What are schedules?

Schedules are accounting records that allocate revenue or expenses across multiple accounting periods rather than recognizing them all at once. They help businesses accurately account for items such as fixed assets, prepaid expenses, deferred revenue, and other recurring accounting activities.

Example: A business prepays an annual insurance policy. Instead of recording the full expense immediately, it creates a schedule that recognizes one month's expense each month over the life of the policy.

Related terms: Automated Schedules, Accrual Accounting, Depreciation, Prepaid Expenses, Journal Entry