{"id":4380,"date":"2020-11-17T10:21:18","date_gmt":"2020-11-17T10:21:18","guid":{"rendered":"https:\/\/www.businessaccountingbasics.co.uk\/?page_id=4380"},"modified":"2025-02-26T12:19:54","modified_gmt":"2025-02-26T12:19:54","slug":"prepayments","status":"publish","type":"page","link":"https:\/\/www.businessaccountingbasics.co.uk\/prepayments\/","title":{"rendered":"Prepayments in Accounting"},"content":{"rendered":"\n<p>Prepayments in accounting can be complicated to grasp. We have, therefore, put together a full description and examples to show you how it works. The information is suitable for both businesses and students.<\/p>\n\n\n\n<p>Businesses need prepayments to account for the correct figures in a financial period.<\/p>\n\n\n\n<p>If you use the cash basis for the accounting, prepayments are not required. The cash is accounted for when it leaves the bank. Most businesses use the <a href=\"https:\/\/www.businessaccountingbasics.co.uk\/accruals-accounting\/\" data-type=\"page\" data-id=\"2936\">accruals<\/a> method and account for items when they occur.<\/p>\n\n\n\n<p>Our simple prepayment calculator at the end of this article will help to calculate a prepayment.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_72 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #2b2b2b;color:#2b2b2b\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #2b2b2b;color:#2b2b2b\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.businessaccountingbasics.co.uk\/prepayments\/#What_are_Prepayments_in_Accounting\" title=\"What are Prepayments in Accounting\">What are Prepayments in Accounting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.businessaccountingbasics.co.uk\/prepayments\/#Prepayments_in_the_Balance_Sheet\" title=\"Prepayments in the Balance Sheet\">Prepayments in the Balance Sheet<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.businessaccountingbasics.co.uk\/prepayments\/#Prepayments_Double_Entry\" title=\"Prepayments Double Entry\">Prepayments Double Entry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.businessaccountingbasics.co.uk\/prepayments\/#Prepayments_Examples\" title=\"Prepayments Examples\">Prepayments Examples<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.businessaccountingbasics.co.uk\/prepayments\/#Prepayment_Calculator\" title=\"Prepayment Calculator\">Prepayment Calculator<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.businessaccountingbasics.co.uk\/prepayments\/#Prepayments_in_Accounting_%E2%80%93_Summary\" title=\"Prepayments in Accounting \u2013 Summary\">Prepayments in Accounting \u2013 Summary<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_Prepayments_in_Accounting\"><\/span>What are Prepayments in Accounting<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Prepayments are when a business pays for certain expenses in advance, but the benefit is received in a later period. By adjusting the accounts, it ensures that the figures are correct for the financial period.<\/p>\n\n\n\n<p>An excellent example of a prepayment is insurance. A business might purchase a whole year of insurance but only needs to account for a few months. We will use this in the example below.<\/p>\n\n\n\n<p>The financial period may be a month if the business creates regular reporting or for the financial year.<\/p>\n\n\n\n<p>There are several reasons a business creates a prepayment, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Paying for goods or services in advance<\/li>\n\n\n\n<li>Trying to fix a price for something, therefore paid early<\/li>\n\n\n\n<li>Deposit for rental<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/quickbooks.partnerlinks.io\/uw0h4blx3unq\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"980\" height=\"120\" src=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/QB-dark.jpg\" alt=\"QuickBooks discount banner\" class=\"wp-image-13713\" title=\"\" srcset=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/QB-dark.jpg 980w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/QB-dark-300x37.jpg 300w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/QB-dark-768x94.jpg 768w\" sizes=\"(max-width: 980px) 100vw, 980px\" \/><\/a><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prepayments_in_the_Balance_Sheet\"><\/span>Prepayments in the Balance Sheet<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A prepayment is shown on the <a class=\"rank-math-link\" href=\"https:\/\/www.businessaccountingbasics.co.uk\/balance-sheet\/\">balance sheet<\/a> as a current asset. The balance sheet example below shows the prepayment.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"470\" height=\"673\" src=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/prepayments-bs-example.jpg\" alt=\"Prepayments Balance Sheet Example\" class=\"wp-image-4417\" title=\"\" srcset=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/prepayments-bs-example.jpg 470w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/prepayments-bs-example-210x300.jpg 210w\" sizes=\"(max-width: 470px) 100vw, 470px\" \/><\/figure>\n\n\n\n<p>When the expense is incurred, it will transfer from the <a href=\"https:\/\/www.businessaccountingbasics.co.uk\/balance-sheet\/\" data-type=\"page\" data-id=\"360\">balance sheet<\/a> to an expense in the <a href=\"https:\/\/www.businessaccountingbasics.co.uk\/profit-and-loss-statement\/\" data-type=\"page\" data-id=\"783\">Profit and Loss<\/a> account.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/xero5440.partnerlinks.io\/rb9fqdnj6gdm\" target=\"_blank\" rel=\"sponsored nofollow noopener\"><img decoding=\"async\" width=\"1000\" height=\"150\" src=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/Xero-discount90-1000-x-150-px-1.png\" alt=\"Xero discount\" class=\"wp-image-13840\" title=\"\" srcset=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/Xero-discount90-1000-x-150-px-1.png 1000w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/Xero-discount90-1000-x-150-px-1-300x45.png 300w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/Xero-discount90-1000-x-150-px-1-768x115.