noam wrote the following post on 4/30/2005 6:41:00 AM
Hey all,
I'm a computer consultant and usually bill by the hour. In some instances I ask my customers to prepay for X hours of consulting. I always invoice them for this charge. I also want to provide monthly statements indicating how much of their prepaid amount still remains to their credit.
I've created an Other Current Liability account for the prepayments, linked to a Prepayment item to put on invoices. However, I'm having trouble entering the charges for the actual work I do. How can I set this up so that both A/R and the customer statements are accurate?
Thanks!