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melanie-johnkell
August 16, 2023
Question

Vendor/supplier invoices which covers expenses over future months. does QB have a way of working with prepayments?

  • August 16, 2023
  • 1 reply
  • 0 views
for example I receive a vendor invoice dated Aug and enter on QB in Aug which is the tax point.  But the costs relate to Sept and Oct, I would normally post to a nominal called prepayments and release specific amount each month, but wondered if QB has a better way of dealing with this?

1 reply

A
Ashleigh1
August 16, 2023

Hello Melanie-johnkell, thanks for posting on the Community page, There is no possible way to do this in Quickbooks. If you want to record the expense in August for tax purposes, you can use bill transaction (works only if you are on Standard VAT scheme) then mark the bill as paid dated in September/October (works if you are on Cash Accounting method). Otherwise we advise you speak to a trained and qualified accountant they may know another way to do it as we are just technical support and not trained accountants.

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