Revenue / Cost Accruals Module v.22
|Posted by Joe (joe) on Dec 15 2009|
|News from the Editor >> Program|
A Revenue / Cost Accruals Module for release 2.2 is available on the Downloads - Module Section.
This extension performs Revenue / Cost Accruals.
Revenue / Cost Accruals is a way of distributing the revenue / cost
accruals into periods where the revenue / cost should have been taken.
You pay a yearly Insurance for your stocks for $2000. This is paid in January.
Credit Bank Account $2000. Debit would be an accrued balance account in the
assets section. Not the normal expense account for insurance.
Now you decide to Accrual this expense from your accrued balance account into
the expense account for insurance during 12 periods of 1 month.
Go into Banking and General Ledger, Revenue / Cost Accrual that would be on
the right hand side below.
Check that the date is correct (should be the same day as the first booking
of the amount $2000.
First select the accrued balance account you used.
Then you can search the amount, by clicking on the search image beside the amount.
Here you see the last transactions for the previous month up to the date and you
should find your $2000 amount. Click on the the trans_no number. Now the popup window
disappear and your date field and amount field are automatically filled out.
Now it's time to decide the frequency (normally this is a month, but you can
choose from Weekly, Bi-weekly, Monthly and Quarterly).
And the number of periods you want this frequency to appear.
Before you click the Process Accruals you can press Show GL rows, to see if
everything seems right. If so, you can finish by clicking the Process Accruals.
Now the accruals are made for you.
The Revenue Accruals is performed the same way. Just that you choose a liability
account for the revenue accruals.
The amount would be with a minus sign.
Last changed: Dec 16 2009 at 7:04 amBack