If you have the deferred cost (prepayments) account set-up in Exact Online, we will automatically export the transactions to this account when they have expense start and end dates that are different from the invoice date.
You can export the prepaid expenses transactions in the export flow, and we will export all the future releases into Exact Online with the same export. An overview of the releases can be found in the Prepaid Expenses Module under the Accounting tab.
In the Export tab, you can see all releases on one page.
Here you can track how much prepayments have already been expensed and how much expenses are still outstanding.
The "To be released" quick filter provides an overview of the last month. For a better overview, you can always change the month in the quick filter above the table. The summary on the top of the page has the following information:
Prepayments balance increase - the sum of all entries debited to the Prepayment Account during the month. The actual transactions and invoices can be found on the Card Transactions page (filtered for prepaid expenses).
Prepayment releases - the sum of all entries credited to the Prepayment Account (recognised as expenses) during the month. The list of those entries is in the table below.
Net change - Prepayments balance increase minus the prepayment releases will give you the net change for the month. If you have a separate account for Moss prepayments, add the net change to the opening balance to get the closing balance of the Moss Prepayment Account.
The Journal Entries in Exact Online are created automatically and have the following logic:
Initial transaction/invoice is recorded with three entries*
Purchase entry:
Dr. Expense Account
Cr. Moss Default Supplier / Supplier account
Purchase reversal to deferred cost entry:
Dr. Deferred Costs account
Cr. Expense Account
Payment entry (card transactions only):
Dr. Moss Default Supplier / Supplier account
Cr. Moss Balance account
Each release is recorded with one entry in the expense period
Dr. Expense Account
Cr. Deferred Costs account
*Excluding VAT for simplicity, all deferred costs are net of VAT.