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Re: prepay receipts

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January 16, 2018 08:23AM
When a prepay is given to you, treat this as an Other Liability. To create this account, go to Accounting - GL -Chart of Accounts. Assuming this will be a short term account, right click on the Other Current Liabilities and select Add Account. Enter a name such as (customer name)-Prepay - custom work. If you need to treat this as Income when receiving the money, select the Offset for Revenue and highlight the Custom Hire Income account. Click OK.

Then follow these steps to record the deposit.

1. Go to Accounting - Income, sales and Deposits - Record Income or Sales (or can do from the Account Register).
2. Select the correct Purchaser - date and memo.
3. Click onto the Other Sales and Expense Reductions button.
4. Enter the dollar amount received.
5. Change account on left to Other Accounts and highlight the new account setup as an Other Current Liability. Click OK.
6. Setup the How you Deposited and OK.
7. Record and Done

When billing for the custom work follow these steps:

1. Go to the Record Income or Sales.
2. Enter the date and memo
3. Click onto the Other Sales and Expense reductions and bill them like normal for the custom work. Click OK.
4. Click onto the same Other sales button. Enter a negative matching the bill - but no more than what was prepaid. Change account option to Other Accounts and select the same Other current Liability you placed for the original prepay. Click OK.
5. Total Purchases will be zero. Record and Done.

Hope this helps.


Kathy Cline,
Trimble Ag Software Support
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prepay receipts

Merlin & Lillian SchantzJanuary 15, 2018 08:12PM

Re: prepay receipts

Kathy ClineJanuary 16, 2018 08:23AM

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