Multiyear Library Subscriptions
For library subscribers who pay their multiyear dues all at once:
- Register as Bank transfer to Supporting Library Membership
- First year:
- Debit all except first year to the Other Current Assets/Prepaid Library Subscriptions account
- Credit to transfer to Supporting Library Membership
- 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
- Debit the annual due/expense to Library Subscriptions Program
This is what the Prepaid Library Subscriptions chart of accounts should look like: