In today’s Quick Take video, Adam Riskin demonstrates how to create and certify a prepaid expense account in BlackLine. Prepaid expenses can be a time consuming and tedious task when doing reconciliations in Excel. BlackLine provides a streamlined and efficient process for this through an account reconciliation template. This template is perfect for anything that needs to be amortized.
Watch this short video to learn how to:
- Create a prepaid schedule
- Add items amortizable items to the schedule
- Add descriptions to items
- Attach documents
- Roll forward the schedule
- View history
- See future activity month-by-month, showing you what your General Ledger (GL) balance should equal
Prepaid account reconciliation is simple and easy in BlackLine. All your schedules and supporting documents are stored in a single location. The system rolls your schedules forward and compares it to the GL balance for you. The best part is if the next month’s roll forward amount matches the GL balance, the system can mark the reconciliations complete for you.