(4) Previous IRM 1.35.5.1.3.5(1)(a), Director, Accounts Payable Financial Operations Office, responsibility. (3) Previous IRM 1.35.5.1.3.3(1), Deputy ACFO for Administrative FM, removed Deputy ACFO for Administrative FM section and renumbered sections 1.35.5.1.4 to 1.35.5.1.9 because responsibility moved to section 1.35.5.1.3.3(1)(c), Director, Financial Reporting. (1) IRM 1.35.5.1(2), Program Scope and Objectives, Audience divisions and functions changed to business unit. (1) This transmits revised IRM 1.35.5, Administrative Accounting, Advances, Prepaid Expenses and Other Assets. Advances, Prepaid Expenses and Other Assetsġ.35.5 Advances, Prepaid Expenses and Other Assets Manual Transmittal Organization, Finance, and Management Chapter 35. Also indicate the number of remaining entries.Part 1. Select how often you want the entry recorded and the date of the next transaction. Assign it a name (Example: Umbrella Insurance), and choose Automatically Enter. Go to Edit, then select Memorize General Journal Entry to memorize the transaction.You can include an appropriate memo if you choose. Debit the Expense account and credit Prepaid Expenses for the appropriate percentage of the total payment (1/6 if 6 months, ¼ if quarterly for a year).From the Company menu, select Make General Journal Entries.Assign an account number (if used) and name (i.e.In the New Account window, from the Type menu, select Other Current Asset.Select the plus icon (+) to create a new account. Select Lists, and choose Chart of Accounts.If the user has multiple prepaid expenses to track, it is suggested that they create sub-accounts of the Prepaid Expenses account in order to track each separately.The balance in the Prepaid Expenses account should be zero at the end of the coverage period. The entries will record according to the frequency you selected, reducing the Prepaid Expenses account each period.Also indicate the number of remaining entries. Press Ctrl-M on your keyboard to memorize the transaction.You can either use your own entry number or allow QuickBooks to auto-assign one. Enter the appropriate date for the first period.From the QuickBooks Company menu, select Make General Journal Entries.Create a memorized journal entry to allocate one month or quarter of the expense.Enter payment to vendor using the account created in Step 1.Enter the Account Name (Example: Prepaid Expenses) and other details, then select Save & Close.In the Choose Account Type window, select the Other Account Types drop-down, then select Other Current Asset.In the Chart of Accounts window, right-click anywhere, then select New.From the Company menu, select Chart of Accounts.Generally, this is an Other Current Asset account. Create an account to track the prepaid expense.insurance premiums, Yellow Page bill, etc.) over a period of several months in order to allocate expenses to the appropriate month. Follow these steps if you have a customer who wants to spread the expense of an item paid in a single amount (i.e.
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