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prepayments_Double_Entry\"><\/span>Prepayments Double Entry<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you are creating a prepayment in the accounts, there will always be two entries that balance each other. It is <a href=\"https:\/\/www.businessaccountingbasics.co.uk\/double-entry-bookkeeping\/\" class=\"rank-math-link\">double entry<\/a> accounting.<\/p>\n\n\n\n<p>In our examples, the original business transaction is posted to an expense in the profit and loss. Posting directly to the prepayment in the balance sheet is also possible.<\/p>\n\n\n\n<p>To create the journal, the transactions required are to credit the expense account and debit the prepayments. It will be reversed in future periods to account for expenses in the correct period. There are options in <a href=\"https:\/\/www.businessaccountingbasics.co.uk\/compare-accounting-software\/\" data-type=\"page\" data-id=\"7617\">accounting software<\/a>, including <a href=\"https:\/\/quickbooks.partnerlinks.io\/uw0h4blx3unq\" target=\"_blank\" rel=\"noreferrer noopener nofollow sponsored\">QuickBooks<\/a> and <a class=\"js-aw-brand-link\" data-feed=\"KtSPhFL4wsDFUY1Kswc8pZRaymNWuNP3\" href=\"https:\/\/appwiki.nl\/link\/brand\/KtSPhFL4wsDFUY1Kswc8pZRaymNWuNP3\" target=\"_blank\" rel=\"nofollow sponsored noopener\">Xero<\/a>, for the journal to automatically reverse in the next period.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/quickbooks.partnerlinks.io\/uw0h4blx3unq\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"728\" height=\"200\" src=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/QB-self.png\" alt=\"QuickBooks Banner with discount\" class=\"wp-image-11843\" title=\"\" srcset=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/QB-self.png 728w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/QB-self-300x82.png 300w\" sizes=\"(max-width: 728px) 100vw, 728px\" \/><\/a><\/figure><\/div>\n\n\n<p>In accounting software, it is possible to set up a recurring <a href=\"https:\/\/www.businessaccountingbasics.co.uk\/journal-entry-in-accounting\/\" data-type=\"page\" data-id=\"745\">journal<\/a> for each month, which will save having to create it each time. The image below shows setting up a repeating journal in <a href=\"https:\/\/appwiki.nl\/link\/brand\/KtSPhFL4wsDFUY1Kswc8pZRaymNWuNP3\" rel=\"nofollow sponsored noopener\" class=\"js-aw-brand-link\" data-feed=\"KtSPhFL4wsDFUY1Kswc8pZRaymNWuNP3\" target=\"_blank\">Xero<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"927\" height=\"622\" src=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/repeating-journal.jpg\" alt=\"Xero repeating journal for prepayments\" class=\"wp-image-4381\" title=\"\" srcset=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/repeating-journal.jpg 927w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/repeating-journal-300x201.jpg 300w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/repeating-journal-768x515.jpg 768w\" sizes=\"(max-width: 927px) 100vw, 927px\" \/><\/figure>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/xero5440.partnerlinks.io\/rb9fqdnj6gdm\" target=\"_blank\" rel=\"sponsored nofollow noopener\"><img decoding=\"async\" width=\"1000\" height=\"150\" src=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/Xero-discount90-1000-x-150-px-1.png\" alt=\"Xero discount\" class=\"wp-image-13840\" title=\"\" srcset=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/Xero-discount90-1000-x-150-px-1.png 1000w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/Xero-discount90-1000-x-150-px-1-300x45.png 300w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/Xero-discount90-1000-x-150-px-1-768x115.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prepayments_Examples\"><\/span>Prepayments Examples<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Insurance Prepayment Example<\/h3>\n\n\n\n<p>A business pays for a whole year&#8217;s insurance of 1200.00 so that it doesn&#8217;t pay interest on the credit. <\/p>\n\n\n\n<p>The financial year runs from January to December, and the payment is made in September. <\/p>\n\n\n\n<p>In the first year, only four months are accounted for in the profit and loss account. A journal is created for the remaining eight months to transfer to the prepayments in the balance sheet.<\/p>\n\n\n\n<p>The payment transactions are:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Account<\/td><td>Debit<\/td><td>Credit<\/td><\/tr><tr><td>Insurance (P&amp;L)<\/td><td>1200.00<\/td><td><\/td><\/tr><tr><td>Bank (Balance Sheet)<\/td><td><\/td><td>1200.00<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The prepayment double entry journal is as follows:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Account<\/td><td>Debit<\/td><td>Credit<\/td><\/tr><tr><td>Prepayments (Balance Sheet)<\/td><td>800.00<\/td><td><\/td><\/tr><tr><td>Insurance (P&amp;L)<\/td><td><\/td><td>800.00<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>It reduces the insurance in the Profit and Loss account to 400.00 in the first year.