Prepaid Expenses recognised when a payment has been made to a supplier expenses for goods or services that will be received in a future accounting period. Examples of this are rent paid in advance or license fees paid in advance. Prepayments are recorded by way of a journal into the CASES21 Finance system. These journals are reversed in the relevant future period thus bringing the expense to account in the correct period. (Chart of account code 12005). Revenues paid Revenue recognised as having been received in advance of them in Advance being earned. (Chart of Account code 38002). Additional resources CASES21 Finance Business Process Guide Section 8 End of Period – CASES21 Finance Business Process Guide Section 10 Balance Day Adjustment – Version and revision control record Date Version Approver Next Review 01/2019 1.2 Chief Finance Officer - Financial Services 01/2020 Division
Prepaid expenses Expenses recognised when a payment has been made to a supplier for goods or services that will be received in a future accounting period. Examples of this are rent paid in advance or license fees paid in advance. Prepayments are recorded by way of a journal into the CASES21 Finance system. These journals are reversed in the relevant future period thus bringing the expense to account in the correct period. (Chart of account code 12005). Revenues paid in Advance Revenue recognised as having been received in advance of them being earned. (Chart of Account code 38002). Additional resources CASES21 Finance Business Process Guide Section 8 – End of Period CASES21 Finance Business Process Guide Section 10 – Balance Day Adjustment Version and revision control record Date Version Approver Next Review 01/2019 1.2 Chief Finance Officer - Financial Services Division 01/2020