By: Phyllis L. Panzeter, PhD, Certified QuickBooks ProAdvisor®
Accountants, bookkeepers, and other professionals use a myriad of methods to keep track of prepaid expenses in Intuit® QuickBooks® financial software. When something is paid in advance and must be expensed over one or more months in the future, accounting professionals must properly record the expense in a timely manner. The normal method for making this monthly entry is to use a journal entry (debit expense, credit prepaid expense).
Many businesses make use of one Prepaid Expenses asset account in which several prepaid expenses commingle. How does one keep track of the balance of each prepaid expense and when to make each journal entry?
If you're thinking of using a Memorized Transaction, think again. In the following method, you don't have to remember anything — let QuickBooks do the work!
Many businesses make use of one Prepaid Expenses asset account in which several prepaid expenses commingle. How does one keep track of the balance of each prepaid expense and when to make each journal entry?
If you're thinking of using a Memorized Transaction, think again. In the following method, you don't have to remember anything — let QuickBooks do the work!
Handling Prepaid Expenses, Once and for All
Understanding the Prepaid Expense to know where to place them.
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Accountants, bookkeepers, and other professionals use a myriad of methods to keep track of prepaid expenses in Intuit® QuickBooks® financial software. When something is paid in advance and must be expensed over one or more months in the future, accounting professionals must properly record the expense in a timely manner. The normal method for making this monthly entry is to use a journal entry (debit expense, credit prepaid expense).
Many businesses make use of one Prepaid Expenses asset account in which several prepaid expenses commingle. How does one keep track of the balance of each prepaid expense and when to make each journal entry?
If you're thinking of using a Memorized Transaction, think again. In the following method, you don't have to remember anything — let QuickBooks do the work!
Many businesses make use of one Prepaid Expenses asset account in which several prepaid expenses commingle. How does one keep track of the balance of each prepaid expense and when to make each journal entry?
If you're thinking of using a Memorized Transaction, think again. In the following method, you don't have to remember anything — let QuickBooks do the work!
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