<\/p>\n\n\n<style>.kb-row-layout-id12316_3bed02-8a > 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2rem);grid-template-columns:repeat(4, minmax(0, 1fr));}}@media all and (max-width: 1024px){.kb-row-layout-id12316_fb7a61-8c > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}}@media all and (max-width: 1024px){.kb-row-layout-id12316_fb7a61-8c{border-top:0px solid transparent;border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;}}@media all and (max-width: 767px){.kb-row-layout-id12316_fb7a61-8c > .kt-row-column-wrap{column-gap:var(--global-kb-gap-none, 0rem );row-gap:var(--global-kb-gap-md, 2rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id12316_fb7a61-8c > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}.kb-row-layout-id12316_fb7a61-8c{border-top:0px solid transparent;border-right:0px solid transparent;border-bottom:0px solid transparent;border-left:0px solid transparent;}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id12316_fb7a61-8c aligncenter wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-4-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column12316_eb3fae-0a > .kt-inside-inner-col{padding-top:0px;}.kadence-column12316_eb3fae-0a > .kt-inside-inner-col{border-top:1px solid #888888;border-right:1px solid #888888;border-bottom:1px solid #888888;border-left:1px solid #888888;}.kadence-column12316_eb3fae-0a > .kt-inside-inner-col,.kadence-column12316_eb3fae-0a > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column12316_eb3fae-0a > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column12316_eb3fae-0a > .kt-inside-inner-col{flex-direction:column;}.kadence-column12316_eb3fae-0a > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column12316_eb3fae-0a > .kt-inside-inner-col{background-color:#ffffff;}.kadence-column12316_eb3fae-0a > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column12316_eb3fae-0a{text-align:center;}.kadence-column12316_eb3fae-0a{position:relative;}@media all and (max-width: 1024px){.kadence-column12316_eb3fae-0a > .kt-inside-inner-col{border-top:1px solid #888888;border-right:1px solid #888888;border-bottom:1px solid #888888;border-left:1px solid #888888;flex-direction:column;}}@media all and (max-width: 767px){.kadence-column12316_eb3fae-0a > .kt-inside-inner-col{border-top:1px solid #888888;border-right:1px solid #888888;border-bottom:1px solid #888888;border-left:1px solid #888888;flex-direction:column;}.kadence-column12316_eb3fae-0a, .kt-inside-inner-col > .kadence-column12316_eb3fae-0a:not(.specificity){margin-top:0px;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column12316_eb3fae-0a\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading12316_334d12-07, .wp-block-kadence-advancedheading.kt-adv-heading12316_334d12-07[data-kb-block=\"kb-adv-heading12316_334d12-07\"]{margin-bottom:var(--global-kb-spacing-xxs, 0.5rem);text-align:center;font-size:var(--global-kb-font-size-sm, 0.9rem);font-style:normal;text-transform:uppercase;background-color:#00cc14;}.wp-block-kadence-advancedheading.kt-adv-heading12316_334d12-07 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading12316_334d12-07[data-kb-block=\"kb-adv-heading12316_334d12-07\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<p class=\"kt-adv-heading12316_334d12-07 wp-block-kadence-advancedheading has-theme-palette-9-color has-text-color\" data-kb-block=\"kb-adv-heading12316_334d12-07\">Best Self-employed<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"604\" height=\"192\" src=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/QuickBooksLogo1.png\" alt=\"QuickBooks logo black\" class=\"wp-image-11829\" style=\"width:162px;height:auto\" title=\"\" srcset=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/QuickBooksLogo1.png 604w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/QuickBooksLogo1-300x95.png 300w\" sizes=\"(max-width: 604px) 100vw, 604px\" \/><\/figure><\/div>\n\n\n<figure class=\"wp-block-table is-style-regular has-small-font-size\"><table style=\"border-style:none;border-width:0px\"><tbody><tr><td>From \u00a310 per month<\/td><\/tr><tr><td>Free Trial<\/td><\/tr><tr><td>Free Onboarding session<\/td><\/tr><tr><td><a href=\"http:\/\/appwiki.nl\/link\/brand\/nPla7IfYO67Um3gGOO9dWUacdQZSmQ5a\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">90% Discount &#8211; 7 Months<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n<style>.wp-block-kadence-advancedbtn.kb-btns12316_03402e-1f{gap:var(--global-kb-gap-xs, 0.5rem );justify-content:center;align-items:center;}.kt-btns12316_03402e-1f .kt-button{font-weight:normal;font-style:normal;}.kt-btns12316_03402e-1f .kt-btn-wrap-0{margin-right:5px;}.wp-block-kadence-advancedbtn.kt-btns12316_03402e-1f .kt-btn-wrap-0 .kt-button{color:#555555;border-color:#555555;}.wp-block-kadence-advancedbtn.kt-btns12316_03402e-1f .kt-btn-wrap-0 .kt-button:hover, .wp-block-kadence-advancedbtn.kt-btns12316_03402e-1f .kt-btn-wrap-0 .kt-button:focus{color:#ffffff;border-color:#444444;}.wp-block-kadence-advancedbtn.kt-btns12316_03402e-1f .kt-btn-wrap-0 .kt-button::before{display:none;}.wp-block-kadence-advancedbtn.kt-btns12316_03402e-1f .kt-btn-wrap-0 .kt-button:hover, .wp-block-kadence-advancedbtn.kt-btns12316_03402e-1f .kt-btn-wrap-0 .kt-button:focus{background:#444444;}<\/style>\n<div class=\"wp-block-kadence-advancedbtn kb-buttons-wrap kb-btns12316_03402e-1f\"><style>ul.menu .wp-block-kadence-advancedbtn .kb-btn12316_ea1858-c1.kb-button{width:initial;}.wp-block-kadence-advancedbtn .kb-btn12316_ea1858-c1.kb-button{color:#ffffff;background:#00892e;padding-top:var(--global-kb-spacing-xxs, 0.5rem);padding-bottom:var(--global-kb-spacing-xxs, 0.5rem);}.wp-block-kadence-advancedbtn .kb-btn12316_ea1858-c1.kb-button:hover, .wp-block-kadence-advancedbtn .kb-btn12316_ea1858-c1.kb-button:focus{color:var(--global-palette9, #ffffff);background:#6fb634;}@media all and (max-width: 1024px){.kb-btn12316_ea1858-c1.kb-button .kb-svg-icon-wrap{display:block;}}<\/style><a class=\"kb-button kt-button button kb-btn12316_ea1858-c1 kt-btn-size-small kt-btn-width-type-auto kb-btn-global-fill kt-btn-has-text-true kt-btn-has-svg-false wp-block-kadence-singlebtn\" href=\"https:\/\/appwiki.nl\/link\/brand\/nPla7IfYO67Um3gGOO9dWUacdQZSmQ5a\" target=\"_blank\" rel=\"noreferrer noopener nofollow sponsored\"><span class=\"kt-btn-inner-text\">Visit Quickbooks<\/span><\/a><\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column12316_4e67b0-f5 > .kt-inside-inner-col{padding-top:0px;}.kadence-column12316_4e67b0-f5 > .kt-inside-inner-col{border-top:1px solid #888888;border-right:1px solid #888888;border-bottom:1px solid #888888;border-left:1px solid #888888;}.kadence-column12316_4e67b0-f5 > .kt-inside-inner-col,.kadence-column12316_4e67b0-f5 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column12316_4e67b0-f5 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column12316_4e67b0-f5 > .kt-inside-inner-col{flex-direction:column;}.kadence-column12316_4e67b0-f5 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column12316_4e67b0-f5 > .kt-inside-inner-col{background-color:#ffffff;}.kadence-column12316_4e67b0-f5 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column12316_4e67b0-f5{text-align:center;}.kadence-column12316_4e67b0-f5{position:relative;}@media all and (max-width: 1024px){.kadence-column12316_4e67b0-f5 > .kt-inside-inner-col{border-top:1px solid #888888;border-right:1px solid #888888;border-bottom:1px solid #888888;border-left:1px solid #888888;flex-direction:column;}}@media all and (max-width: 767px){.kadence-column12316_4e67b0-f5 > .kt-inside-inner-col{border-top:1px solid #888888;border-right:1px solid #888888;border-bottom:1px solid #888888;border-left:1px solid #888888;flex-direction:column;}.kadence-column12316_4e67b0-f5, .kt-inside-inner-col > .kadence-column12316_4e67b0-f5:not(.specificity){margin-top:0px;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column12316_4e67b0-f5\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading12316_7d6574-df, .wp-block-kadence-advancedheading.kt-adv-heading12316_7d6574-df[data-kb-block=\"kb-adv-heading12316_7d6574-df\"]{margin-bottom:var(--global-kb-spacing-xxs, 0.5rem);text-align:center;font-size:var(--global-kb-font-size-sm, 0.9rem);font-style:normal;text-transform:uppercase;background-color:#0099cc;}.wp-block-kadence-advancedheading.kt-adv-heading12316_7d6574-df mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading12316_7d6574-df[data-kb-block=\"kb-adv-heading12316_7d6574-df\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<p class=\"kt-adv-heading12316_7d6574-df wp-block-kadence-advancedheading has-theme-palette-9-color has-text-color\" data-kb-block=\"kb-adv-heading12316_7d6574-df\">Best Small Business<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"2048\" height=\"2048\" src=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/image-6.png\" alt=\"\" class=\"wp-image-12318\" style=\"width:52px;height:auto\" title=\"\" srcset=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/image-6.png 2048w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/image-6-300x300.png 300w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/image-6-1024x1024.png 1024w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/image-6-150x150.png 150w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/image-6-768x768.png 768w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/image-6-1536x1536.png 1536w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><\/figure><\/div>\n\n\n<figure class=\"wp-block-table has-small-font-size\"><table style=\"border-style:none;border-width:0px\"><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\">From \u00a316 per month<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Free Trial<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Integration with apps<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/appwiki.nl\/link\/brand\/KtSPhFL4wsDFUY1Kswc8pZRaymNWuNP3\" rel=\"nofollow sponsored noopener\" class=\"js-aw-brand-link\" data-feed=\"KtSPhFL4wsDFUY1Kswc8pZRaymNWuNP3\" target=\"_blank\">90% Discount &#8211; 6 Months<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<a href=\"https:\/\/appwiki.nl\/link\/brand\/KtSPhFL4wsDFUY1Kswc8pZRaymNWuNP3\" rel=\"sponsored noopener\" class=\"button-table\" data-feed=\"KtSPhFL4wsDFUY1Kswc8pZRaymNWuNP3\" target=\"_blank\">Visit Xero<\/a>\n<\/div><\/div>\n\n\n<style>.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col{display:flex;}.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col{padding-top:0px;}.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col{border-top:1px solid #888888;border-right:1px solid #888888;border-bottom:1px solid #888888;border-left:1px solid #888888;}.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col,.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col{flex-direction:column;justify-content:flex-start;}.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col > .aligncenter{width:100%;}.kt-row-column-wrap > .kadence-column12316_aa95a0-a8{align-self:flex-start;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column12316_aa95a0-a8{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col{flex-direction:column;justify-content:flex-start;}.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col{background-color:rgba(136, 136, 136, 0.01);}.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column12316_aa95a0-a8{text-align:center;}.kadence-column12316_aa95a0-a8{position:relative;}@media all and (max-width: 1024px){.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col{border-top:1px solid #888888;border-right:1px solid #888888;border-bottom:1px solid #888888;border-left:1px solid #888888;flex-direction:column;}}@media all and (max-width: 1024px){.kt-row-column-wrap > .kadence-column12316_aa95a0-a8{align-self:flex-start;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column12316_aa95a0-a8{align-self:auto;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col{flex-direction:column;justify-content:flex-start;}}@media all and (max-width: 767px){.