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[Vy Ngo]

Hello All,
I would like to know If any company has an auto process for  prepaid amortization, including auto-populated roll-forward schedules.
Our accounting team don’t want to use the Accrual Schemes since we have a lot of transactions with different services in different periods (service start dates, end dates). Besides, they don’t want to open the future periods for processing Ledger accruals.  They want some something similar to the fixed assets depreciation process that they can check and run monthly. 

Thanks in advance
Vy

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Vy Ngo
Sr Manager ERP Systems
Gigamon Inc.
Santa Clara CA
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[Zvika Rimalt]

Did you look into the use of Periodic Journals? I think they might do what you need.

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Zvika Rimalt
Functional Consultant
Vancouver BC
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[Vy Ngo]

Thanks Zvika. Periodic journal helps for creating template but  cannot control when the service end and the remaining amount. We create the import journal line from excel template for all accounting team ?so they never use period journal. They manage in excel and import the result in excel to GL journal directly

They told me the Blackline tool can do this but I have not had a chance to see how it works in Blackline :). However, I know the concept is similar to the depreciation process for fixed assets.
Regards,
Vy

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Vy Ngo
Sr Manager ERP Systems
Gigamon Inc.
Santa Clara CA
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[Barr Snyderwine]

What about setting up a separate book in fixed assets with the accounts setup to post to the account you want?

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Barr Snyderwine
Avanade
Middletown MD
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[Vy Ngo]

Yes. I also suggested them to do this way, just create one fixed asset group for this process , service life is open like we setup for Leashold Improvements so that users can put any period. But they want to see the best practices from other companies
Thanks for your feedback.

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Vy Ngo
Sr Manager ERP Systems
Gigamon Inc.
Santa Clara CA
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[Kaare Boraas]

If you want something similar to depreciation in the fixed asset module, why not use depreciation in the fixed asset module?  I’ve seen a few companies with a lot of prepaids go that route.

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Kaare Boraas
Relationship Manager
PCL Constructors Inc.
AB
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[Vy Ngo]

Hello Kaare,
It’s nice to know that some companies have used fixed assets process for this process. I will convince our accounting team to try this way. Currently, they manage all prepaid (old and new trans)  in excel and load to GL journal every month.
Regards,
Vy

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Vy Ngo
Sr Manager ERP Systems
Gigamon Inc.
Santa Clara CA
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[Barr Snyderwine]

XL – the most popular ERP system/tool in the world….

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Barr Snyderwine
Avanade
Middletown MD
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