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 February 6, 2013 by FCC Management Software