How do I make a journal account for people who paid ahead
lcatwell Member ✭
I have a prepaid account and want to be able to transfer those payments into an income account. What is the proper transaction?
Please review https://community.quicken.com/discussion/7906719/prepaid-bills-prepaid-rent
Does that help get you started?
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?0