I and my wife own a condominium. I recently started to do the accounting for the association on a NO FEE basis. Some of the unit owners pay their maintenance fees in advance. To my knowledge any amounts received from unit owners in advance should show up in account no 2460 Prepaid Sales/Deposits.
I am unable to post anything to this account. Could someone please help me on this. I have a total of $ 6500.00 received in advance from unit owners.
Please help , I do not know how to post this prepaid amoount.