Multiyear Library Subscriptions

1-For library subscribers who pay their multiyear dues all at once:

1. You set up an asset called "Prepaid Expenses" under "Other Assets". The first entry would be Debit to the Prepaid account, and a credit to cash (this should be a transaction in the banking data dump that you will recategorize to the Prepaid account)
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2. Every year, you'll need to book a journal entry that debits the annual due/expense, and credit the Prepaid asset account.