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Microsoft KB Archive/926386

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How to create a prepayment and then apply the prepayment to a vendor bill in Small Business Accounting 2006

Article ID: 926386

Article Last Modified on 8/21/2007



APPLIES TO

  • Microsoft Office Small Business Accounting 2006



INTRODUCTION

This article describes how to create a prepayment and then apply the prepayment to a vendor bill in Microsoft Office Small Business Accounting 2006.

MORE INFORMATION

To create a prepayment and then apply the prepayment to a vendor bill, follow these steps:

  1. Create a prepayment by using a check or by using cash or a credit card. To do this, follow the appropriate steps.

    Create a prepayment by using a check
    1. On the Banking menu, click Write Checks.
    2. In the Bank account list, click the bank account from which you want to write the check.
    3. In the Pay to list, click the vendor for whom you are creating the prepayment.
    4. In the Date box, type a date.
    5. In the Amount box, type an amount.
    6. If you want to print the check, click to select the To be printed check box. If you want to write the check, type a check number in the No box.
    7. Click Save and Close.


    Create a prepayment by using cash or a credit card

    1. On the Company menu, click New Journal Entry.
    2. In the Type list, click Financial Account.
    3. Click the first voucher line.
    4. In the Account list, click a bank account or a credit card account.
    5. In the Credit box, type the amount that you want to prepay.
    6. Click the second voucher line.
    7. In the Type list, click Vendor.
    8. In the Account list, click the vendor for whom you are creating the prepayment.
    9. In the Debit box, type the same amount that you typed in the Credit box in step e.
    10. Click Save and Close.
  2. Complete the vendor bill when you receive the items. To do this, follow these steps:
    1. On the Vendors menu, click Enter Bills.
    2. If you have already created a purchase order, click Create from, and then click the purchase order. Otherwise, complete the boxes in the Vendor Bill dialog box.

      Note For more information about how to complete the boxes in the Vendor Bill dialog box, click Help with this form on the Help menu.
    3. Click Save and Close.
  3. Apply the prepayment to the vendor bill. To do this, follow these steps:
    1. On the Vendors menu, click Pay Bills.
    2. In the Pay from list, click the account from which you want to pay the bill.
    3. In the Payment method list, click the method that you want to use.
    4. Click to select the check box for the bill that you want to pay.
    5. If you want to apply the prepayment without adding an additional payment, type $0.00 in the Payment box. Otherwise, click Credits, click to select the check box for the credit amount, and then click Adjust.
    6. Click Save and Close.


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