{"id":3403,"date":"2012-09-17T06:14:09","date_gmt":"2012-09-17T04:14:09","guid":{"rendered":"http:\/\/www.officetodo.com\/public\/?p=3403"},"modified":"2012-09-15T06:15:18","modified_gmt":"2012-09-15T04:15:18","slug":"dealing-with-prepayments","status":"publish","type":"post","link":"https:\/\/www.officetodo.com\/public\/dealing-with-prepayments\/","title":{"rendered":"Dealing with prepayments"},"content":{"rendered":"<p>Prepaid expenses are sums paid to suppliers that on your own balance sheet accumulate under one or a few balances all containing the word \u201cprepayment\u201d or \u201cprepaid\u201d. It\u2019s to refer that those amounts are to be your future expenses and at this point they\u2019re just amounts of money you\u2019ve already paid to your suppliers. They\u2019re your assets just in different form than money.\u00a0<!--more--><\/p>\n<p>Now please note that paying is one thing, keeping record of them entirely different. You pay a sum; you debit the paid amount under \u201cprepaid expenses\u201d or whatever the name of the account on your balance sheet is and what you also need to do is keep a detailed record of all your prepayments. By \u201cdetailed\u201d what we mean by every amount paid with all relevant information \u2013 dates, periods and conditions etc.<\/p>\n<p>Prepaid expenses are not just amounts stockpiled onto the account, but also to be taken off from the balance sheet account and accounted to expenses on the income statement. The only way to really do those entries is to ensure you\u2019ve got all the right information and you\u2019ve scheduled for your entries in advance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prepaid expenses are sums paid to suppliers that on your own balance sheet accumulate under one or a few balances all containing the word \u201cprepayment\u201d or \u201cprepaid\u201d. It\u2019s to refer that those amounts are to be your future expenses and at this point they\u2019re just amounts of money you\u2019ve already paid to your suppliers. They\u2019re [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,32],"tags":[],"class_list":["post-3403","post","type-post","status-publish","format-standard","hentry","category-1-basic-accounting","category-1-4-prepayments"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/comments?post=3403"}],"version-history":[{"count":2,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3403\/revisions"}],"predecessor-version":[{"id":3406,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/3403\/revisions\/3406"}],"wp:attachment":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/media?parent=3403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/categories?post=3403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/tags?post=3403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}