Advance Rental Payments

When I started my premises lease I paid 3 months in advance then monthly afterwards, this 3months advance was logged in QF as a pre-payment. As I am coming to the end of my lease I will simply not pay the last 3 months. How do I account for this in QF?
Still loving the product !

1 Like

If you logged the initial 3 months rent as a prepayment, when you go to the supplier detail screen you should have a balance sitting under the ‘Account Credit’ header. These are funds on account but not linked to invoices.

All you’d do here is pay those last 3 invoices from the credit balance. If you preview the invoice then click the “Log a payment button”, you will see a yellow bar to pay from credit.

Thanks, but it looks like I tagged the 3 months bank payment to the category Pre-payments rather than too the supplier account.

You should be able to de-tag this on the bank then tag again as ‘Payment to a supplier’ followed by the option ‘Pay down multiple purchases or assign to a supplier account’.

Nope. All locked as accs have been done since then.

I would journal the amount from Prepayments to Petty cash on the first day of the new accounting year then balance it off with a bank payment and tag this as a credit to the supplier.

That worked, thanks!