May 05, 2014 09:09AM
If you have the Accounting year setup as 01-01-2014 to 12/31/2014 so the Initial Setup ending date is 12/31/13 if money was given to Vendor in 2013 and was taken as expense in 2013, but did not take delivery of product inventory until 2014, then from the Initial Setup you can setup the Prepaid Account for correct Vendor - expense account and amount. This keeps the expense in 2013 and setup on the Accrual side only as an Asset. After existing the Initial Setup and ready to record the purchase of the supplies which reduces the Prepaid account - FW does place a debit entry to the supplies expense account but when using the Prepaid Accounts button to use with for the payment amount - it will post a credit for same money amount of the purchase to same expense account - leaving the Cash Books untouch until the all the prepaid amount has been used. Hope this makes sense.

Thanks,

Kathy Cline,
Farm Works Software
SubjectAuthorPosted

Prepaid Expenses

FryeCPAMay 05, 2014 07:55AM

Re: Prepaid Expenses

KathyClineMay 05, 2014 09:09AM

Re: Prepaid Expenses

SteveinSDDecember 31, 2017 11:04PM

Re: Prepaid Expenses

SteveinSDJanuary 02, 2018 09:22AM

Re: Prepaid Expenses

KathyClineJanuary 02, 2018 01:55PM

Re: Prepaid Expenses

SteveinSDJanuary 04, 2018 07:00PM

Re: Prepaid Expenses

KathyClineJanuary 09, 2018 10:15AM



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