a. Accrued Expenditure – for example allowing for electricity used but not yet billed.
b. Accrued Income – for example (contract) work done but not yet billed, or rent due to you but paid to you in arrears. This will be handled exactly the same ways as Accrued Expenditure but will use a different Method.
Some of the PREPAYMENTS could be entered at the time you receive the invoice.
So when the Insurance is paid you can copy the transaction directly into the prepayment section and the system will divide the value by 12, putting 1/12 into the following 12 months.
Click on Copy Xtion to get this box: