Are prepaid funeral expenses treated as an asset?

Geekseeker
Geekseeker Quicken Windows Subscription Member
edited April 2024 in Registers & Transactions (Windows)

What type of account is used for prepaid funeral expenses? Is it treated as an asset, investment?

Answers

  • Chris_QPW
    Chris_QPW Quicken Windows Subscription Member ✭✭✭✭

    I think would call it an asset and use an asset account to record it if I was recording such a thing.

    Signature:
    This is my website (ImportQIF is free to use):

    http://www.quicknperlwiz.com/

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    edited March 2024

    This would, to my thinking, be a matter of personal choice.

    Part of the decision would involve if the time frame until the funeral is known. For my late wife, those "prepaid expenses" were paid 3 days before her death (in 2007), so I recorded them as expenses.

    If the time frame is unknown/indefinite, I can certainly see recording them as an asset … but I wouldn't create an account specifically for them. I have a "Personal Assets" account which records an assortment of items.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

This discussion has been closed.

Categories