Job Deposits To Subcontractors And Vendors In QuickBooks Online
Do you prepay expenses that you pay to vendors for down payment on items? Do you give advanced payments for future services to your subcontractors? The correct accounting procedure for recording these upfront payments is right here in this QuickBooks online tutorial. Just watch and follow step-by-step until you see how this method is really the correct way for recording job deposits paid in advance to your vendors.
Here's the full QBO customer/receivables course that this video is only 1 chapter of................
• Customer Transactions Complete Tutorial (Q...
Your vendor records will be correct continuously and your vendor reports will be always updated and correct from moment to moment. This Q.B.O. video lesson will also explain the accounting theory of why this method works and discusses alternative accounting methods and explains the required normal accounting adjustments when reporting financial statements between the date of vendor downpayment and presenting financial statements.
This QuickBooks online training tutorial will show you ever step and make it clear, exactly what to do so the process of paying any service vendor or subcontractor before receiving service is clear and you will always be able to guarantee you are using the correct accounting method to keep your QuickBooks Online records accurate and keep the good relationship with your vendors.
Table Of Contents…………………………..
Chapter 1 0:00:00 Introduction To Vendor And Subcontractor Job Deposits
Chapter 2 0:00:24 Why Do We Need This Video?
Chapter 3 0:00:40 The Effect Of This Type Of Payment In The Chart Of Accounts
Chapter 4 0:02:57 Check To Accounts Payable Method
Chapter 5 0:04:51 First Example Of Paying In Advance
Chapter 6 0:07:55 Example Of Entering Bill When Service Is Received
Chapter 7 0:09:39 Applying The Prepayment To The Bill Received
Chapter 7 0:11:46 Explaining The Best Method For Recording This
Chapter 8 0:16:47 Thank you For Watching, Please Visit Us Again
This video is part of the complete learning series form Mark Smolen, that teaches everyone everywhere, everything about QuickBooks Online. Here are the prior videos you need to watch, in proper order, to make sure you have all the “pre-knowledge” to learn from this video
Here is the link to the complete tutorial, beginner to advanced in QuickBooks online. It’s the most popular QBO tutorial in the world...........................
• QuickBooks Online Complete Tutorial
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