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col{border-top:1px solid #888888;border-right:1px solid #888888;border-bottom:1px solid #888888;border-left:1px solid #888888;flex-direction:column;}.kt-row-column-wrap > .kadence-column12316_aa95a0-a8{align-self:flex-start;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column12316_aa95a0-a8{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column12316_aa95a0-a8 > .kt-inside-inner-col{flex-direction:column;justify-content:flex-start;}.kadence-column12316_aa95a0-a8, .kt-inside-inner-col > .kadence-column12316_aa95a0-a8:not(.specificity){margin-top:0px;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column12316_aa95a0-a8\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading12316_0e45b3-aa, .wp-block-kadence-advancedheading.kt-adv-heading12316_0e45b3-aa[data-kb-block=\"kb-adv-heading12316_0e45b3-aa\"]{max-width:1000px;margin-right:auto;margin-left:auto;margin-bottom:var(--global-kb-spacing-xxs, 0.5rem);text-align:center;font-size:var(--global-kb-font-size-sm, 0.9rem);font-style:normal;text-transform:uppercase;color:#000000;background-color:#ffffff;border-top:1px solid transparent;border-right:1px solid transparent;border-bottom:1px solid transparent;border-left:1px solid transparent;}.wp-block-kadence-advancedheading.kt-adv-heading12316_0e45b3-aa mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading12316_0e45b3-aa[data-kb-block=\"kb-adv-heading12316_0e45b3-aa\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}@media all and (max-width: 1024px){.wp-block-kadence-advancedheading.kt-adv-heading12316_0e45b3-aa, .wp-block-kadence-advancedheading.kt-adv-heading12316_0e45b3-aa[data-kb-block=\"kb-adv-heading12316_0e45b3-aa\"]{border-top:1px solid transparent;border-right:1px solid transparent;border-bottom:1px solid transparent;border-left:1px solid transparent;}}@media all and (max-width: 767px){.wp-block-kadence-advancedheading.kt-adv-heading12316_0e45b3-aa, .wp-block-kadence-advancedheading.kt-adv-heading12316_0e45b3-aa[data-kb-block=\"kb-adv-heading12316_0e45b3-aa\"]{border-top:1px solid transparent;border-right:1px solid transparent;border-bottom:1px solid transparent;border-left:1px solid transparent;}}<\/style>\n<p class=\"kt-adv-heading12316_0e45b3-aa wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading12316_0e45b3-aa\">For Business Owners<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"301\" src=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/freshbooks-logo-1-1024x301.png\" alt=\"FreshBooks logo\" class=\"wp-image-12343\" style=\"width:172px;height:auto\" title=\"\" srcset=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/freshbooks-logo-1-1024x301.png 1024w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/freshbooks-logo-1-300x88.png 300w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/freshbooks-logo-1-768x225.png 768w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/freshbooks-logo-1-1536x451.png 1536w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/freshbooks-logo-1.png 1778w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n\n\n<figure class=\"wp-block-table has-small-font-size\"><table style=\"border-style:none;border-width:0px\"><tbody><tr><td>From \u00a315 per month<\/td><\/tr><tr><td>Free Trial<\/td><\/tr><tr><td>Pricing by Client Number<\/td><\/tr><tr><td>50% Discount &#8211; 3 Months<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n<style>.wp-block-kadence-advancedbtn.kt-btns12316_5784b8-f4, .site .entry-content .wp-block-kadence-advancedbtn.kt-btns12316_5784b8-f4, .wp-block-kadence-advancedbtn.kb-btns12316_5784b8-f4, .site .entry-content .wp-block-kadence-advancedbtn.kb-btns12316_5784b8-f4{margin-bottom:0px;}.wp-block-kadence-advancedbtn.kb-btns12316_5784b8-f4{padding-top:0px;gap:var(--global-kb-gap-xs, 0.5rem );justify-content:center;align-items:flex-start;}.kt-btns12316_5784b8-f4 .kt-button{font-weight:normal;font-style:normal;}.kt-btns12316_5784b8-f4 .kt-btn-wrap-0{margin-right:5px;}.wp-block-kadence-advancedbtn.kt-btns12316_5784b8-f4 .kt-btn-wrap-0 .kt-button{color:#555555;border-color:#555555;}.wp-block-kadence-advancedbtn.kt-btns12316_5784b8-f4 .kt-btn-wrap-0 .kt-button:hover, .wp-block-kadence-advancedbtn.kt-btns12316_5784b8-f4 .kt-btn-wrap-0 .kt-button:focus{color:#ffffff;border-color:#444444;}.wp-block-kadence-advancedbtn.kt-btns12316_5784b8-f4 .kt-btn-wrap-0 .kt-button::before{display:none;}.wp-block-kadence-advancedbtn.kt-btns12316_5784b8-f4 .kt-btn-wrap-0 .kt-button:hover, .wp-block-kadence-advancedbtn.kt-btns12316_5784b8-f4 .kt-btn-wrap-0 .kt-button:focus{background:#444444;}@media all and (max-width: 767px){.wp-block-kadence-advancedbtn.kb-btns12316_5784b8-f4{padding-top:var(--global-kb-spacing-md, 2rem);}}<\/style>\n<div class=\"wp-block-kadence-advancedbtn kb-buttons-wrap kb-btns12316_5784b8-f4\"><style>ul.menu .wp-block-kadence-advancedbtn .kb-btn12316_078a0d-28.kb-button{width:initial;}.wp-block-kadence-advancedbtn .kb-btn12316_078a0d-28.kb-button{background:#0066cc;border-top-left-radius:4px;border-top-right-radius:4px;border-bottom-right-radius:4px;border-bottom-left-radius:4px;border-top-color:var(--global-palette1, #3182CE);border-top-style:solid;border-right-color:var(--global-palette1, #3182CE);border-right-style:solid;border-bottom-color:var(--global-palette1, #3182CE);border-bottom-style:solid;border-left-color:var(--global-palette1, #3182CE);border-left-style:solid;padding-top:var(--global-kb-spacing-xxs, 0.5rem);padding-bottom:var(--global-kb-spacing-xxs, 0.5rem);}.wp-block-kadence-advancedbtn .kb-btn12316_078a0d-28.kb-button:hover, .wp-block-kadence-advancedbtn .kb-btn12316_078a0d-28.kb-button:focus{color:var(--global-palette9, #ffffff);background:#5b8fc3;border-top-color:var(--global-palette1, #3182CE);border-top-style:solid;border-right-color:var(--global-palette1, #3182CE);border-right-style:solid;border-bottom-color:var(--global-palette1, #3182CE);border-bottom-style:solid;border-left-color:var(--global-palette1, #3182CE);border-left-style:solid;}@media all and (max-width: 