How To Track Prepaid Items And Automate The Process in Your Business

How To Track Prepaid Items And Automate The Process in Your Business

This is a transcript of a video by Natasha Klebba, CPA & Principle at IFI Professionals.

I would like to talk with you about prepaids. Conceptually, prepaids are very straightforward. You have a vendor, you have a transaction that needs to be amortized over a certain number of periods. End of story. You think, slam dunk, I got this, no problem.

Well, start adding 10, 20, 100, prepaids in a year. It can get very challenging. To track the actual amortization to that specific transaction that needed to be spread over numerous months, it could even cross periods. Periods being years, multiple years long. I've had them where they're three years long. It's really easy to lose control of that tracking ability.

Within Sage Intact, we have developed a methodology to track the specific transactions and automate the process. So if this is something you would like to learn more about, or discuss in greater detail, I'd be happy to have a conversation with you, or even refer you to one of our customers who's applying this process.

If you have any questions on this, or would like to discuss it further, please reach out to us.