A client has several suppliers they purchase their materials from, and most of the suppliers require part or all payments to be made at the time of order. You advise your client to set up a Prepayments account that can be reconciled each month. How should this account be set up

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21-10-2021
Business

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A client has several suppliers they purchase their materials from, and most of the suppliers require part or all payments to be made at the time of order. You advise your client to set up a Prepayments account that can be reconciled each month. How should this account be set up

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jaquelinefvr jaquelinefvr · Answer 1 · 2021-11-03T13:27:33+01:00

Analyzing the above scenario, the customer should set up an asset account called prepayment, which is an item described in the balance sheet as a current asset and liability, as this will be a financial resource available for future use.

A prepayment asset account is therefore configured as an expense previously paid, but which has not yet occurred, being this a facility for companies to pay their suppliers at the time of the order in a previously scheduled manner.

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