I'd like to pre-pay the building lease and don't want the expense to be doubled on my income statement for the current month since I've already paid the rent for this month. I believe that I need to set up a pre-paid GL account on the balance sheet. I don't have any pre-paid accounts on my chart of accounts currently and am not positive if it should be a liability account or an asset account. I think it's an asset account however and the entry would be a credit to cash and a debit to pre-paid rents, correct? Thanks for your help.

A prepaid account is a current asset. You are correct, you would debit the prepaid account and credit cash. Don't forget to reverse the entry on the first of the following month.

You would...

Debit Prepaid Rent (a current asset account)
Credit Cash (a current asset account)