What is the best way to deal with vendor prepayments in QB?
Client wrote a cheque for $1,900 to a vendor for a leasehold improvements item. There was no paperwork and I was advised to book the cheque to "Other Current Assets" a/c "Vendor Deposits".
I have now been handed the invoice which shows the full amount of $3,800 less the deposit of $1,900, with a balance of $1,900, which has now been paid with a separate cheque.
Can this all be done through payables and the vendor a/c keeping it easily trackable? I can't see how as the first cheque was entered as a journal entry and they are in different months.
Thank you for any assistance,
Confused and clearly "green" :)
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