269D – Prepaid Other

Current Assets

Prepaid Other

Synopsis

Account 269D

Debits

Credits

  1. The cost of expenses paid for in advance of the current month.

  1. The cost of expenses paid for in advance and applicable to the current month.

 

Remarks:

Account 269D – Prepaid Other should include all payments made in advance for expenses that are not Taxes, Insurance, or Advertising.  Each month’s usage should be expensed and the balance in prepaid accounts should reflect only that belonging to future periods.

 

All prepaid accounts should be scheduled, reconciled monthly, and details maintained until the asset is relieved.

Note: