Product guidance: How to best track prepayments made to vendors in QuickBooks Online

Welcome to In The Know! Learn about the most exciting innovations across the QuickBooks Online ecosystem. Subscribe to make sure you don't miss a beat as fresh episodes come out each week. This is a special episode in which ProAdvisor trainer Brittany Brown will lead you through an excerpt of Level 2 Content and more specifically tracking prepayments made to vendors. 0:00 - Tracking prepayments made to vendors 1:10 - Establishing a well defined workflow for accurate bookkeeping 2:20 - Accounts payable method 2:52 - Negative liabilities/assets & negative assets/liabilities 3:15 - Recording prepayment suggestions 3:59 - Alternative method 4:52 - Other current assets method 6:06 - Choosing the right method & what to consider 6:52 - In general, the accounts payable option may be acceptable if client uses reports for management purposes only 8:17 - Demo in QuickBooks, how to turn on the ‘Automatically apply credits’ setting 8:58 - Step-by-step guide in QuickBooks 10:12 - Settings suggestion (automatically apply credits) 10:46 - Making a prepayment 11:23 - Changing category to ‘Accounts Payable’ and why 12:18 - Checking unpaid bills report 13:21 - Closing loop the so books reflect accurately 16:15 - Viewing & checking unpaid bills report 17:12 - Demo in QuickBooks, using the other current assets method, recording to a vendor prepayment account 17:44 - First step, creating a vendor prepayment account if needed 18:28 - Creating check for vendor prepayment order 19:30 - Making sure check went from bank to vendor prepayment asset account 20:47 - What to do with bill in placed in vendor prepayment asset account 23:09 - Reconciling accounts & running reports 24:18 - Walkthrough of running a filtered report 25:48 - How to get reports to show only open prepayments 27:09 - Outro Visit the In The Know Hub: https://intuit.me/intheknow Subscribe to our YouTube channel: http://intuit.me/3bOj0M2 Visit QuickBooks.com: http://intuit.me/QBO #QuickBooks