The template’s schedule tab gathers the prepaid transactions posted to the prepaid account into a list that also captures the vendor, purchase amount and date, coverage start and end dates, number of months, and the expense account, class, and location where the amortization should be recorded. The formulas then convert those amounts into a monthly amortization spread across each item’s coverage period, so every column represents one accounting month of expense.
Those amounts are then fed into another tab, the Amalgam Journal Entry Resource, for preparation and loading into the GL as two sided entries that credit the prepaid account and debit the destination expense account. This specific template illustrates two methods of JE loading. One looks only at the entries for a particular month, while the other provides a batch load of all monthly amounts across the prepaid periods.
The schedule also runs a GL detail report and a trial balance report to check the balances booked. Purchased amounts, expensed amounts, remaining account balances, and the journal entries staged for loading all tie back to QuickBooks, ensuring completeness and accuracy.
The check totals are surfaced on the Cover tab, so anything out of balance is visible before a single entry is posted.
