Create a Prepaid Expense schedule

Mark an expense as prepaid from Bank Transactions, then open Prepaid Expenses to review schedule follow-up work for the transaction.

Workflow

Step 1

Open Bank Transactions

Start in Bookkeeping > Bank Transactions and select the bank accounts you want to review so transaction rows are visible.

Screenshot showing Bank Transactions with all bank accounts selected

Step 2

Select transaction

Choose the expense transaction that should be tracked as a prepaid expense instead of expensed immediately.

Screenshot showing an Upwork transaction categorized as Prepaid Expenses

Step 3

Review category

Confirm the payee and category are correct. If you changed either field, save the transaction before continuing.

Screenshot showing the transaction side panel with the Prepaid Expenses category

Step 4

Review follow-up

Use Create Prepaid Schedules to move to Prepaid Expenses, then review any missing or pending schedule work on the Identification tab.

Screenshot showing the Prepaid Expenses Identification tab with an attention message

Step 5

Open schedule action

Use the action menu on a transaction that needs schedule work, then choose Create Schedule.

Screenshot showing the Create Schedule action in Prepaid Expenses

Step 6

Open schedule form

Review the schedule fields that Truewind prefilled from the transaction, including amount, payee, class, transaction date, and notes.

Screenshot showing the prepaid schedule form in Truewind

Step 7

Select convention

Choose the amortization convention that matches how the prepaid expense should be recognized over the service period.

Screenshot showing amortization convention options in the schedule form

Step 8

Review preview

Confirm the service period, term amount, and carrying amount before saving the schedule.

Screenshot showing the calculated schedule preview

Step 9

Create schedule

When all required fields are complete, use Create Schedule to save the schedule and link it back to the transaction.

Step 10

Review schedule

Return to the Identification tab and confirm the transaction no longer needs follow-up after the schedule is created or linked.

Screenshot showing the Prepaid Expenses Identification tab for schedule review

What to verify

Confirm the transaction uses the prepaid account, then review the amortization convention, schedule preview, and Identification status before considering the schedule complete.

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