1024px){.wp-block-kadence-advancedbtn .kb-btn12316_078a0d-28.kb-button{border-top-color:var(--global-palette1, #3182CE);border-top-style:solid;border-right-color:var(--global-palette1, #3182CE);border-right-style:solid;border-bottom-color:var(--global-palette1, #3182CE);border-bottom-style:solid;border-left-color:var(--global-palette1, #3182CE);border-left-style:solid;}}@media all and (max-width: 1024px){.wp-block-kadence-advancedbtn .kb-btn12316_078a0d-28.kb-button:hover, .wp-block-kadence-advancedbtn .kb-btn12316_078a0d-28.kb-button:focus{border-top-color:var(--global-palette1, #3182CE);border-top-style:solid;border-right-color:var(--global-palette1, #3182CE);border-right-style:solid;border-bottom-color:var(--global-palette1, #3182CE);border-bottom-style:solid;border-left-color:var(--global-palette1, #3182CE);border-left-style:solid;}}@media all and (max-width: 1024px){.kb-btn12316_078a0d-28.kb-button .kb-svg-icon-wrap{display:block;}}@media all and (max-width: 767px){.wp-block-kadence-advancedbtn .kb-btn12316_078a0d-28.kb-button{border-top-color:var(--global-palette1, #3182CE);border-top-style:solid;border-right-color:var(--global-palette1, #3182CE);border-right-style:solid;border-bottom-color:var(--global-palette1, #3182CE);border-bottom-style:solid;border-left-color:var(--global-palette1, #3182CE);border-left-style:solid;}.wp-block-kadence-advancedbtn .kb-btn12316_078a0d-28.kb-button:hover, .wp-block-kadence-advancedbtn .kb-btn12316_078a0d-28.kb-button:focus{border-top-color:var(--global-palette1, #3182CE);border-top-style:solid;border-right-color:var(--global-palette1, #3182CE);border-right-style:solid;border-bottom-color:var(--global-palette1, #3182CE);border-bottom-style:solid;border-left-color:var(--global-palette1, #3182CE);border-left-style:solid;}}<\/style><a class=\"kb-button kt-button button kb-btn12316_078a0d-28 kt-btn-size-small kt-btn-width-type-auto kb-btn-global-fill kt-btn-has-text-true kt-btn-has-svg-false wp-block-kadence-singlebtn\" href=\"https:\/\/shareasale.com\/r.cfm?b=1578752&#038;u=3246134&#038;m=52946&#038;urllink=&#038;afftrack=\" target=\"_blank\" rel=\"noreferrer noopener nofollow sponsored\"><span class=\"kt-btn-inner-text\">Visit FreshBooks<\/span><\/a><\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col{display:flex;}.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col{padding-top:0px;}.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col{border-top:1px solid #888888;border-right:1px solid #888888;border-bottom:1px solid #888888;border-left:1px solid #888888;}.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col,.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col{flex-direction:column;justify-content:flex-start;}.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col > .aligncenter{width:100%;}.kt-row-column-wrap > .kadence-column12316_04d9b5-c5{align-self:flex-start;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column12316_04d9b5-c5{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col{flex-direction:column;justify-content:flex-start;}.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col{background-color:rgba(136, 136, 136, 0.01);}.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column12316_04d9b5-c5{text-align:center;}.kadence-column12316_04d9b5-c5{position:relative;}@media all and (max-width: 1024px){.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col{border-top:1px solid #888888;border-right:1px solid #888888;border-bottom:1px solid #888888;border-left:1px solid #888888;flex-direction:column;}}@media all and (max-width: 1024px){.kt-row-column-wrap > .kadence-column12316_04d9b5-c5{align-self:flex-start;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column12316_04d9b5-c5{align-self:auto;}}@media all and (max-width: 1024px){.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col{flex-direction:column;justify-content:flex-start;}}@media all and (max-width: 767px){.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col{border-top:1px solid #888888;border-right:1px solid #888888;border-bottom:1px solid #888888;border-left:1px solid #888888;flex-direction:column;}.kt-row-column-wrap > .kadence-column12316_04d9b5-c5{align-self:flex-start;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column12316_04d9b5-c5{align-self:auto;}.kt-inner-column-height-full:not(.kt-has-1-columns) > .wp-block-kadence-column.kadence-column12316_04d9b5-c5 > .kt-inside-inner-col{flex-direction:column;justify-content:flex-start;}.kadence-column12316_04d9b5-c5, .kt-inside-inner-col > .kadence-column12316_04d9b5-c5:not(.specificity){margin-top:0px;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column12316_04d9b5-c5\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading12316_432a59-f8, .wp-block-kadence-advancedheading.kt-adv-heading12316_432a59-f8[data-kb-block=\"kb-adv-heading12316_432a59-f8\"]{max-width:1000px;margin-right:auto;margin-left:auto;margin-bottom:var(--global-kb-spacing-xxs, 0.5rem);text-align:center;font-size:var(--global-kb-font-size-sm, 0.9rem);font-style:normal;text-transform:uppercase;color:#000000;background-color:#ffffff;}.wp-block-kadence-advancedheading.kt-adv-heading12316_432a59-f8 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading12316_432a59-f8[data-kb-block=\"kb-adv-heading12316_432a59-f8\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<p class=\"kt-adv-heading12316_432a59-f8 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading12316_432a59-f8\">Best Free<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized has-custom-border\"><img decoding=\"async\" width=\"409\" height=\"123\" src=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/zoho-logo.png\" alt=\"Zoho Books Review Logo\" class=\"wp-image-7430\" style=\"border-radius:0px;width:174px;height:auto\" title=\"\" srcset=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/zoho-logo.png 