Xero - How To Process Prepayments or Payments In Advance
How to Apply Prepayments or Deposits in Advance
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A real trick for many people is how to handle prepayments, payments in advance or deposits on goods and services before the service or goods is delivered.
Many people just leave the transaction as unreconciled until the invoice is raised, but there is a complete solution.
Xero has a great process for handling prepayments.
We have a Step by Step Procedure downloadable as a PDF available for download. Just click the link below.
Disclaimer: The information provided in this article is general in nature and does not constitute personal financial, legal or tax advice. All content relates to the current financial year only. Future changes to tax laws, thresholds or administrative requirements may affect the accuracy or relevance of this information, so you should always confirm that the guidance remains current. While every effort has been made to ensure accuracy at the time of publication, Dolman Bateman accepts no responsibility or liability for any loss or damage arising from reliance on this information. You should seek professional advice tailored to your circumstances before making any financial or tax decision.