FrontAccounting forum — revenue / cost accurals

Re: revenue / cost accurals

null@example.com (aleifuuwork) — Thu, 02 May 2019 12:42:21 +0000

I've got the following error message when trying spread out over 2 years of lease ( acrrued in 2019 and 2020 )

And yes, I have defined / created 2020 fiscal year

"Some of the period dates are outside the fiscal year or are closed for further data entry. Create a new fiscal year first!"

Is there a way to modify these ?

Re: revenue / cost accurals

null@example.com (apmuthu) — Sat, 16 Jul 2016 03:12:21 +0000

Done.

Re: revenue / cost accurals

null@example.com (kvvaradha) — Wed, 13 Jul 2016 08:09:11 +0000

That's nice one. Just make it wiki for further reference to forth coming users.

Re: revenue / cost accurals

null@example.com (apmuthu) — Tue, 12 Jul 2016 20:45:07 +0000

Assume you pay an annual lease of Rs. 40,000/- in April (Indian Accounting year begins on Apr 1st and ends on Mar 31st but the govt is looking into fiddling with it now) and would like to account for it as an expense each quarter to help with proper costing of overheads, then this module will apportion the amount into 4 equal parts as if payable at the beginning of each quarter.

2015-04-01 By Property Owner Cr. 10000
2015-04-01 To Lease Expenses A/c Dr. 10000
2015-05-16 To Property Owner Dr. 40000
2015-05-16 By Bank Chq A/c Cr. 40000
2015-07-01 By Property Owner Cr. 10000
2015-07-01 To Lease Expenses A/c Dr. 10000
2015-10-01 By Property Owner Cr. 10000
2015-10-01 To Lease Expenses A/c Dr. 10000
2016-01-01 By Property Owner Cr. 10000
2016-01-01 To Lease Expenses A/c Dr. 10000

Re: revenue / cost accurals

null@example.com (kvvaradha) — Mon, 11 Jul 2016 23:29:35 +0000

@Apmuthu, if you list some examples that would be more helpful to all.

Re: revenue / cost accurals

null@example.com (apmuthu) — Sun, 10 Jul 2016 02:19:39 +0000

Insurance was just an example there. It can be for any costs/ income pertaining in part or whole to another fiscal year provided for here for later dated allocation or as for previous dated allocation.

Re: revenue / cost accurals

null@example.com (kvvaradha) — Fri, 08 Jul 2016 16:37:35 +0000

This is not related to the closing of fiscal year. It actually deals with insurance for the stocks. Here you can get some explanations.

Revenue/Cost accruals are the accounting transactions to account for expenses in the same accounting period in which revenue is generated. Cost accruals are also referred to as Cost of Goods Sold or Cost of Sales.

revenue / cost accurals

null@example.com (hgati) — Wed, 06 Jul 2016 00:58:16 +0000

I wonder

What is this?
How to use?
Related to closing fiscal year ?