Prepaid Supplier Invoices

A recent update has been made to allow the Cost Center Accountant, Accountant and Accounting Manager roles to mark supplier invoices as prepaid and create amortization schedules.

An example of this instance would be if a department has a monthly subscription that they pay once a year. An Invoice comes in January 1 and it would be marked as prepaid and amortized from January 1 to December 31. The change is marking supplier invoices prepaid via accounting adjustments after the invoice is paid. If a unit doesn’t have prepaid invoices, there is no change for them. But if they have invoices that are prepaying expenses and want to reclassify it from an expense account to a prepaid balance sheet account, Cost Center Accountants in the units can do this.

Review the Prepaid Supplier Invoices Job aid available in the Administrative Resource Center (admin.resources.osu.edu/workday/workday-for-core-users-supply-chain/prepaid-supplier-invoices).