The Prepayment module enables you to capitalise your expenses and sales and enter periods/months you need to include, ensuring annual charges are proportioned out over your financial year.
Both costs and sales can be applied to the Prepayment module. Annual charges having to be paid in advance can be split over periods giving an even spread over your financial year. Likewise, sales invoiced in one month covering a greater period can be apportioned as the product or service is delivered over time, it is recognised as revenue on your Income statement.
This is a very useful tool if your business is based on service charges invoiced on a quarterly or annual basis.
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The module is located in Add-ons and accessed via the Setting menu. For more information on the setup and running your Prepayments go to our Help section or contact our support at email@example.com