So what does your journal report look like? I am here because QBO duplicated everything three times and I need to remove two of each journal entry. thx.
If the final month's amount expense for reducing the Prepaid Exp balance to zero is slightly different, will QB Online automatically adjust? Or will it require manual intervention? For example, the total Prepaid Exp is $5,000 and the cost will be spread over 12 months. For the first 11 months, the expense is $416.67. For the last month, the expense is $416.63. Will QB online record $416.63 for the final month? Or will it record $416.67? Thank you.
I'm doing this for a payment I made in January this year but it's not letting me have a start date before today, how do I get round that? The start date on the recurring journal entry needs to be 25/02/2018.
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So what does your journal report look like? I am here because QBO duplicated everything three times and I need to remove two of each journal entry. thx.
using same program for student but on Better Blooms. Long for Success was fine. ARS 3.1- 3.3
If the final month's amount expense for reducing the Prepaid Exp balance to zero is slightly different, will QB Online automatically adjust? Or will it require manual intervention? For example, the total Prepaid Exp is $5,000 and the cost will be spread over 12 months. For the first 11 months, the expense is $416.67. For the last month, the expense is $416.63. Will QB online record $416.63 for the final month? Or will it record $416.67? Thank you.
Really helpful, thanks
I'm doing this for a payment I made in January this year but it's not letting me have a start date before today, how do I get round that? The start date on the recurring journal entry needs to be 25/02/2018.
It's ok I've worked it out. I've done a journal entry for the months Feb - May
Unfortunately you cannot do recurring transactions prior to the current date in QBO.
You are correct, a journal entry is the only way you can do it. You can do a recurring J.E. beginning the end of June, 2018.
What about the bank account? It's not reconliciated
There would be a credit to the bank and a debit to the asset account named prepaid expense. I have another video on how to reconcile the bank account.
Here's the URL to the tutorial on reconciling the bank account; th-cam.com/video/gNJ4gW_PuGo/w-d-xo.html