QB Issue Resolution:

@hokie350lt1 wrote:

Just not finding the answer I need in search so hoping some fine people in this community can advise me of the error in my ways.

 

I own an event venue and my clients rent the venue for private events.  Payment is made prior to the event (50% at reservation, 25% at 6-months, and 25% 3-months prior to the event) using Quickbooks invoicing.  I am running Accrual Method Accounting and want these payments to go into a Liability Account (Service named “Venue Rental Liability”) until the day of the event when they will then change over to a Sales Account and count as income.

 

So far, I have no problem invoicing and collecting payment into the Liability Account.  The Liability Account grows and does not show up as profit.  But I cannot figure out how I am supposed to transfer the money out of the Liability and record it as a Sale/Income on the day of the event.

 

On the day of the event, create the sales receipt, list the event rental charges, as the last item list the deposit item, set the qty to negative one, enter the amount, save the paid receipt.

 

the negative amount reduces the liability account the item points to, and “pays” the sale.

 

Resolution for Issue 'Just not finding the answer I need in search so hoping some fine people in this community can advise me of the error in my ways. I own an event venue and my clients rent the venue for private events. Payment is made prior to the event (50% at reservation, 25% at 6-months, and 25% 3-months prior to the event) using Quickbooks invoicing. I am running Accrual Method Accounting and want these payments to go into a Liability Account (Service named “Venue Rental Liability”) until the day of the event when they will then change over to a Sales Account and count as income. So far, I have no problem invoicing and collecting payment into the Liability Account. The Liability Account grows and does not show up as profit. But I cannot figure out how I am supposed to transfer the money out of the Liability and record it as a Sale/Income on the day of the event. What works (but I feel like must be wrong) would be to create an expense from Checking to the “Venue Rental Liability” service; then create a Sales receipt (for the same amount) to Checking for the “Venue Rental Income” service. Also, the Liability Account is just a ledger account and is not real. In reality, all paid invoices are ending up in a Checking Account and are able to be spent, technically. The Liability Account is just for tracking what my liabilities are and to manage tax reporting.' available: Yes (Solved).
Source: Intuit Community forum.

Just not finding the answer I need in search so hoping some fine people in this community can advise me of the error in my ways. I own an event venue and my clients rent the venue for private events. Payment is made prior to the event (50% at reservation, 25% at 6-months, and 25% 3-months prior to the event) using Quickbooks invoicing. I am running Accrual Method Accounting and want these payments to go into a Liability Account (Service named “Venue Rental Liability”) until the day of the event when they will then change over to a Sales Account and count as income. So far, I have no problem invoicing and collecting payment into the Liability Account. The Liability Account grows and does not show up as profit. But I cannot figure out how I am supposed to transfer the money out of the Liability and record it as a Sale/Income on the day of the event. What works (but I feel like must be wrong) would be to create an expense from Checking to the “Venue Rental Liability” service; then create a Sales receipt (for the same amount) to Checking for the “Venue Rental Income” service. Also, the Liability Account is just a ledger account and is not real. In reality, all paid invoices are ending up in a Checking Account and are able to be spent, technically. The Liability Account is just for tracking what my liabilities are and to manage tax reporting.: 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.

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