409w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/zoho-logo-300x90.png 300w\" sizes=\"(max-width: 409px) 100vw, 409px\" \/><\/figure><\/div>\n\n\n<figure class=\"wp-block-table has-small-font-size\"><table style=\"border-style:none;border-width:0px\"><tbody><tr><td>From \u00a312 per month<\/td><\/tr><tr><td>1,000 invoices PA Free<\/td><\/tr><tr><td>Integrate with Zoho Apps<\/td><\/tr><tr><td>No Discount<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n<style>.wp-block-kadence-advancedbtn.kt-btns12316_d05370-44, .site .entry-content .wp-block-kadence-advancedbtn.kt-btns12316_d05370-44, .wp-block-kadence-advancedbtn.kb-btns12316_d05370-44, .site .entry-content .wp-block-kadence-advancedbtn.kb-btns12316_d05370-44{margin-bottom:0px;}.wp-block-kadence-advancedbtn.kb-btns12316_d05370-44{padding-top:0px;gap:var(--global-kb-gap-xs, 0.5rem );justify-content:center;align-items:center;}.kt-btns12316_d05370-44 .kt-button{font-weight:normal;font-style:normal;}.kt-btns12316_d05370-44 .kt-btn-wrap-0{margin-right:5px;}.wp-block-kadence-advancedbtn.kt-btns12316_d05370-44 .kt-btn-wrap-0 .kt-button{color:#555555;border-color:#555555;}.wp-block-kadence-advancedbtn.kt-btns12316_d05370-44 .kt-btn-wrap-0 .kt-button:hover, .wp-block-kadence-advancedbtn.kt-btns12316_d05370-44 .kt-btn-wrap-0 .kt-button:focus{color:#ffffff;border-color:#444444;}.wp-block-kadence-advancedbtn.kt-btns12316_d05370-44 .kt-btn-wrap-0 .kt-button::before{display:none;}.wp-block-kadence-advancedbtn.kt-btns12316_d05370-44 .kt-btn-wrap-0 .kt-button:hover, .wp-block-kadence-advancedbtn.kt-btns12316_d05370-44 .kt-btn-wrap-0 .kt-button:focus{background:#444444;}@media all and (max-width: 767px){.wp-block-kadence-advancedbtn.kb-btns12316_d05370-44{padding-top:var(--global-kb-spacing-md, 2rem);}}<\/style>\n<div class=\"wp-block-kadence-advancedbtn kb-buttons-wrap kb-btns12316_d05370-44\"><style>ul.menu .wp-block-kadence-advancedbtn .kb-btn12316_9bf40c-32.kb-button{width:initial;}.wp-block-kadence-advancedbtn .kb-btn12316_9bf40c-32.kb-button{background:#e7bd1f;border-top-color:var(--global-palette1, #3182CE);border-top-style:solid;border-right-color:var(--global-palette1, #3182CE);border-right-style:solid;border-bottom-color:var(--global-palette1, #3182CE);border-bottom-style:solid;border-left-color:var(--global-palette1, #3182CE);border-left-style:solid;padding-top:var(--global-kb-spacing-xxs, 0.5rem);padding-bottom:var(--global-kb-spacing-xxs, 0.5rem);}.wp-block-kadence-advancedbtn .kb-btn12316_9bf40c-32.kb-button:hover, .wp-block-kadence-advancedbtn .kb-btn12316_9bf40c-32.kb-button:focus{color:var(--global-palette9, #ffffff);background:#9c8014;border-top-color:var(--global-palette1, #3182CE);border-top-style:solid;border-right-color:var(--global-palette1, #3182CE);border-right-style:solid;border-bottom-color:var(--global-palette1, #3182CE);border-bottom-style:solid;border-left-color:var(--global-palette1, #3182CE);border-left-style:solid;}@media all and (max-width: 1024px){.wp-block-kadence-advancedbtn .kb-btn12316_9bf40c-32.kb-button{border-top-color:var(--global-palette1, #3182CE);border-top-style:solid;border-right-color:var(--global-palette1, #3182CE);border-right-style:solid;border-bottom-color:var(--global-palette1, #3182CE);border-bottom-style:solid;border-left-color:var(--global-palette1, #3182CE);border-left-style:solid;}}@media all and (max-width: 1024px){.wp-block-kadence-advancedbtn .kb-btn12316_9bf40c-32.kb-button:hover, .wp-block-kadence-advancedbtn .kb-btn12316_9bf40c-32.kb-button:focus{border-top-color:var(--global-palette1, #3182CE);border-top-style:solid;border-right-color:var(--global-palette1, #3182CE);border-right-style:solid;border-bottom-color:var(--global-palette1, #3182CE);border-bottom-style:solid;border-left-color:var(--global-palette1, #3182CE);border-left-style:solid;}}@media all and (max-width: 1024px){.kb-btn12316_9bf40c-32.kb-button .kb-svg-icon-wrap{display:block;}}@media all and (max-width: 767px){.wp-block-kadence-advancedbtn .kb-btn12316_9bf40c-32.kb-button{border-top-color:var(--global-palette1, #3182CE);border-top-style:solid;border-right-color:var(--global-palette1, #3182CE);border-right-style:solid;border-bottom-color:var(--global-palette1, #3182CE);border-bottom-style:solid;border-left-color:var(--global-palette1, #3182CE);border-left-style:solid;}.wp-block-kadence-advancedbtn .kb-btn12316_9bf40c-32.kb-button:hover, .wp-block-kadence-advancedbtn .kb-btn12316_9bf40c-32.kb-button:focus{border-top-color:var(--global-palette1, #3182CE);border-top-style:solid;border-right-color:var(--global-palette1, #3182CE);border-right-style:solid;border-bottom-color:var(--global-palette1, #3182CE);border-bottom-style:solid;border-left-color:var(--global-palette1, #3182CE);border-left-style:solid;}}<\/style><a class=\"kb-button kt-button button kb-btn12316_9bf40c-32 kt-btn-size-small kt-btn-width-type-auto kb-btn-global-fill kt-btn-has-text-true kt-btn-has-svg-false wp-block-kadence-singlebtn\" href=\"https:\/\/go.zoho.com\/lDU\" target=\"_blank\" rel=\"noreferrer noopener nofollow sponsored\"><span class=\"kt-btn-inner-text\">Visit Zoho Books<\/span><\/a><\/div>\n<\/div><\/div>\n\n<\/div><\/div><\/div><\/div>\n\n\n<style>.kadence-column12316_31e936-34 > .kt-inside-inner-col,.kadence-column12316_31e936-34 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column12316_31e936-34 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column12316_31e936-34 > .kt-inside-inner-col{flex-direction:column;}.kadence-column12316_31e936-34 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column12316_31e936-34 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column12316_31e936-34{position:relative;}@media all and (max-width: 1024px){.kadence-column12316_31e936-34 > .kt-inside-inner-col{flex-direction:column;}}@media all and (max-width: 767px){.kadence-column12316_31e936-34 > .kt-inside-inner-col{flex-direction:column;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column12316_31e936-34\"><div class=\"kt-inside-inner-col\"><\/div><\/div>\n\n<\/div><\/div>\n\n\n<h3 class=\"wp-block-heading\">Rent Prepayment Example<\/h3>\n\n\n\n<p>A business signs a contract for renting a new office. The agreement requires that the whole year&#8217;s rent is paid in advance. The rent is 500.00 per month. The rent of 6000.00 is paid in advance.