If I have a reoccurring monthly expense can I just enter it once for the entire year or do I need to enter each monthly transaction. We rent a storage unit for our business and its $100 a month. Can I enter one transaction for $1200 or should I enter a transaction each month for $100. Should I use a preexisting account number or should I create an account called "storage unit".
As you said, it is a monthly expense, so it needs to be added as an expense monthly
If you pre-pay the 1,200 for the year, then you book that amount to an asset account you create called pre-paid storage (or something). Then set up a recurring transaction for the monthly amount (100) to debit storage expense, and credit the pre-paid storage account