Post prepaid expense schedule entries

Prepaid schedule expense schedule entries are the journal entries automatically created by Sage Intacct when you generate your prepaid expense schedules. Review and post these entries against your General Ledger each month to complete your amortization schedules.

After you review and post every entry of a prepaid expense schedule, the status of the related prepaid expense schedule changes from In Progress to Completed. This signals the completion of the amortization life cycle.

Statuses for prepaid expense schedule entries

After a prepaid expense schedule is generated, the prepaid expense schedule entries are created and available for you to review on the Prepaid Expense Schedule Entries list. To view this list, go to Prepaid Expense Amortization > Prepaid Expense Schedule Entries > Prepaid Expense Schedule Entries.

During this phase, you can change the Amount or GL Posting Date of the individual entries.

After you approve and start the schedule, the status of your prepaid expense schedule entries changes from Review to Pending. The entries are ready to post to the GL.

There are four workflow statuses a schedule entry goes through:

• Review: The entry is not ready for posting and must be reviewed and edited if necessary.
• Pending: The entry is ready to be posted to the GL.
• Submitted: The entry has been submitted to the posting service. The status will automatically change to Posted after the General Ledger transaction is created.
• Posted: The entry has posted to the GL. Check the Prepaid Expense Journal defined in the related prepaid expense class to confirm the entries.

Post the entries

Post Pending schedule entries to the GL from month to month.

1. Go to Prepaid Expense Amortization > Prepaid Expense Schedule Entries > Prepaid Expense Schedule Entries. A list of all prepaid expense schedule entries appears.
2. In the View dropdown menu, select Top Level - Due to be posted or Entity Level - Due to be posted, depending on where you entered your prepaid expense schedule.
3. Select the checkbox beside each prepaid expense schedule that you want to post to the GL.
4. In the More actions drop down menu, select Submit to Posting Service.

5. Confirm that the prepaid expense schedule entries are the entries you want to post, then select Yes.

   The status temporarily changes to Submitted while the entry is being Posted.
   

Verify that the entries are posted

After the entries are posted, you can check the prepaid expense journal defined by the related prepaid expense class to verify that your entries have been posted correctly.

1. Go to Prepaid Expense Amortization > Prepaid Expense Schedule Entries > Prepaid Expense Schedule Entries. A list of all prepaid expense schedule entries appears.
2. Select the Name of the schedule entry that you want to confirm posted.
3. Note the GL Journal name.
4. Go to General Ledger > Setup > Journals.
5. At the top of the Title column, enter the name of the GL journal and then press Enter.

6. To see all transactions posted to the journal, select Transactions.

1. Go to Prepaid Expense Amortization > Prepaid Expense Schedule Entries > Prepaid Expense Schedule Entries. A list of all prepaid expense schedule entries appears.
2. Select the Name of the schedule entry that you want to confirm posted.
3. Note the GL Journal name.
4. Go to General Ledger > Setup > Journals.
5. At the top of the Title column, enter the previously noted name of the GL journal and then press Enter.
6. Select View transactions next to the journal to see all transactions posted to the journal.

Schedule entries not posting to GL?

If your schedule entries are not posting to the prepaid expense journal, then use the table below to troubleshoot your schedule entries and try again. If errors persist, ask your designated support user to contact Support.

Possible problem	Solution
User does not have the necessary permissions to post prepaid expense schedule entries	Ask your admin to confirm that you have the correct permissions for PEA. Make any necessary updates and try again.
Books are closed for the period	You cannot post transactions to closed periods. Open the books and try again.
The schedule entries are missing required information like dimensions or exchange rate date.	If your schedule entries are missing required dimensions or are using an inactive dimension value, they will not post to the GL. This is also true if your schedule entries are missing an exchange rate date and exchange rate type for any transaction with a different transaction currency than base currency. In these cases, we recommend deleting the incorrect schedule and schedule entries. Then, you must create a new prepaid expense schedule with the correct information, and continue the amortization workflow from there.

Edit prepaid expense schedule entries

Prepaid expense schedule entries only hold information regarding GL posting date and Amount. You can change these fields to make PEA work for your company.

For example, you have a prepaid expense that you want to amortize quarterly instead of monthly. You can assign it a class that amortizes over 4 periods. Then, when the entry is in Review, you change the GL posting date in each schedule entry to match your quarterly cycle.

Or, say you have a £20,000 prepaid expense for contractors' wages. However, they work a different number of hours each month, so the amortized amount will not be the same each month. In the Review status, you can edit each individual schedule entry from month to month with the specific amount you need amortized.

1. Go to Prepaid Expense Amortization > Prepaid Expense Schedule Entries > Prepaid Expense Schedule Entries. A list of all prepaid expense schedule entries appears.
2. Select Edit beside the prepaid expense schedule entry that you want to update.
3. Set the status to Review.
4. Save the schedule entry.
5. Edit the entry again.
6. Change the schedule as needed.
7. Set the status to Pending.
8. Save your changes.

Delete prepaid expense schedule entries

You can delete a prepaid expense schedule entry if you need to change the prepaid expense schedule record after it has been approved and started. Learn more about editing an in-progress schedule.

1. Go to Prepaid Expense Amortization > Prepaid Expense Schedule Entries > Prepaid Expense Schedule Entries. A list of all prepaid expense schedule entries appears.
2. Select the checkbox beside all prepaid expense schedule entries that you want to delete.
3. Select Delete next to the More actions dropdown. In the confirmation window, select Yes, and then select Delete.

Field descriptions

The following table describes each field on the Edit prepaid expense schedule entry page.

Post prepaid expense schedule entries field descriptions

Field	Description
Name	Name of the GL entry being posted.
Period Number	The period this entry is for based on the Period defined in the related prepaid expense class. This field cannot be edited.
GL Posting Date	The date the schedule entry posts to the GL.
Currency Amount	The amount to be amortized by this schedule entry.
Status	There are four workflow statuses a schedule entry goes through: Review: The entry is not ready for posting and must be reviewed and edited if necessary. Pending: The entry is ready to be posted to the GL. Submitted: The entry has been submitted to the posting service. The status will automatically change to Posted after the General Ledger transaction is created. Posted: The entry has posted to the GL. Check the Prepaid Expense Journal defined in the related prepaid expense class to confirm the entries. If you need to edit an entry, set its status back to Review. After you've made your changes, set the status back to Pending.