Sage 100

I recently got this request from one of my clients. I am thinking a Recurring journal entry input after the Invoice entry. Are there any other more elegant solutions? You may or may not know that we have a very hard time efficiently and effectively processing our prepaid items. I have yet to see a year go by were we have not had numerous mistakes. We have created and try to maintain a manual spreadsheet that is never up to date, nor do we move the prepaid to the expense line in the proper month, etc., etc. Can you walk me thought the best way to specifically handle this invoice for $ 8,258.36? Here is what I would like to think could happen for this simple transaction. Enter the invoice on Monday, July 18th as a prepaid to GL 1135 for July with an invoice date is 07/07/2011. Payment due date is 08/01/2011 but will be paid for on Friday, July 22nd. And on August 1st somehow magically the $8,258.36 is moved out of prepaid GL 1135 and into the expense GL 7056. Can this be accomplished in a simple and easy fashion at time of entry so know one has to remember multiple action items months from now?

I can't believe they go through all of that to have a prepaid on the books for 23 lousy days.

Some companies are more anal than others :)

Post up the invoice as they did on 7/18. Update. Immediately enter a second invoice (similar #, maybe add an ""A"" to it) for a zero amount. Date this one 8/1. Post as a credit to the original account (1135) for the original amount. Post the debit to account 7056. Update this transaction as of 8/1. Wa La! If you want to do a JE, do a standard JE at the same time you post the original invoice. Date it for 8/1. Update. Has the same effect as a recurring but it is only one step. I would go with a recurring JE if you were going to amortize the prepaid over a number a months. Depending on how the accounting staff works, I would go with the second AP invoice option first. You would only need one person involved (AP). If you go with the AP invoice and a JE, chances are you have to get a second person involved. Usually I find that if someone is struggling with these types of issues, they don't have a very strong accounting staff in place thus leading to frustration when things don't turn out as planned.