Excel can help you reconcile your accounts and prepaids with ease. And below, I’m going to go over an updated version of my prepaid expenses template. This new template will make it easier to add items and years, by going across rather than vertically.
How the template works
There are only a few columns where you’ll need to enter any inputs in, and that’s in columns A:D. This is where you enter the type of prepaid you want to track, the starting balance, along with how many periods you want to amortize it over (duration), and the first period the amortization should begin. Do not change the values in the period cost field as they are calculated by formulas.
Below, you can also enter the actual GL balance, to help you calculate any differences between the balances and the GL. In the example above, I have a variance of 1,000.
Once you enter the inputs for the prepaids, the rest of the template will populate, with the first month representing the first period, followed by period 2, and so on. In the below screenshot I have set Jan 2025 as my first month but that can also be adjusted and it is highlighted in yellow to let you know that this is a field which you can change.
There are a total of 60 periods in the template to accommodate up to five years of data, but this can be expanded.
The template will calculate your total amortized cost for the period, as well as the year-to-date (YTD) amounts since the start of the year, and those will reset again after every 12 periods. This way, you can track both your individual monthly amortization costs as well as your running total for the year. This is why you may want to have your first period be January, even if you don’t want to start amortizing in that month — you can simply change the first period which amortization starts, to ensure the YTD values calculate properly.
How to get the template
You can download this template for free, here. The free version is locked and is limited to tracking five items. If you want more, you can get the full version from here, which is unlocked.
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