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binnemabookkeepi
June 5, 2024
Question

I am wondering if there is a form that can be used to record deferred revenue transactions? Or should I use a journal entry in such cases?

  • June 5, 2024
  • 1 reply
  • 0 views
My client has a customer who made prepayments for a future purchase, while remaining undecided on the specific inventory item he would be purchasing.

1 reply

A
Alex M
June 5, 2024

Hi there binnemabookkeepi,

 

Thanks for reaching out about your upfront deposits. QuickBooks Online is a great tool able to help keep track of sales and expenses so you know the profitability of your company. I can provide some information about payments made in advance.

 

To record a payment made in advance, you can follow the steps outlined in this article about how to Record a retainer or deposit in QuickBooks Online.

 

 If you have any other questions, feel free to reach out here.

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