Accounting AP

Set up a Vendor Prepaid Expense on a Voucher

2:32

Set Up a Vendor Prepaid Expense on a Voucher

Set Up a Vendor Prepaid Expense on a Voucher

1. On a Customer record, click on the Vouchers tab.  Click on the Add button.  A New Voucher form will open
2. Complete any fields for which you have information including Payment Method and the mandatory VendInvoice No. field
3. On the Line Items tab > Find Product sub tab, search for the Prepaid Insurance Master.  Highlight the Item in the Parts grid and click the Add to Voucher button
4. Enter the Cost directly in the Line Items grid
5. On the Line Items > Detail subtab, change the Account to the PREPAID EXPENSES Account
6. On the Line Items > Prepaid Expense subtab, select a Begin Date and End Date
7. Save the Voucher form
8. From the Extended Menu, select Post Voucher and Release For Payment.  Review transactions on the AP Journal tab

Recognize Monthly Pre-Paid Expenses

2:26

Recognize Monthly Pre-Paid Expenses

Recognize Monthly Pre-Paid Expenses

1. On a Posted Voucher that has been set up for a Prepaid Expense, review the AP Journal tab.  There should already be a Payment listed in the Grid
2. Navigate to Accounting Menu > Month End > Post Prepaid Expense.  A Post Prepaid Expense window will open.  Note that the Post Date defaults to the end of the current month.  Click the OK button
3. On the Posted Voucher, refresh the AP Journal tab to view the Prepaid Expense positive and negative lines
4. On the Voucher > Line Items tab > Prepaid Expense sub tab, note the Prepaid Exp Period number has auto-populated
5. To verify entries, go to Live Data Menu > Accounting > Prepaid Expense Journal Entries.  Select your data set using the Filters tab.  Note: you may also view entries on the Live Data Menu > Accounting > Prepaid Expense Listing