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Prepaid expenses

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georgeok
New Member
Posts: 1
New Member
3/16/2017 4:00 PM

    I'd love to hear how people are managing their prepaid expenses using Lawson? Currently we are tracking them on a spreadsheet. When the invoice comes in they are added to the spreadsheet and reclassed to a prepaid expense account on the G/L and then we doing a recurring entry (GL70) to allocate expense monthly. I'm looking for a more efficient way of doing this that is less manual? 

    Gail Gudgel
    Basic Member
    Posts: 14
    Basic Member
    4/6/2017 4:12 PM
      when an invoice is processed in AP for a prepaid expense, we use the * button to access the forms that allow you to create a recurring Journal Entry to spread the expense. You select the periods you want it expensed thru...how ever many many months/years you need.  you code the AP expense to a prepaid balance sheet account.  on the subforms for the RJ you identify the GL code you want it expensed to.  we use the description fied to list the invoice number, and other reference info we want to see on the RJ. Lawson will automatically take care of rounding the expense. one of the nicest benefits of using this process is that in GL90 you can inquire on the "to" expense code and drill back into the originating AP invoice information.  Also, we run the GL238 to track the prepaid expense, and tie back to the open amount on the balance sheets.  if you need more specific guidance me email is: ggudgel@urmstores.com