QuickBooks Advance Payments To Vendors

[@worldwidequickbooks]

Hello to all my QuickBooks Desktop friends using the accounts payable module for managing vendor records!! This Accounts payable tutorial in QuickBooks Desktop will show you how to record advanced payments or prepayments to vendors. It’s 1 way of recording prepayments. The other way is in the video that follows this one in this accounts payables playlist, I hope you will “like” and subscribe. -Mark

[@osamashaikh7479]

Sir you are amazing

[@fazilmohamed7148]

Hello, what about advance payments made in foreign currency and applying it to bills when goods are received. I have tried many ways to apply these credits to my bill but QB Desktop is forcing my system to change the exchange rate of my credit. The problem there is that it changes the GL value of my deposit therefore changing my reporting figures in prior periods. Is there any way around this limitation from Quickbooks? Thank you for your consideration.

[@dianesmith6943]

What is the second method?

[@fodogbo]

You are a very good teacher! Thank you. What about the second method?

[@worldwidequickbooks]

Coming soon!

[@mohibullahayar7031]

Great Explanation, Tanx

[@worldwidequickbooks]

Thank you thank you for telling me I'm very glad to help and I hope you will click like to support the free channel for everyone and please subscribe

[@CruzHermestv]

This really helped me Thank you so much !

[@worldwidequickbooks]

I'm very glad it helped you I hope you will click like after watching each video and subscribe to help support the free channel that gives help to everyone If there's anything else you need in quickbooks I'm absolutely sure you can find it by searching on the main channel page or asking me a question in the comments section Mark

[@quickcontainersinc.2689]

Great explanation but what to do if I'm paying the vendor in advance using a credit card?

[@worldwidequickbooks]

You can Recorded the exact same way that this video shows except instead of putting the bank account in the payment account you would put the credit card account and the payment account and in every case use the expense window This video shows how to use the expense window to record credit card transactions and you will see it's the same kzbin.info/www/bejne/d3rVfXSIqaxqr7c Mark

[@sirajhameed5044]

Really thank you for your tutorial 😍

[@worldwidequickbooks]

Glad to help, I hope you will like And subscribe

[@mohibullahayar7031]

How to record advanced payment from customer? If u could make a video about that, I would very much be appreciated.

[@worldwidequickbooks]

YES!! It's #16 in the advanced playlost but you should check out #14 to #17 for the whole picture more clearly. Here........ kzbin.info/www/bejne/jGnEopVjhKesoc0 Please confirm; let me know you are on track. -Mark

[@lorrainezea7988]

Thank you for this tutorial. Do you also have a video for reconciling PayPal transactions with foreign currency? I have a staff who is in the Philippines and I pay her via Paypal. The amount that shows up on QBO is the converted currency. Is there any way to fix this?

[@worldwidequickbooks]

Thank you Lorraine!! I just started putting up QuickBooks desktop multi-currency feature. I put up a new one in this playlist every 48 hours. Then I will put up Multi-currency for QuickBooks Online. Tune in every 2 days to see the new episode. When the playlist ios finished, you will know everything you need to know. kzbin.info/www/bejne/aZ6TeHxueNpqhKM I hope you will rememeer to click "like" on the ones that helped you and I hope you will subscribe -Mark

[@joietan7983]

Mark, i have a case where by my paint subcontractor has agreed a contract of $1000 (material + labor). However because they have no cash, they asked me to buy paint for them e.g $100 from a store (i am paying the store next month). How should i do this in QBO because this is not writing check against Account payable for this vendor ? thank you for the videos

[@worldwidequickbooks]

1 - In QBO, Use the "checks" or expenses window and then put the vendor as the "payee" , even though the check was to another vendor. Put the other vendor's name in the memo field (or description field). 2 - Then, enter the vendor's bill normally in the enter bills window for the service they give. 3 - Then, open the pay bills window and apply the check to the bill. The proceedure is similar to Vendor refunds for paid bills". These are the closest videos I have to that but mind the 3 steps above in your situation and watch #19, #20, and #21 in this playlist You should watrch the full playlist for both beginer to advanced......... kzbin.info/www/bejne/ZqWlfKJtd8dseM0 Please let me know if it helped. -Mark

[@taa3]

Hi, perhaps you can help me a bit further .... I created a PO for parts to a vendor. I have to pay them 50% in advance and 50% 7 days upon receipt of parts. Can you please advise how to record this, bearing in mind i must receive the PO/parts so they are included in my sock? I am paying this international vendor via bank wire. Thank you,

[@worldwidequickbooks]

I assume you can record it exactly the way it is shown in this video If not, then please tell me why the video here does not work for you what is it missing?

[@ndelpurg]

nice video MANY THANKS

[@worldwidequickbooks]

I'm happy it helped you

[@spd2978]

..great tutorial, thank you.

[@worldwidequickbooks]

happy to help I hope you will click "like" and subscribe -Mark

[@btiny36]

I know that this is a old video, but when in this window, at the bottom, it says account (Cash in Bank) do you not change that?

[@worldwidequickbooks]

You You can use any bank account to depsoit the advanced payment to

[@ShahzadZubair-tx3pm]

How to made advance salary entery mean when issue advance salary with employee name

[@worldwidequickbooks]

You would record everything the same except instead of recording it into salary expense you would record it into an asset called prepaid salary Then you would have to make an adjustment after the worker actually worked and earned the money I could give you the link to the accounting tutorial I have and one of the chapters talks about prepaid expenses if you're interested I'll send you the link Mark

[@abiddyer1]

Hi, These steps do not work in QuickBooks Online. Is there anyway I can do the same thing in Quickbooks Online ?

[@worldwidequickbooks]

Yes, here it is kzbin.info/www/bejne/jYitgnWobtyIpLM I hope you will click "like" and subscribe -Mark

[@yahyapp612]

thanks good video

[@worldwidequickbooks]

My Pleasure, I hope you will "like" and subscribe"

[@deankaltsas]

You put the vender name in customer/ job... Why didn't you do that?

[@worldwidequickbooks]

The vendor name does not be long in the customer job field Whichever job the expenses for would be what you would put there Mark