Before you accrue a customer invoice, you need to make sure:
- That the functionality or part thereof you want to use has been turned on under Setting - Accounting - Accruals.
- That you have a pre-selected journal type for accruals set up under Settings - Accounting - Journal Types.
- If you want to use default accounts when accruing you can add them under Registry - Chart of Accounts - Default accounts, in the section for Accruals & Pre-payments.
Workflow for the Accrual of a Customer invoice
- Go to the main menu on the left side of your screen and select Invoicing - Customer Invoices. Click on Create Customer Invoice. Once you have entered the customer, the invoice date, and the items that should be invoiced you apply an accrual to your invoice.
- Click on the accrual icon 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.
Set the period and which frequency you want to use for your accrual.
You can change the total accrual amount in case it is not the entire invoice amount that should be accrued.
Enter the accruals account and income account if you do not have default accounts already set up.
- If you have turned on the possibility to accrue te invoices with VAT use the radio button VAT Included to make the VAT accrual account & VAT account appear.
- If necessary select the journal type the accrual journals should be posted with.
- The journal description is entered automatically: Accrual of Customer invoice Serial number. If you want to give the accrual journal another name you can input it here automatically.
- 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.
- Click save to save you accrual settings.
If we need to carry out a round off a warning tells you how much of the accrual amount needs to be rounded. This amount will be posted to the Invoice journal on the income account.
- Now you need to post your customer invoice to create the accruals.
The accrual account is sent to the journal to balance it out.
- The accruals icon lights up in the customer invoice list to indicate that the invoice is accrued.
Carrying out Accruals
If you want to carry out your accruals, click on Accounting - Accruals in the main menu.
You can filter the list to get a detailed overview of all registered accruals, which includes carried out accruals, not carried out accruals, and deleted accruals.
To carry out an accrual check the checkbox on the left of the row and then click Execute in the bottom right corner. An accounting journal is created and added to the accruals series in the journal list. All accruals that can be carried out have their boxes clickable. Accruals can only be carried out within one financial year but can be carried out before their period.
Your accruals report will give you an overview of your accruals and their various states.