Prepayments

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

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

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

Thanks Charley. Worked like a charm..

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