About the historical cut-off date
If your company has existing amortization schedules created outside Sage Intacct, you can set a Historical cut-off date when you enable prepaid expense amortization in Accounts Payable. This is an optional field and allows you to transfer existing schedules into Intacct.
Schedule entries with posting dates before the Historical cut-off date are treated as read-only historical entries. You can run reports on these entries, but they will not post to the General Ledger.
Keep in mind that amortization schedules are associated with AP purchase invoice lines, so bringing over historical prepaid expenses is only possible if you can bring the related historical AP purchase invoices into Intacct or if existing AP purchase invoices have not yet been paid. Otherwise, consider using recurring journal entries to recognize the remaining amortization until the existing schedules are fully recognized.
How the historical cut-off date affects amortization schedules
If the Historical cut-off date is October 1st, then consider the following amortization schedule for an AP purchase invoice line:
| Period | Posting date | Schedule entry state |
|---|---|---|
| 1 | August 31st | Historical |
| 2 | September 30th | Historical |
| 3 | October 31st | Posted |
| 4 | November 30th | Not posted |
| 5 | December 31st | Not posted |
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Periods 1 and 2 are Historical because their posting dates are before the Historical cut-off date of October 1st. The amortization schedule does not post these historical entries to the General Ledger.
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Period 3 is on or after the Historical cut-off date, so it can be posted to the General Ledger through the amortization process.
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Periods 4 and 5 are on or after the Historical cut-off date but have not been posted yet. They remain available for scheduled or manual posting.
