Accruals

 

AN ACCRUAL IS TAKING INTO ACCOUNT AN EXPENSE, WHICH HAS ACTUALLY BEEN INCURRED WITHIN THE RELEVANT ACCOUNTING PERIOD, BUT NOT INVOICED UNTIL THE SUBSEQUENT ACCOUNTING PERIOD.
 
 

ACCOUNTS PRODUCTION > ACCRUALS

 
An accrual is taking account of an expense incurred therefore only the expense accounts are listed on this screen.
 
Date                        
 
Enter date the accrual is effective, normally end of the accounting period.
 
 
Account Name                  
 
Select the appropriate expense account.  Enter the amount you are accruing opposite the account name.
 
 
Post Entries                       
 
Click on Post Entries to process and save the entry.
 
 
 
Complete Accrual Entry:
 
Debit                     Expense Account            Profit and Loss Account
Credit                    Accrual Account              Balance Sheet Account
 
 
 
Upon selecting “Post Entry” the following message appears to confirm the journal has been posted.
 
  • Select “OK”
 
graphic
 
 
 
Please Note: the message indicates that the REVERSAL of the accrual has automatically been posted on the last day of the following month.
 
 
To view the completed accrual journal entry go to the daybook.
 
 

FILE >  DAY BOOK AND CORRECTIONS

 
 
Date Range
 
Enter the relevant date range (remember to include the reversal date which is at the end of the following month)
 
 
The automatic reversal journal can be viewed here also.
 
 
 
 
PLEASE NOTE: THE DELETION OF THE ACCRUAL THROUGH THE DAY BOOK WILL NOT AUTOMATICALLY DELETE THE REVERSAL ENTRY - THIS AUTOMATICALLY GENERATED REVERSAL ENTRY WILL NEED TO BE MANUALLY DELETED ALSO.
 
IN ADDITION, THE AMENDMENT OF THE ORIGINAL ACCRUAL AMOUNT THROUGH THE DAYBOOK (USING THE F4 FUNCTION) WILL NOT AUTOMATICALLY AMEND THE REVERSAL AMOUNT - THIS WILL NEED TO BE MANUALLY AMENDED ALSO IF REQUIRED.
  

Need help? Support is available at 01 8352074 or support@thesaurus.ie.

GeneralBureau Users OnlyCompany SetupCustomersSuppliersProductsOpening BalancesCustomising for your useSales EntrySales Invoice PrintingCustomer StatementsReceipts EntrySales Related ReportsBad DebtsPurchases EntryPayments EntryPurchases Related ReportsSupplier Remittance AdviceBank TransfersReconciling Bank AccountsCorrections and DeletingVAT ReturnsDirectors TransactionsSubcontractorsPrincipal ContractorsFixed AssetsReportsPetty Cash TransactionsLease RepaymentsHire Purchase RepaymentsDirectors Salary / RemunerationThesaurus Payroll JournalThird Party Payments / Form 46GJournal EntryAudit FileAccounts ProductionStock ControlArchive TransactionsBacking up your Company FilesRestoring a Back UpCSV ImportSchools Version