Hi, this is my first fiscal year of using Quickfile. In the previous year we paid a number of deposits to suppliers to secure services that they have provided in this fiscal year. How do I account for those payments when the final invoice is received with an outstanding balance that has had the deposit taken off. Thank you in advance for any advice.
Hello @MarkG
Were the deposits accounted for in your opening balances (e.g. opening trial balance)?
Hi Steve,
No, they were not. How would I do that?
Thanks
Mark
Hello @MarkG
Enter bank transactions for each deposit and tag them as a supplier payment
- Click Tag Me
- Supplier Payment
- Pay down multiple invoices or assign to a supplier account
- Select the supplier
- Select payment on account (assign later)
When you next click log payment on a supplier invoice select to option to apply from credit
