Patent accounting

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Posted on by BrianHubbert

hello - new to forum - looking for insight from someone who uses GP to aggregate patent application cost then once a patent is granted amortize the aggregated cost over the remaining patent term - appears to be no software on the market that does this - appreciate any help

Thanks - Brian

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BrianHubbert 85 on at

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RE: Patent accounting

thanks!
L Vail 65,271 on at

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RE: Patent accounting

I'm with Warren,

I too would use fixed assets. Each additional cost would have the same asset number, but with a different suffix. Doing it that way you could tie each cost addition back to the invoice, yet accumulate the cost under a 'single' fixed asset.

Kind regards,

Leslie
Community Member Microsoft Employee on at

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RE: Patent accounting

I would use Fixed Assets
Community Member Microsoft Employee on at

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RE: Patent accounting

Brian, it's old school but i would use MDA to accumulate these costs at a GL account level, then when granted you could move to another account with a JE or just leave and setup as a reacurring entry to amortize the costs. We use in this manner for similar topic. Good Luck!!