How to allocate trial balance prepayment

[mos]

Hi,

I have recently started using quickfile, I used trial balances from my previous years end of year numbers which included a number of prepayments for insurance which were made last year but due to insured period, fall into this year.

How do I allocate the prepayments made last year so they show up as an expense in this financial year? I have tried creating new purchase invoice, but that insists on a payment to be made from one the accounts, which then throws the balance out on that account.

[FaradayKeynes]

You need to reverse the closing prepayments journals in new year. In your case just do one journal

Dr Insurance
Cr Prepayment

[mos]

Many thanks! That worked perfectly.