I am searching for a software that will amortize and produce reports for amortization entries as well as unamortized balances, similar to a depreciation program. Currently we are using an
Does anyone have a software recommendation for amortizing prepaid expenses?
Answers
I use Excel also. I am curious why the need to have reporting similar to a depreciation program? I set up my prepaid expense and then create a memorized transaction to expense the charge every month until fully expensed. I keep the spreadsheet to ensure everything has been accounted for.
2
Twila
Christie's example is a great one of exploiting features of your
The only twist I would add is to ask whether your needs include some kind of allocation rule to be applied (e.g. allocate $ based on monthly actual FTE or # contracts or sq. ft etc). And also examine whether your GL structure allows you to use a segment/user defined field that could help track balances by item, if that is what you need.
We have over two hundred items (software licenses, software and hardware maintenance, memberships, etc) allocable to many departments. We have no issues amortizing and summarizing general ledger entries each month, but a software would provide better security and accuracy for internal controls.
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