Multiyear Library Subscriptions
For library subscribers who pay their multiyear dues all at once:
You set up an asset called "Prepaid Expenses" under "Other Assets". The firstFirst entrywouldwhentbethe payment is made:- Debit to the Other Current Assets/Prepaid
account,LibraryandSubscriptionsaaccount - Credit to cash (this should be a transaction in the banking data dump that you will recategorize to the Prepaid account)
credit- Debit to the Other Current Assets/Prepaid
EverySetyear, you'll need to book aup journalentryentriesthatfordebitseach year:- Debit the annual due/
expense,expenseandtocreditLibrary Subscriptions Program - Credit the Other Current Assets/Prepaid
assetLibraryaccount.Subscriptions account for the annual amount due
- Debit the annual due/