QB Issue Resolution:

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 'Liability Account for Customer Prepayment' available: Yes (Solved).
Source: Intuit Community forum.

Liability Account for Customer Prepayment: 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 Customer
Quickbooks Repair Pro will resolve it efficiently and affordably. Guaranteed resolution of your issue, or you pay nothing!

Error Recovery for Customer [Canada]
E-Tech is the #1 Quickbooks data migration and Conversion service provider.

Get 50% off Quickbooks Online

Click Here for 50% off!

Additional Support Options: