How to create a Prepaid Expense

When creating a new Bill, you may notice that the Prepaid Expenses accounts are greyed out and cannot be selected. This is intended to allow you to create an more automated prepaid expense schedule

How to properly create a Prepaid Expense entry

1. Open the AP/Expense creation form by going to Add Bill.

2. Locate the GL account field and select the appropriate Expense GL account which you would like the amortization to be recorded to. Do not select the greyed-out "Prepaid Expenses" option.

3. Set a service period on the Bill.

That's it!

Why this works

Each Expense account in your Chart of Accounts is already linked to the corresponding Prepaid Account. When you select the appropriate Expense GL account, Rillet now automatically associates it with the correct Prepaid Account. This ensures that the entry will be reflected correctly in the Prepaid Schedule.

Key points to remember

• Always select the appropriate Expense GL account when creating a Prepaid Expense entry.

• The system will automatically handle the Prepaid Account association based on your Expense GL selection.

• To review your amortization schedule review the GL Impact on the Bill or navigate to the Prepaid Schedule.