Prepayments(Advance Payments) from Customers

alirecyclersalirecyclers Member Posts: 1

How to enter prepayments (advance payments) from customers?

Comments

  • MikegMikeg Member Posts: 521 ✭✭✭

    @alirecyclers,
    You will need to create a short term liability account "Prepaid Revenue". Categorize the deposit as Prepaid Revenue if you are importing on the transaction journal or if you are manually entering then it would be debit to cash and credit Prepaid Revenue.

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