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Status Answered
Created by AgExpert Support
Created on Apr 23, 2017

Disqus Agexpert Accounting Questions Archive

Is there an efficient way to enter prepaid inputs at year end that will show the prepay as an asset and have the expense in the current year
Then how do we remove the asset the next year without showing as an expense

  • ADMIN RESPONSE
    Feb 10, 2025

    Edit your expense account to ensure it's linked to inventory. Once it is linked up then the creation of the asset will be automatic when you enter the purchase of the input at year-end. When the input is used, you will then need to do an inventory adjustment to remove that inventory from your assets.
    To see how to link inventory to an income or expense account, see video http://community.fccsoftwar.... The inventory link portion can be seen at 3:50. For more information about inventory adjustments, visit http://community.fccsoftwar...

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