Easier way to enter in prepaid bills that are expensed over multiple periods?
I have been using Quickbooks for a while now (Quickbooks Pro 2006, we use multicurrency), but our company has a relatively small number of transactions, so we have been getting by with entering transactions only every few months, and usually they are fairly simple. We have some annoying ones like the example below, but it isn't that frequent to really both us, but I'm looking for a quicker way to enter some things without having to calculate everything myself.
Now I am not an accountant (just stuck doing the quickbooks work as we are a very small company), but I am schooled in accountancy so I am quite capable of creating journal entries for the various types of transactions we have, and understanding how to "theoretically" enter our transactions. The problem is, when it comes to actually doing it in Quickbooks, there are so many times I find myself manually entering multiple journal entires for something, when I think "There has to be a way for Quickbooks to do this automatically, as people do stuff like this all the time"
Here is an example of a transaction, and I would like to know if there is a better way to do it.
We receive a bill on June 30 which is for Insurance covering July 1 - Dec 31. I want to accrue the insurnace over the two quarters July-Sep and Oct-Dec. So here is the journal entry way to do it: (I don't know how the spacing is going to show up so I'll just denote debits and credits)
June 30 - Bill Received- (Debit) Prepaid Expense 200 (Credit) Account Payable 200
July 1 - First part accrued - (Debit) Insurance Expense 100 (Credit) Prepaid Expense 100
July 2 - Bill Paid - (Debit) Account Payable 200 (Credit) Bank Account 200
Oct 1 - Second part accrued - (Debit) Insurnace Expense 100 (Credit) Prepaid Expense 100
Is there any easier way than entering 4 journal entries? Even that wouldn't be so bad, but I have to do 4 seperate ones, and it's to get lost where you are, and if the numbers aren't easily divisible then that requires writing it all out first, etc... it's easy to make a mistake.I also can't really tie them together- it would be nice if you could have something to denote that a set of journal entries are related (please chime in if anything I say like this is possible in Quickbooks).
I know about things like memorized transactions, but that still requires a lot of manual work, and still seems like a fairly poor way to do things.
Is there no way in Quickbooks for me to add a bill, give the date it was received and paid, and then allow me to enter the number of preiods/frequency it should be accrued and it automatically calculates the breakdown and adds the journal entries? How does everyone deal with this kind of situation on a daily basis?
Kind regards and thank you for any advise.