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Prepayments on sage line 50

Sage 50 general help forum - Free help and support for all general issues
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sagladdie
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Joined: 06 Oct 2008, 20:06

Prepayments on sage line 50

Post by sagladdie » 06 Oct 2008, 20:19

I have been trying to do prepayments on sage line 50 ver 12. i dont know how best to go about thos i was supposed to be trained but the guy fell ill.
Could anyone break it down for me. My coypany's financial runs from April till March.
Thanks :(
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eddiemoneyfan
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Post by eddiemoneyfan » 15 Oct 2008, 11:48

Company > select Nominal Ledger > select PrePay in the main window > select Wizard button at the bottom of the Prepayments window.
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Bronson
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Post by Bronson » 17 Nov 2008, 14:07

Putting a prepayment in using journals:

Dr Prepayments account
Cr Relevant expense account

with the amount that is pre-paid at the end of the month/year.

THEN

Reverse this on the very next day, i.e.

Dr Relevant expense account
Cr Prepayments account

with whatever you put in to start with.

The reason for this second journal is to put you back in the position the accounts were in when the payment was put through.

You may have to repeat the journals (with different values) if there is some element of prepayment left at the next month end.

John
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