Develop a Prepaid Module
It would be great if there was an available module that functioned similarly to the fixed asset module for prepaid invoices. The process identified in the Knowledge Base for handling prepaid invoices is a bit cumbersome, particularly if you have several to manage with varying timelines. If each invoice created had a quick feature to add to a Prepaid Module, had a term in months for spreading the cost, and the journal transfer for any items impacted could occur monthly from the balance sheet account to the expense account(s) (similar to fixed asset depreciation transfer process) it would save an incredible amount of manual entry....and could be a revenue generating module for Abila as well!
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14 May
Pamela MeyersAgree with the recommendation - ideally the system would automatically set up the monthly amortization entries based on the number of periods entered by the user. These amounts could be edited, for example for an invoice with a 6 month service period that is processed in month 2, the first month amortization amount could be edited to reflect 2 months of amortization (and then the last month would be deleted) before saving the entry. Unfortunately, when setting up a prepaid item now, we have to calculate the monthly expense/prepaid amortization manually (higher risk or errors) and enter each month's entries manually, which is a lot of typing for a typical invoice covering a 12- month service period.