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TaraLUV
March 7, 2023
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Prepaids and Bills

  • March 7, 2023
  • 1 reply
  • 0 views

Good afternoon, I am working in QBO. We had a bill entered for December with a January payment date. The expense hit our account in December so we entered it as a prepaid. In January we did a prepaid journal to allocate that amount as being spent towards the correct account code. This is showing the expense in both December and January. How can I resolve this without changing December's numbers?

Best answer by JaeAnnC

Welcome to the Community, @TaraLUV.

 

I'm here to show you how we can resolve the expenses in both months of December and January in QuickBooks Online (QBO).

 

Since you created a bill in December and a prepaid journal in January, it appears as duplicate transactions affecting the expense account. 

 

To get rid of the duplicate, you'll have to delete the prepaid journal and settle the existing bill in December. 

 

To do that:

 

  1. Go to + New and select Pay Bills.
  2. Check the box for the bill you created in December. You can also use the Filter section to narrow the list.
  3. From the Payment date field, ensure the bill payment is dated January.
  4. Click Save and close.

 

For other options for resolving the duplicates, I'd recommend reaching out to your accountant.

 

Additionally, we can run basic financial reports to have an overview of the different aspects of your business. This way, you can view information about your sales and expenses.

 

Please don't hesitate to leave a reply if you have further clarifications about prepaid bills. The Community is always around to help. Have a great day ahead!

1 reply

JaeAnnC
JaeAnnCAnswer
March 7, 2023

Welcome to the Community, @TaraLUV.

 

I'm here to show you how we can resolve the expenses in both months of December and January in QuickBooks Online (QBO).

 

Since you created a bill in December and a prepaid journal in January, it appears as duplicate transactions affecting the expense account. 

 

To get rid of the duplicate, you'll have to delete the prepaid journal and settle the existing bill in December. 

 

To do that:

 

  1. Go to + New and select Pay Bills.
  2. Check the box for the bill you created in December. You can also use the Filter section to narrow the list.
  3. From the Payment date field, ensure the bill payment is dated January.
  4. Click Save and close.

 

For other options for resolving the duplicates, I'd recommend reaching out to your accountant.

 

Additionally, we can run basic financial reports to have an overview of the different aspects of your business. This way, you can view information about your sales and expenses.

 

Please don't hesitate to leave a reply if you have further clarifications about prepaid bills. The Community is always around to help. Have a great day ahead!

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