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Can you help me figure out how to make the entry for when a vendor is selling prepaid goods and wants to track the customers prepaid account against what has been delivered? Eg. a seed vendor has received money for prepaid seed and wants to track that customers prepaid account.
Hi Cheryl!
Quick question - are you doing the buying, or are you doing the selling? The idea behind the concept is the same, but the accounts you would post to depend on the answer to this question.
As a general rule, if you are buying prepaids and want to track them by individual vendor, then you can use the Prepaid Items account in the asset section, a divide it into sub-accounts, one sub-account for each vendor. You can then track the balance as you take delivery on the purchased items.
If you are selling prepaid items, it is the same concept, only you would set up the account in the liability section instead.
The most basic prepaid entries can be done using the method we have outlined in this knowledge base article:
http://community.fccsoftwar...
You would just want to expand upon the information that is there to make the system track the items the way you want it to.
I hope this helps you out!