Prepaid Payment Process


1 comment

  • Rebecca Ralls

    You enter the cash receipt with a date of 6/30, and it should hit a prepaid GL Account. i t will be recorded as a credit to prepaid in the june accounting period.

    When you create the invoice on 7/10 you can apply the cash receipt to it, but the apply date will be 7/10. it will record a debit to the prepaid gl account in the july accounting period.  you cannot apply a payment to an invoice before the invoice exists. 

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