Amortizable Prepaid Report

This Reconciliation Type provides specialized calculations for amounts that are amortized over future periods. There are several examples of this report type and you can get to them all from the Amortizable Prepaid Reconciliation Type page.

Here is one of the sample reports for the Prepaid Property Tax account.

Major Report Elements

• The top of the report shows the account number, the account name and the date of the reconciliation.
• The Amortizable Items section shows each item that is being amortized, the date amortization starts, when the amortization should end, the original amount of the item, and the balance remaining to be amortized.
• Any reconciling items would appear in the Reconciling Items section and show the date the item occurred and the amount of the item.
• The General Ledger Balance was entered when preparing the reconciliation, and the Unidentified Difference is calculated by RecWizard. If all reconciling items had not been included, the Unidentified Difference would show the amount not yet identified and reconciled.
• The persons preparing, approving and reviewing the reconciliation, and the dates of their actions, are shown next.
• The Comment area would show any additional information that the person reconciling the account thought was important to clarify this account balance. The Comment will only appear for the month the Comment was written. It will not repeat in any other month.
• As a reminder of what should be done, the Account Description and Company Policy and/or Procedure is shown every month.

While you may want to live in a totally "electronic environment", it is normally a good practice to print your reconciliation report and keep it in a file with any appropriate copies of supporting documentation.

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