hi,
i run a candy shop & would like to see my profiitability each month.
sometimes i pay one payment that should be distributed across one year, such as insurance or employee work visa, how can i distribute such payments across one year,
thank you
Firstly, to do what you ask about implies accrual basis accounting. You need to post the payments to an asset account like Prepaid XXXXXX. Then transfer to an expense account month by month.
thank you trut for your reply,
this monthly transfer is done manually or automatic.
should be done manually
It not only should be done manually, it must be done manually. There is currently no automatic method.