Quickbooks and Prepaid Packages

[Baileymonster. :]]

I'm getting ready to implement Quickbooks for my accounting records and I've been researching how to handle my prepaid packages.

Can anyone suggest how to track prepaid services in Quickbooks? I sell three different package options and also need to track how many sessions used/unused.

Thanks!

 

[Grampedo]

set up your customer with a credit (on an INVOICE not SALES RECIEPT) for the full amount collected and RECIEVE PAYMENT. Each time they use a portion you deduct from the credit. It will have to of course be a $ amount and not # of massages. It will show open invoices and how much they have left to use. If someone has a better way I would love to hear it also. I kinda know enough to hang myself and sometimes figure out there is a better way!

 

[Indycar Girl]

More or less the same...but...

Receive payment for the full $ amount of what you sold. It will not ask you for what. This generates the aforementioned credit.

Every time you perform a service, create an invoice. Enter the service purchased (from the item list) any package discount (also an item, so you can track what packages cost in discounts) and gratuity (if applicable)

When you go to save the Invoice, it will remind you this client has a credit and would you like to use this credit to pay this invoice. You say yes, and apply.

This way the sale is recorded when the service is performed (the proper way to record revenue received in advance) and your client record will show a credit balance until it is paid off.