Prepaid reconciliation

Prepaid reconciliation can be initiated from Payables or from Reconciliation Management. Amortization schedules are created for each invoice and expensed from Reconciliation Management for each period.

• When an accrual reconciliation account for Prepaid is scheduled for the period, the ledger amount is displayed in the Ledger Amount field.

  The total of all prepaid invoices is displayed in the Reconciliation Details field or Amortization Details field and is compared against the ledger amount.

  • Click the Amortizations button to view prepaid invoices that are set up to be amortized for the account that you are reconciling.
• Optionally, create reconciling details for the period on the Reconciliation Details tab.
• On the Reconciling Items tab, create the reconciling differences for the period. Reconciling items can be carried forward to future periods or can be created for a period range.
• On the Amortization Details tab, view all of the amortization details based on the amortization schedules. The amortization details are automatically created when the period reconciliation is created.
• When you run the Create Amortization Distributions action for the period, the amortization distributions are displayed on the Amortization Distributions tab. These distributions are based on the defined amortization schedules for each prepaid invoice.
• The Ledger Transactions tab shows the general ledger transactions that are posted for that period.
• Adjusting journal entries can be processed on the Distributions tab. For example, a write off of an item and amount.
• Optionally, provide a comment on the Comments tab.