Workflow for the Accrual of a Journal
- Go to the main menu on the left side of your screen and select Accounting - Journals - Create Journal.
- At this point you can enter a journal description that will follow through to the accrual input view or you can click on the accrual icon you find in the upper right corner of your page.
This will open an accruals window where you can fill in the information necessary to set up your accrual or change the pre-filled data. see below.
- Set the period and which Frequency you want to use for your accrual.
Select if your accrual should be calculated by Days or Months.
Enter the Net amount to be accrued.
Enter the accruals account and a cost or income account, as well as any VAT amount to be accrued.
- If necessary select the journal type the accrual journals should be posted with.
- The journal description is entered automatically if you have not already entered one: Accrual of journal XXX. If you want to give the accrual journal another name you can input it here as well.
- The journal coding appears automatically in the journal preview. If necessary you can edit manually and enter Cost Centres or Projects. If there are marked as mandatory and suggested in the chart of accounts they will appear automatically.
Note: When calculating accruals by days:
- Instead of the actual amounts, we display % in the coding view.
- You can only edit debit and credit on the cost account row.
- You may add additional rows but make sure the total makes up 100%.
- Click on Save when you are done.
- This will create one line on your journal with the selected accrual account. You need to fill in a counter-account for your journal to balance. Now you can click on Post to create your accruals.
The revenue or income account you selected in the accrual window will be the counter-account on the accrual journals.
- The accrual icon lights up in the journal in the journal list to indicate which journals are accrued.
Tip: When working with Journals you can set debit or credit on your accounts in the chart of accounts so that the cursor automatically jumps to the correct debit or credit kolumn, helping to avoid mistakes during input.