In the module General Ledger → Revenue / Costs Accruals, you can book revenues and costs referring to many reporting periods or other reporting periods.
Usually, it is used in depreciation of fixed assets (you will find in on the module Fixed Assets).
How to book revenue and costs accruals
- Select Accrued Balance Account, that is an account from which there will be a transfer (credit)
- Revenue / Cost Account is an account on which there will be a transfer (debit)
- In the box Reference line, you can select a forms setup, where the documents will be saved
- There can be a box Dimension in a form, if the Dimensions are used; the program allows a user to classify the documents to a given dimension
- In the box Amount, you enter an amount which will be booked in every period
- In the box Frequency, you define how often there will be a transfer
- In the box Periods, you define how many periods there will be
By clicking on the button Show GL Rows, you can see how the document will look like. If it is correct, click on the button Process Accruals.
How does it work
- program creates documents of Journal Inquiry type for every period – one for every period
- there is no limit for the number of documents – the number of periods is important
- you can view created documents in the Journal Inquiry; setting date range may be necessary
- you can save the documents related to the ongoing fiscal year; you need to adjust the number of periods, so it doesn’t go beyond the fiscal year