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Grabill, Indiana | Ok Quickbooks experts I have a challenge for you.
How do you handle prepayment for seed and fertilizer in cash accounting to have it as an expense in this year and still have it as an asset on the books?
When you make an "Other Current Asset" account for the Prepayments I get an Asset that can be debited when I receive inventory, but it doesn't register as an expense.
When I add the prepayment as an Inventory product we also get an inventory asset but no expense.
I could easily make and exepnse account for Prepaid Expenses, but how do I handle accounting for the inventory or application so I can account for expense by classes for profitability?
Jim | |
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Quickbooks - Prepay Accounting for both Expense and Asset
