Multiyear Library Subscriptions

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

1. You set up an asset called "Prepaid Expenses" under "Other Assets". The firstFirst entry wouldwhent bethe payment is made:
   • Debit to the Other Current Assets/Prepaid account,Library andSubscriptions aaccount
   credit
2. Credit to cash (this should be a transaction in the banking data dump that you will recategorize to the Prepaid account)

EverySet year, you'll need to book aup journal entryentries thatfor debitseach year:

• Debit the annual due/expense,expense andto creditLibrary Subscriptions Program
  

Credit the Other Current Assets/Prepaid assetLibrary account.Subscriptions account for the annual amount due