Posted 1/22/2011 20:21 (#1565903 - in reply to #1565882) Subject: RE: Quickbooks - Prepay Accounting for both Expense and Asset
EC IL
This is how we handle it. Create two subcategories under chemical, seed and fertilizer named prepay and purchase. When you prepay put into prepay account. When you want to split into actual cost per enterprise use journal entry and take out of prepay and put into purchase. You will also have to create asset account of prepaid expenses and market value in equity to offset. I will leave everything in prepay until after harvest.
Quickbooks - Prepay Accounting for both Expense and Asset
