. Keep safe!

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