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Hi Nikki,
Yes, you are right, we want to recognize Rental income per monthly basis and close Prepaid Income for one year and become zero.
But my question is, what is the t-code to amortized per month if there is multiple set up entries on Prepaid Income?
Thanks,
Nely
| | | ---------------Original Message---------------
From: Nikki Klein
Sent: Wednesday, October 19, 2011 5:19 PM
Subject: Prepaid Expenses Amortized Per Month
Hi Nely
If I understood your scenario correctly you want to 1) post a vendor invoice in Oct 2011 where you CR Vendor and DR Prepaid Income for the full amount; and then 2) in each subsequent period you want to post a journal entry that will CR Prepaid Income and DR Income with the period value (1/12 of the total for the year)?
I would set up a recurring document for the second part; and yes, you could use multiple different accounts in that recurring document. So long as the whole thing balances to zero.
Nikki |
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