This is the incorrect treatment of receiving a prepaid from a customer from accounting standpoint.¬†¬†Prepaid is an advanced payment for a service to be provided. When you receive a prepaid from the customer before providing services, it is a liability. Therefore, it should be booked to a payable account. Due […]

Resolution for 'best way to record a customer prepayment and deposit issue: 'What is the best way to record a customer prepayment and deposit? I’m a home improvement contractor and my customers give me a deposit before work begins that is typically non-refundable. Also on larger projects they pay me as work is progressing.' available: Yes.

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