QB Issue Resolution:
I’m not sure I understand what you have done
when you book a prepayment, you typically send in a payment ahead of time and you use that prepayment account on the check
then when the expense is to be realized, you do a journal entry moving the amount out of the prepayment account and into the expense account
when you placed the prepayment account on the balance sheet how did you do the transaction?
Resolution for Issue 'I paid the taxes and recording it as tax expense. How do I clear the prepayment to zero following moving the taxes paid to the P&L?' available: Yes (Solved).
Source: Intuit Community forum.
I paid the taxes and recording it as tax expense. How do I clear the prepayment to zero following moving the taxes paid to the P&L?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Expense
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Error Recovery for Expense [Canada]
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