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- Confirm the GL Default setting for “Prepaid Expense Accounts” has been set appropriately.
- You can find this on the System homepage under GL Default List.
Entering a Pre-Paid Invoice
- On the Accounts Payable homepage, enter an AP Invoice and AP Invoice Items normally.
- Assign regular Expense GL Accounts to the AP Invoice Items.
- If this is a Prepaid Item that will be amortized over several periods, you must enter one line item per amortized period. For example, if you paid $1200 in December for next calendar year's insurance, then you would create 12 line items for $100 each for every amortized month.
- For each Prepaid Item on the Invoice, go to the item’s detail screen and click on the General Ledger tab.
- Set the “Prepaid Expense?” flag and enter the desired “Deferral Date”.
- Click Update. After Updating:
- The DR GL Account of the item is updated with the “Prepaid Account”
- The Deferred GL Account field is updated with the Expense Account
- Close the Invoice Item and return to the Invoice Header.
- Click Update on the Invoice Header to update the Prepaid GL Account to the DR GL Acct.
- Post the AP invoice (and pay when desired).
- After the AP Invoice has been posted and/or paid, the “Transfer Prepaid Items” function can be utilized.
Finding Deferred/Prepaid AP Items
- To access a report of AP Items originally posted to deferred/prepaid expense accounts and that are designated for subsequent posting to actual expense accounts, run the Deferred/Prepaid AP Items query located on the Accounts Payable home page.
Transferring Prepaid AP Invoice Items - Manually
- Read more about How to Transfer Prepaid AP Invoice Items Manually.
Transferring Prepaid AP Invoice Items - Batch Process
- Read more about How to Transfer Prepaid AP Invoice Items in a Batch.