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Use this form to create and manage accrual schemes.

When you create an accrual scheme, you ensure that an expense or income is posted in the period in which it occurs, regardless of whether the related payment has been made or received in that period.

Tasks that use this form

Example

Accrual schemes could easily apply to the following:

  • Insurance

  • Magazine and newsletter subscriptions

  • House rent

When you calculate the profit for January, for example, you should deduct only the expenses that relate to that month. If you paid expenses for February and March in January, you could set up an accrual scheme to ensure that only the January expenses are deducted in the January profit calculation.

Navigating the form

The following tables provide descriptions for the controls in this form.

Tabs

Tab

Description

Overview tab

Create and view accrual schemes.

General tab

Set up additional information for the selected accrual scheme, such as duration and posting rules.

Fields

Field

Description

Enter or view identification for the Accrual schemes.

Type or view a description for the Accrual schemes.

Enter the debit account number for posting in the General ledger.

Note Note

Ledger accounts are represented with both a debit and a credit account, because accrued debit amounts should be posted to an asset account, and accrued credit amounts should be posted to a liability account.

Enter the credit account number for posting in the General ledger.

Note Note

Ledger accounts are represented with both a debit and a credit account, because accrued debit amounts should be posted to an asset account, and accrued credit amounts should be posted to a liability account.

Select the voucher number method for the Ledger accrual table.

The choices include:

Voucher

Description

The main voucher number is used for all transactions.

A new voucher number is used for all accrued transactions.

A new voucher number is generated for each transaction date.

Select the Number sequences to handle automatic allocation of voucher numbers. This is necessary if the Voucher is different from the Base.

If transaction text is entered, this will be used on all the accrued transactions. More help….

Select whether the posting will be placed at the Beginning, Middle, or End of the period.

Select the calendar type, which determines whether accruals will be made in accordance with the fiscal year, the calendar year, or a custom period.

Select the number of period types this scheme must cover. If, for example, Calendar type is Calendar, Period frequency is Yearly, and Length is 3, the accrual scheme covers 3 years.

Note Note

If Period type is Allocation key, the Length field is unavailable.

If Allocation key is selected as Calendar type, select the Period key.

If Calendar or Fiscal is selected as Calendar type, choose the Posting frequency. The options are:

  • Day

  • Week

  • Month

  • Quarter

When setting up Period frequency, the duration of Posting frequency is not necessarily the same. For example, a Period frequency of two years would typically require monthly Posting frequency.

If Month or Quarter is selected as Posting frequency, choose from:

Select

Description

If all months or quarters should be debited by the same amount.

If each month should be debited, based on the number of days measured relative to the total numbers of days.