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Advance payments are recorded as a prepaid expense in accrual accounting for the entity issuing the advance. Advanced payments are recorded as assets on the balance sheet.As these assets are used they are expended and recorded on the income statement for the period in which they are incurred.
Expense accounts are used to recognize expenses. Expenses are outflows or other using up of assets of an entity or incurrences of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or carrying out other activities (CF E81). Gain accounts are used to recognize gains. Gains are increases in equity ...
A deferred expense (also known as a prepaid expense or prepayment) is an asset representing costs that have been paid but not yet recognized as expenses according to the matching principle. For example, when accounting periods are monthly, an 11/12 portion of an annually paid insurance cost is recorded as prepaid expenses.
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A journal entry is the act of keeping or making records of any transactions either economic or non-economic.. Transactions are listed in an accounting journal that shows a company's debit and credit balances.
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Set the file type to Excel before printing. Rename the extension of the resulting file from PRN to CSV. Use this XL2QIF Excel macro to convert to QIF. The Excel file may need to be reorganized to generate the appropriate format for the macro to work, such as separating cheque accounts from term deposits, etc.
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