This guide covers setting up automated prepaid expenses in ScaleXP: setting your accounts, selecting which bills to include, mapping expense accounts, adjusting cost recognition dates, and posting your prepayments journal.
Tip: For best practice in quickly setting up ScaleXP prepaid expenses, we recommend setting up a new prepaid expenses account as described in Prepaid expenses: best practices and quick start guide. If you prefer to continue using your existing account setups and are comfortable reconciling differences between the old and new methodologies, follow the setup guide below.
To get started, go to the Journals tab (menu at top of page) and select All Expenses or another expense page, then follow these steps.
1. Set accounts
Use the cog at the top right of the page to set up or change your settings for expense recognition.
Read more in How to set and change expense journal settings.
2. Review expenses and select bills to include
Review each bill and mark it to include in (or exclude from) your expense journals, following the steps in How to automate expense recognition journals in ScaleXP.
Alternatively, select to auto-include all proposed prepayments in settings, as per the settings described above.
Tip: Once all items have been reviewed and marked, none will be orange — they will all be either white (not included in journals) or blue (included).
3. Review prepayments
Use this report to select which P&L expense account to use for each supplier, bill, or line item, as well as to review and adjust the appropriate date range for cost recognition.
Identify expense accounts for supplier bills coded to prepayment accounts
To allocate all bills from a supplier to the same account code, select that account in the Expense Account dropdown menu to the right of the supplier name.
If the bill includes multiple line items you may need to click into the bill (box open icon) to reveal the line item detail to select.
To allocate bills from a single supplier to different expense accounts, use the downward arrow by the supplier name to show a list of invoices, then use the dropdown menus in the Expense Account column to select the required expense account for each invoice.
To allocate expense accounts at invoice line level, click on the open box icon by each invoice to see invoice detail, then select the appropriate expense account from the dropdown menu.
Review and adjust cost recognition dates
To review and edit cost allocation dates, view invoice detail using the steps above. Then click on the start and end dates to change them if required.
4. Post your prepayments journal
Go to the Prepayments Journal to see the financial impact on your accounts and post your journal.
For more information, see How to automate your prepaid expense journal: review and post the prepayments journal.
5. Download options
- Use the Download icon at the top right, then Download this page in Excel, to download the same level of detail you see on your screen.
- You can also download all bills, including line-level detail, using the Download Bills option in the same download menu at the top right.
Tip: Download and save in Excel to keep a record of the detail you are using for your journals.
Related articles
- Prepaid expenses: best practices and quick start guide
- How to automate your prepaid expense journal: review and post the prepayments journal
- How to reconcile your prepayments balance with Xero or QuickBooks
- Why doesn't my prepayment balance sheet match?
- How to add a missing bill or cost supplier
- How to set and change expense journal settings