I pay rent and service charges quarterly. How should I create the entry?
If you pay in advance, you could create asset account called
Prepaid expenses under your
Chart of accounts.
Then rent payment can be allocated to this prepaid expenses account. Then every month, you can create journal entry that will reduce (credit) prepaid expenses balance and increase (debit) rent expense amount.
In future, there will specialized module for these kind of transactions so you don’t have to use journal entries at all.
Thank you that worked perfectly
Has the specialize module been implemented yet?