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Record vendor prepayments or deposit for prepaid parts or services

When you order a part or a service from a Vendor, the Vendor may require you prepay a portion of the price before delivery. You can enter the prepayments, or deposits, in two ways:

  1. Write a Check to the Vendor and record the check to your Accounts Payable (A/P) account, decreasing the balance until you are ready to enter the final bill.
  2. Write a Check to the Vendor and record the check to an Other Current Asset (OCA) account, increasing the balance until you are ready to pay the final bill. 

Consult your accounting professional about which option is best for you.

Detailed Instruction
Customize a report to view existing prepayments
  1. From the Reports menu, select Vendors & Payables > Vendor Balance Detail
  2. Choose Modify/Cusomize report, and then select the Filters tab
  3. From the Account drop-down list, choose the asset account created to track prepayment amounts.
  4. Choose the Display tab, and select the desired date range for the report
  5. Click OK.
KB ID# HOW13051
1/20/2017 10:14:19 PM
PPRDQSSWS404 9138 Pro 2017 e5319e