The bookkeeper advised you that $7,392 paid to InsuranceCo on 19th July 2019 for business insurance was for the 12 months to the end of June 2020.

You are required to working on the manual journal entry to adjust the insurance expenses claimed for the month of July 2019 and the remainder($6,160+GST) to Prepayments.

So how to work with the following form

Posted Journal Options - Narration Date Adjust insurance payment for end of July 2019 31 Jul 2019 Default narration to journal line description Show journal on cash basis reports (? Amounts are Tax Inclusive Description Account Tax Rate Debit AUD Credit AUD X X 4 Add a new line Subtotal 0.00 0.00 GST 0.00 0.00 TOTAL 0.00 0.00 Post Cancel