Prepaid expense definition

Prepaid expense means an item paid in advance by a seller of real property and prorated between a seller and buyer at the time of closing on a property including property tax, insur- ance, assessment, fuel and utilities, and others.
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Examples of Prepaid expense in a sentence

  • Prepaid expense amounts are recognized as expense on an accrual basis during the service period.

  • Prepaid expense specific to a particular period will be expensed when the period arrives and the costs will be treated as a period cost for that period.

  • Prepaid expense represents advance payments made to vendors for expenses applicable to a future period.

  • Each of the groups also established their own reference groups comprised of representatives from different ministries, external services and affected parties.

  • Prepaid expense corresponds to expenses paid during the period that relate to subsequent periods.

  • Prepaid expense may include the per-diem interest to the end of the month on the new loan, hazard insurance premium deposits, flood insurance, mortgage insurance premium and any real estate tax deposits needed to establish the escrow account.

  • Prepaid expense consists of deposits and services to be rendered within the next 12 months of operations.

  • Prepaid expense accounts are not used for recording unexpired insurance premiums or service contracts for equipment maintenance unless not doing so would result in more than one year’s cost being recorded.

  • The Other Prepaid expense - input tax account showed a carryover balance from CY 2012 of P2,010,647.92 arrived at as follows:Beginning Balance2,172,952.70Input Tax Claimed for 4th Quarter-2012(162,304.78)Input Tax Carry Over2,010,647.92 The amount of P2,010,647.92 was not reflected in the 4th Quarterly VAT return of 2012 (paid in January 2013) as overpayment or in the 1st Quarterly return of 2013 as Input Tax Carried Over from previous period.

  • Prepaid expense - the portion of fund balance that is not an available resource because itrepresents the year-end balance of prepaid expenses.

Related to Prepaid expense

  • Prepaid Expenses has the meaning set forth in Section 1.2(f).

  • Prepaid contract means any Contract that has terminated or been prepaid in full prior to its scheduled expiration date (including because of a Casualty Loss), other than a Defaulted Contract.

  • Extra Expense means expense or cost incurred (1) to continue the conduct of the Assured’s business,

  • Excluded Expenses means an amount a claimant pays for insurance offered under a health benefit plan for a taxable year if:

  • Consolidated Depreciation Expense means, for any period, the depreciation expense of Borrower and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

  • Intercompany Payables means all account, note or loan payables and all advances (cash or otherwise) or any other extensions of credit that are payable by Seller or any of its Affiliates (other than the Company or its Subsidiaries) to the Bank, the Company or its other Subsidiaries.

  • Accounts Receivable means in respect of any Person, (a) all trade accounts and notes receivable and other rights to payment from customers and all security for such accounts or rights to payment, including all trade accounts receivable representing amounts receivable in respect of goods shipped or products sold or otherwise disposed of or services rendered to customers, (b) all other accounts and notes receivable and all security for such accounts or notes, and (c) any claim, remedy or other right relating to any of the foregoing.

  • Allocated Loss Adjustment Expenses or “ALAE” means all court costs and court expenses; pre- and post-judgement interest; fees for service of process; attorneys’ fees; cost of undercover operative and detective services, costs of employing experts; costs for legal transcripts; costs for copies of any public records; costs of depositions and court-reported or recorded statements; costs and expenses of subrogation; and any similar fee, cost or expense reasonably chargeable to the investigation, negotiation, settlement or defense of a loss or a claim or suit against you, or to the protection and perfection of your or our subrogation rights.

  • Covered Expense means expense incurred only for the following:

  • Prepaid Monthly Payment Any Monthly Payment received prior to its scheduled Due Date, which is intended to be applied to a Mortgage Loan on its scheduled Due Date and held in the related Custodial Account for P&I until the Withdrawal Date following its scheduled Due Date.

  • Loss Adjustment Expense means costs and expenses incurred by the Company in connection with the investigation, appraisal, adjustment, settlement, litigation, defense or appeal of a specific claim or loss, or alleged loss, including but not limited to:

  • Cure Amounts means all cure amounts payable in order to cure any monetary defaults required to be cured under Section 365(b)(1) of the Bankruptcy Code or otherwise to effectuate, pursuant to the Bankruptcy Code, the assumption by the applicable Seller and assignment to Purchaser of the Purchased Contracts.

  • Amounts receivable by the Trust in a foreign currency shall be reported to the Evaluator who shall convert the same to U.S. dollars based on current exchange rates, in the same manner as provided in Section 4.01(b) or 4.01(c), as applicable, for the conversion of the valuation of foreign Equity Securities, and the Evaluator shall report such conversion with each Evaluation made pursuant to Section 4.01."

  • Off-Balance Sheet Liabilities of any Person shall mean (i) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (ii) any liability of such Person under any sale and leaseback transactions that do not create a liability on the balance sheet of such Person, (iii) any Synthetic Lease Obligation or (iv) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person.

  • Consolidated Depreciation and Amortization Expense means, with respect to any Person for any period, the total amount of depreciation and amortization expense, including the amortization of deferred financing fees or costs, capitalized expenditures, customer acquisition costs and incentive payments, conversion costs and contract acquisition costs, the amortization of original issue discount resulting from the issuance of Indebtedness at less than par and amortization of favorable or unfavorable lease assets or liabilities, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.

  • Rental Expense means, with respect to any period, the aggregate amount of rental payments made by the Company and its Subsidiaries (determined on a consolidated basis) for such period with respect to operating leases.

  • Cash on Hand means, as of any date, all xxxxx cash, vault cash, teller cash, ATM cash, prepaid postage and cash equivalents held at a Branch.

  • Transportation Expense means the cost of Medically Necessary conveyance, personnel, and services or supplies.

  • Off-Balance Sheet Liability of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any indebtedness, liability or obligation under any so-called “synthetic lease” transaction entered into by such Person, or (c) any indebtedness, liability or obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person (other than operating leases).

  • Seller Expenses has the meaning set forth in Section 11.1.

  • Petty Cash means a sum of money set aside on an imprest basis for the purpose of making change or paying small obligations.

  • Consolidated Lease Expense for any period, the aggregate amount of fixed and contingent rentals payable by the Parent Borrower and its Restricted Subsidiaries for such period with respect to leases of real and personal property, determined on a consolidated basis in accordance with GAAP.

  • Prepaid Rent means any payment of money to the landlord for a rent obligation not yet

  • Accounts Payable means all trade and other accounts payable, including accrued expenses, owed by the Company.

  • Consolidated Amortization Expense means, for any period, the amortization expense of Borrower and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

  • Accrued Expenses means the accrued and unpaid expenses appearing as a Liability on the Preliminary Closing Statement or the Final Closing Statement.