Transactions > Transactions examples - Expense > Entering prepayments

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Entering prepayments

Create a Transaction Entry to enter prepayments for inputs such as seed, chemical and fertilizer. Post the amount as an asset purchase (A+) to Prepaid Items and click Record.

 

When entering accounts receivables, reduce the amount in the prepaid account (Type A- Prepaid Items). Claim the expense and GST applicable (Type EX). This can be done as a zero-dollar withdrawal.

 

  

Last updated on August 30, 2016 by FCC AgExpert