Prepayments

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Gary_9104583
Gary_9104583 Member Posts: 4 Novice Member Novice Member
in Accounts Hosted

I have taken over the financials for a non profit organisation. They have posted deposits into prepayments as the funds related to a charity event in the next financial year when the expenses are incurred. How do I get these funds out of prepayments in Liabilities?

I have tried journaling but it won't let me, saying that I must include a supplier. Any help would be greatly appreciated.

Gary

Comments

  • Charley
    Charley Member Posts: 526 Reckon Star Reckon Star

    Go back to the original journal, it'll be on 30/6/24 and reverse the whole journal on 1/7/24 .

    However there should never be any need to put in the supplier name,

  • Zappy
    Zappy Accredited Partner Posts: 5,314 Accredited Partner Accredited Partner
    edited December 2024

    How have they posted deposits to prepayments?

    You shouldnt be using general journals. You should be using the purchases journal.

    @Charley Reverse a journal?

    Zappy

  • Gary_9104583
    Gary_9104583 Member Posts: 4 Novice Member Novice Member

    Thanks Charley. Worked like a charm..

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