Skip to main content

Multiyear Library Subscriptions

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

  1. Register as Bank transfer to Supporting Library Membership
  2. First year:
    • Debit all except first year to the Other Current Assets/Prepaid Library Subscriptions account
    • Credit to transfer to Supporting Library Membership
  3. Next years:
    • Debit the annual due/expense to Library Subscriptions Program
    • Credit the Other Current Assets/Prepaid Library Subscriptions account for the annual amount due

This is what the Prepaid Library Subscriptions chart of accounts should look like:

Screenshot 2023-06-11 at 07.35.20.png