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Prepaid Expenses Account Reconciliation

  • 1.  Prepaid Expenses Account Reconciliation

    Posted May 09, 2017 11:58 AM

    We are on GP 2016.

    We recently moved away from tracking our Prepaid Expenses in Excel toward the functionality in the GP AP module for Expense Deferral (for expenditures such as annual maintenance contracts).  The functions in GP seem to be working fine.

    The challenge is that we are having difficulty pulling information out of GP to support the balance in the prepaid account for our account reconciliation.  I would be curious how other users who are using Expense Deferrals are reconciling their Prepaid account.


    Mark Reddington
    Christian Copyright Licensing International
    Vancouver WA

  • 2.  RE: Prepaid Expenses Account Reconciliation

    Posted May 09, 2017 04:16 PM
    I posted the below in this thread ( also.  For the report to reconcile to your BS as of a certain date, you need add appropriate date restrictions:

    Reports location - Reports, Financial, Deferral is the report i've always used.  Since we use both Revenue and Expense deferrals, i sort by "Offset Account" (though it would be really nice if this was available as a filter instead).  In addition, I add filters for "Document Date" (to try and eliminate some older fully expensed transactions), "Last Posting Date", and "Segment ID/Account" to isolate a deferral account range.  This is where the ability to filter by Offset Account would be very helpful.

    Neil Blotske
    KT Connections, Inc.
    Rapid City SD

  • 3.  RE: Prepaid Expenses Account Reconciliation

    Posted May 10, 2017 10:52 AM
    Hmmm, this is the first I've heard of this function, and I'd love to put it into place.  However, I would first want to know we could really generate a useful and DETAILED report that ties to the general ledger balance.  The few videos I've watched only show a terribly simple report, but I'd want one that had all the elements of the excel files we currently use to keep up with prepaid expenses.

    If anyone can point me in the direction of where to learn more about best-practice use of this module in AP for prepaid expenses, I'd be grateful.

    Lucy Shows
    director of budgeting and decision support
    Hattiesburg Clinic P.A.
    Hattiesburg MS

  • 4.  RE: Prepaid Expenses Account Reconciliation

    Posted May 10, 2017 12:32 PM
    Edited by Neil Blotske May 10, 2017 12:34 PM
    I am unable to point you to any resources for best practice usage, nor do i know how much detail you require.  For our purposes it works well, although the report and filter options are a little clunky (like most GP reports it seems).  Here is a sample screenshot of the detail report to give you an idea of the information provided:

    Due to the limitations on the report, a few months ago i began putting together a SQL query with the information from the prepaid tables - the idea was to use it in an Excel query (or possibly ssrs monthly generated) which would allow an easier/faster reconcile.  I ran into some issues with the remaining balance calculation and haven't picked it up since.  If anyone is interested in looking it over and helping correct/finish it for the group, let's just say i wouldn't object ;-).

    Neil Blotske


  • 5.  RE: Prepaid Expenses Account Reconciliation

    Posted May 11, 2017 08:56 AM


    I wasn't aware of this function to expense prepaids within GP itself.  I did find the instructions "To enter a General Ledger deferral transaction" but I get the above message when I try to do anything.  However, I can't find instructions on what to do from here.  Does anyone have any ideas?


    Callie Cramer
    Manager of Financial Reporting
    US CareNet

  • 6.  RE: Prepaid Expenses Account Reconciliation

    Posted May 11, 2017 11:22 AM
    I'm not familiar with this exact error, but it appears you need to setup the deferral tables:

    your steup needs are likely different, but here is how i set up ours.

    Optionally, you can also set up Deferral Profiles (path shown in 1st screenshot above).  These are helpful for transactions which repeat, or have similar posting accounts and # periods.

    Neil Blotske
    KT Connections, Inc.
    Rapid City SD

  • 7.  RE: Prepaid Expenses Account Reconciliation

    Posted 17 days ago
    Hi Mark,

    I am new to the group and saw your post about prepaids. We are currently tracking everything in Excel and I was curious if you ever resolved the issues and are able to fully track everything in GP now. Thanks.

    Ashley Henderson
    University of Mount Olive
    Mount Olive

  • 8.  RE: Prepaid Expenses Account Reconciliation

    Posted 16 days ago
    I am interested in how others are using the expense deferral as well.  I think our holdup with using it is that we use 13 periods.  My other thought would be to use the fixed asset module and create a separate class for prepaids.

    Thank you,

    Tara Weiss
    Accounting Manager
    Nesnah Ventures, LLC
    La Crosse WI

  • 9.  RE: Prepaid Expenses Account Reconciliation

    Posted 15 days ago
    Hi Tara! Cool to see you out on GPUG. Please say "Hi" to Lisa A. for me...

    The 13 periods does pose somewhat of an issue as I assume you won't want any of the deferrals to hit the 13th period. You can turn on deferrals and when they get generated you can change them before you post the AP transaction. So, when they hit the 13th period you can delete that line and add the correct 12th period to the bottom.

    It's a little messing around but easier than trying to track it all in a spreadsheet.

    Kind regards,

    Diane Hays

    Diane Hays, CPA, MBA
    Senior Consultant
    Alta Vista Technology LLC
    Chippewa Falls WI

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