Is there a way to enter Pre-paid income?
Options
PPLesley
Member ✭
We have begun collecting membership fees for the fiscal year beginning April 1. It's really income for that fiscal year, but we are collecting now. How do I enter that into Quicken Deluxe so it doesn't apply to this fiscal year ending March 31?
0
Best Answer
-
What you could do is create a liability account (call it Pre-Paid Memberships or something similar). You would use that account as the category for the fees you are collecting and depositing now. Then on April 1st you would make an entry to this Pre-Paid account to zero it out and use the appropriate income category . This would result in the income being reflected in the fiscal year starting April 1st but the deposits would match to the bank statement.
5
Answers
-
Set the date of the transaction to be April 1.0
-
I could certainly do that, but then Quicken won't match up to the bank statement.0
-
What you could do is create a liability account (call it Pre-Paid Memberships or something similar). You would use that account as the category for the fees you are collecting and depositing now. Then on April 1st you would make an entry to this Pre-Paid account to zero it out and use the appropriate income category . This would result in the income being reflected in the fiscal year starting April 1st but the deposits would match to the bank statement.
5
This discussion has been closed.