How do I make a journal account for people who paid ahead

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lcatwell
lcatwell Quicken Windows Subscription Member
edited April 2023 in Business and Rental Property Tools (Windows)
I have a prepaid account and want to be able to transfer those payments into an income account. What is the proper transaction?

Answers

  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Please review https://community.quicken.com/discussion/7906719/prepaid-bills-prepaid-rent
    Does that help get you started?

  • ysg26
    ysg26 Quicken Windows Subscription Member ✭✭
    When using Quicken on a cash basis the incoming advance payment or expense must be recognized for IRS purposes in the same reporting period (year). What's described in the above comment works on an accrual basis.

    So if one is on a cash basis how does a customer pre-payment that has not yet been invoiced accounted for in the various reports?
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