Budgeting/report of current paid expenses for future periods
davidcousens at bigpond.com
Mon Oct 10 23:19:51 EDT 2016
One way of handling this would be to set up an asset account for
PrepaidExpenses which is credited when you pay the expenses (and your bank
account is debited by the payment amount) and then at the date you want to
record the expense as being incurred create a second transaction which
debits the amount of the expense from the PrepaidExpenses account and
credits the amount to the relevant Expense account.
This approach is commonly used to account for things like insurance payments
which are paid annually in advance but where you need to record the expense
incurred in each monthly period for accurate profit/loss recording.
Hope this helps
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