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How to record prepaid expenses

Becky Smith April 20, 2010July 2, 2018

Expenses that are purchased and paid for in advance are classified as prepaid expenses. For example, a horse stable may purchase fire insurance to protect the business from unforeseen occurrences. The following will show how to account for a fire...

Becky Smith has a rich background in music, business, accounting and equestrian studiesâ€”just some of the experiences and interests that she brings to the table in her role as blogger here on Saratoga.com. Her passionate love for all equines has drawn her close to the species, in an intuitive way that helps her truly understand the horses she encounters in her various volunteer and professional efforts. Her passion started at a young age when she relished jumping vegetable crates with her stick horse on the front lawn of her familyâ€™s farm. It wasn't long before she graduated to riding a real, live horse named Candy Lane. From there she moved up to showing her pony, Flash and horse, Karib. Becky is fascinated with all aspects of the horse world. She has experience with western, English, jumping, dressage, Centered Riding and gymkhanaâ€”and every day discovers new disciplines and breeds, adding to her storehouse of knowledge and enthusiasm.

Becky has worked in accounting for over 10 years, and envisions growing her business, Equiccount, to serve and advise those who, like herself, love horsesâ€”but who may not have her business acumen. Her connection to the horse and understanding of horse people sets Equiccount and Becky apart from other business advisors who may not get the spirit of equine business with as much depth. Many accountants love accounting. All horse people love horses. Becky feels passionately about both, and so brings fresh insight to the intersection where the two worlds meet. Her blog will help readers grow their own equine businesses, while gaining knowledge of basic business and accounting principles as taught from a compassionate standpoint. In other words, she gets it that readers may be bored to tears by the nuts and bolts of accounting and business. And that's OK, too: as long as she gets it, advisees can hand the reins to her and know that they'll get a smooth ride, and clear every obstacle on the course.