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  #1  
Old 03-22-2011, 09:30 AM
phelmich phelmich is offline
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How to handle Vendor prepaid expenses

I have a vendor that I need to prepay. When I set up the prepaid expense I entered a Bill and used "prepaid Expense" account. Now that I have an itemized bill of the expenses for the month and need to enter them and reduce the amount of available prepaid funds but do no know how. I may not have even set this up correctly to start with. Can anyone help straighten me out?
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  #2  
Old 03-22-2011, 04:36 PM
qbqcca qbqcca is offline
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Quote:
Originally Posted by phelmich View Post
I have a vendor that I need to prepay. When I set up the prepaid expense I entered a Bill and used "prepaid Expense" account. Now that I have an itemized bill of the expenses for the month and need to enter them and reduce the amount of available prepaid funds but do no know how. I may not have even set this up correctly to start with. Can anyone help straighten me out?
Pull up the the itemized bill and deduct the prepaid amount crediting the same account you used when you entered the original invoice for the prepaid expenses.
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  #3  
Old 03-23-2011, 01:31 AM
Joe Williams Joe Williams is offline
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On the itemized bill, after entering all of the items, quantity and amount, click the Expense tab and set Account to the pre-payment account and set the amount to a negative amount for amount of the pre-payment. The bill will not have the amount owed and it shows the items purchased and the amount of down payment.
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Old 03-23-2011, 09:04 AM
phelmich phelmich is offline
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Need additional help

I'm close to getting this figured out but something is still not right. Here is what I did:
At the time of prepaying I created a bill for the amount of prepay and used prepaid expense to put the money to amount to the vendor.
Now that I have the Itemized bill:
I entered a bill putting each expense to the appropriate accounts. In addition I tried entering a line with a negative amount to "prepaid expenses" in order to reduce the prepaid and have the bill also paid in full. This seemed to work and looks correct in the prepaid expense account. Unfortunately, it doesn't show up correctly under the vendor. I should have a reduced balance but that's not what it shows.
Can you step out the full process in more detail for me? Thanks in advance.
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Old 03-23-2011, 11:02 AM
Deidre56 Deidre56 is offline
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did you ever 'pay' or relieve the first bill you put in when you cut a check to the vendor? or is that bill still showing up in your pay bills screen?
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  #6  
Old 03-24-2011, 07:47 AM
phelmich phelmich is offline
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I entered a bill and fully paid the bill. It no longer shows on my pay bill screen.
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