If you’ve got several prepaid expenses to track then this template can help you manage and reconcile that. You can select different start dates and durations and can easily modify the template to adjust it to your needs and add more items to it.
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About This Template
This template will help you track and amortize prepaid expenses. If you’re looking for an amoritzation template, however, check this post out.
I have some sample data entered into it and the top section is where you can enter the details. This includes the prepaid item, the starting balance (or the total expense), the number of periods you want to expense it over, and the first period you want to start expensing it from. You can add additional items and just copy the formulas over.
The first month where I’ve entered is January 2016. However, you can change that to a different month and the other months will automatically increment. This spreadsheet covers 24 periods or two years as some expenses could possibly stretch longer than just one year. However, you can stretch this to more than 24 periods by again copying the formulas further down.
The section on the right allows you to enter your general ledger (GL) balance. Here you will see any variance between what that amount is and what the prepaid balance should be. This will help you to reconcile your prepaids and identify which items you still need to account for.
The prepaid expenses template is flexible and should be easy to change as needed. There is no coding in this template as it’s entirely driven by formulas. If you can copy formulas, you can easily modify this file as needed to suit your needs.
Another template that might help in your reconciliations is my t-account template which can help plan your entries.
If you have any feedback on this template please feel free to leave a comment!