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How to Create Property Leases that have Pre-payments

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in Lease Accounting 3 comments

Summary:

I wanted to know if anyone had issues with creating and accounting for property leases that the company has pre-paid. I am able to create a standard lease without issue but having a problem when the company pre-pays multiple months in advance. The prepayment would need to reduce the liability but since it's a pre-payment it's also now a pre-paid asset sitting on the books.

Content (required):

I wanted to know if anyone had issues with creating and accounting for property leases that the company has pre-paid. I am able to create a standard lease without issue but having a problem when the company pre-pays multiple months in advance. The prepayment would need to reduce the liability but since it's a pre-payment it's also now a pre-paid asset sitting on the books.

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