Editing the Amounts and Accounting Periods in an Amortization Schedule
Scenario: Prepaid Insurance was bought last January 1, 2022 and is expected to be amortized in 12 months, so the accounting team set the Amortization start date to 1/1/2022 and the end date to 12/31/2022.
Last May 2022, it was found out that the prepaid insurance will expire on June 30, 2022 instead of December 31, 2022, however, the periods from Jan to April 2022 was already closed and amortization journal entries was already posted:
User wants to amortize the remainder of the Prepaid Insurance for the last remaining months equally (May 2022 and June 2022), to be able to adjust the schedule the following settings should be satisfied:
1. The accounting preference Allow Users to Modify Amortization Schedule = True