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Post Info TOPIC: Prepayment Query (Accounts to use)
raggedyman


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Prepayment Query (Accounts to use)
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I am using TAS, I have been asked by the external FD to do a prepayment for rent and rates and reverse it the following month.  Should I be dealing with the rent/rates and prepayment accounts only...

Transactions request as follows:

 

Rates 5660   £8,000

Rent  5670   £10,000

Reverse on 1 Feb.

 

Thanks in advance...



-- Edited by raggedyman on Monday 17th of February 2014 11:01:29 AM

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raggedyman


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SORRY I have posted this in the wrong place in error!

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matt123


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I would put the full amounts in prepayments then have a recurring journal every month into each account. (Not sure how this works on your software though). Why the monthly reversal?

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Matthew
raggedyman


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Hi

Thanks for your reply.

Re the reversal - those are the instructions given to me by the FD...

 

Could you set up at 31 Jan, prepayments of :

Rates 5660   £xxx

Rent  5670   £xxx

Reverse on 1 Feb.

The entries for 28 Feb are £xxx and £xxx respectively (reverse on 1 March).

Thankyou

 

 

 

 



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Mrspnut


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If your costs are in the nominal codes already then just set up a reversing journal.

Dr prepayments
Cr rent and rates

if you can, set it as a reversing journal with a date of 01/03/14, if not then do the opposite journal to Dr rent and rates and Cr Prepayments.

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