How to Create Property Leases that have Pre-payments
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.