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Recording Benefits in Month of Coverage

I currently have 2 insurance invoices for August coverage, payment due 8/1.

If I enter with invoice date of 7/19, it will show the expense on my July P&L - it should show on my August (PLUS as a non-profit, I will class out per august timesheets.)

Can I record the bill today with a Aug 1 date? Seems wrong. And not worth creating a prepaid for 2 weeks. Please advise.

Answers

Betsy Brycki
Title: Accountant
Company: Informed Systems
(Accountant, Informed Systems) |

My ERP software allows me to enter in AP with one date and post to GL with another. I can print two different AP aging reports, one with AP posting date and one with GL posting date. Is that an option for you?

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