<\/p>\n\n\n\n<p>The rent is from March to February, and the accounting period is from April to March. Therefore 11 months rent will post to the first year and one month for prepayments.<\/p>\n\n\n\n<p>The transactions are as follows:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Account<\/td><td>Debit<\/td><td>Credit<\/td><\/tr><tr><td>Rent (P&amp;L)<\/td><td>6000.00<\/td><td><\/td><\/tr><tr><td>Bank (Balance Sheet)<\/td><td><\/td><td>6000.00<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>The prepayment double entry year-end journal is:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Account<\/td><td>Debit<\/td><td>Credit<\/td><\/tr><tr><td>Prepayment (Balance Sheet)<\/td><td>500.00<\/td><td><\/td><\/tr><tr><td>Rent (P&amp;L)<\/td><td><\/td><td>500.00<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<script>var appWikiRequestUrl = \"https:\/\/appwiki.nl\";<\/script> <div class=\"js-appwiki-container\" data-key=\"9nfySKxVzwZlDgGh1QWBvyLJ5kem10v9\">&nbsp;<\/div> <script src=\"https:\/\/appwiki.nl\/js\/appwikiwpplugin.js\"><\/script>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prepayment_Calculator\"><\/span>Prepayment Calculator<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Use our simple prepayment calculator to work out how much prepayment to enter to the accounts.<\/p>\n\n\n\n<p>Enter the amount of the original transaction and the amount in months that relate to the current period.<\/p>\n\n\n\n<p>Using the example above for insurance, the figures are as follows:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"609\" height=\"458\" src=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/prepayments-calculator.jpg\" alt=\"Prepayments Calculator Example\" style=\"border:2px solid #0099cc;\" class=\"wp-image-4384\" title=\"\" srcset=\"https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/prepayments-calculator.jpg 609w, https:\/\/www.businessaccountingbasics.co.uk\/wp-content\/uploads\/prepayments-calculator-300x226.jpg 300w\" sizes=\"(max-width: 609px) 100vw, 609px\" \/><\/figure>\n\n\n\n<p>You can now add your figures to the calculator below:<\/p>\n\n\n<style>@media (max-width:480px){#cp_calculatedfieldsf_pform_1{min-height:982px;}}@media (max-width:768px){#cp_calculatedfieldsf_pform_1{min-height:909px;}}@media (max-width:1024px){#cp_calculatedfieldsf_pform_1{min-height:652px;}}@media (min-width:1024px){#cp_calculatedfieldsf_pform_1{min-height:654px;}}<\/style><form name=\"cp_calculatedfieldsf_pform_1\" id=\"cp_calculatedfieldsf_pform_1\" action=\"https:\/\/www.businessaccountingbasics.co.uk\/prepayments\/\" method=\"post\" enctype=\"multipart\/form-data\" onsubmit=\"return fbuilderjQuery.fbuilder.doValidate(this);\" class=\"cff-form \"  data-nonce=\"e62607f066\">\n<input type=\"hidden\" name=\"cp_calculatedfieldsf_pform_psequence\" value=\"_1\" \/>\n<input type=\"hidden\" name=\"cp_calculatedfieldsf_id\" value=\"13\" \/>\n<input type=\"hidden\" name=\"cp_ref_page\" value=\"https:\/\/www.businessaccountingbasics.co.uk\" \/>\n<pre style=\"display:none !important;\"><script type=\"text\/javascript\">form_structure_1=[[{\"form_identifier\":\"\",\"name\":\"fieldname2\",\"shortlabel\":\"\",\"index\":0,\"ftype\":\"fnumber\",\"userhelp\":\"\",\"userhelpTooltip\":false,\"tooltipIcon\":false,\"csslayout\":\"\",\"title\":\"Enter Amount of 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Calculator\",\"description\":\"\",\"formlayout\":\"top_aligned\",\"formtemplate\":\"\",\"evalequations\":1,\"evalequationsevent\":2,\"autocomplete\":1,\"persistence\":0,\"customstyles\":\"\"},\"formid\":\"cp_calculatedfieldsf_pform_1\"}];<\/script><\/pre>\n<div id=\"fbuilder\">\n\t\t<div id=\"fbuilder_1\">\n\t\t<div id=\"formheader_1\"><\/div>\n\t\t<div id=\"fieldlist_1\"><\/div>\n\t\t<div class=\"clearer\"><\/div>\n\t<\/div>\n<\/div>\n\t<div id=\"cp_subbtn_1\" class=\"cp_subbtn\" style=\"display:none;\"><\/div><div class=\"clearer\"><\/div>\n\t<input type=\"hidden\" id=\"_cpcff_public_nonce\" name=\"_cpcff_public_nonce\" value=\"913cf4ab3d\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/wp-json\/wp\/v2\/pages\/4380\" \/><\/form>\n\t\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Prepayments_in_Accounting_%E2%80%93_Summary\"><\/span>Prepayments in Accounting \u2013 Summary<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Prepayments in accounting are payments made in advance of the goods or services provided.<\/p>\n\n\n\n<p>A prepayment journal will adjust the accounts to reflect the amount for the accounting period.<\/p>\n\n\n\n<p>Further reading on prepayments is available on <a aria-label=\"Investopedia (opens in a new tab)\" href=\"https:\/\/www.investopedia.com\/terms\/p\/prepayment.asp\" target=\"_blank\" rel=\"noreferrer noopener\" class=\"rank-math-link\">Investopedia<\/a>.<\/p>\n\n\n\n<p>Return from prepayments in accounting to <a href=\"https:\/\/www.businessaccountingbasics.co.uk\/balance-sheet\/\" class=\"rank-math-link\">balance sheet<\/a> page.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prepayments in accounting can be complicated to grasp. We have, therefore, put together a full description and examples to show you how it works. The information is suitable for both businesses and students. Businesses need prepayments to account for the correct figures in a financial period. 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