Create Accrual Schedule

The process below discusses on how to create an accrual schedule.

Steps

1. From the Accounting module, select Accrual> New Accrual button from the menu options. The Accural Wizard will display.
   
   
   
   
   
   Step 1
   Click Next button to start.
   
   Step 2
   1. The Accrual Code will be autogenerated.
      
      
      
   2. Enter the starting date of the prepayment in the Transaction Date field. By default, this is set to the current date.
      
      
   3. Enter the total amount of the accrual in the Amount field then enter the number of times that the amount will be divided in the Break in Amount field.
      
      
   4. The Reference 1 field denotes the related record that the accrual is based on. The Reference 2field denotes the entity that initiate the accrual. 
      
      
   5. Enter a Description for the accrual. By default, this is set to "Accrual".
      
      
   6. Select the balance sheet posting account for the accrual in the B/S Account field. By default, this is set to the default Accrual account.
      
      
   7. Select the profit and loss posting account for the accrual in the P/L Account field. Select the revenue or expense account where the accrual will be applied.
      
      
   8. Click on the Next button to continue.
   
   Step 3
   The schedule for the accrual transaction and their corresponding amounts will appear. You may change the dates and the amounts as needed. Click Next to continue.
   
   
   
   
   
   Step 4
   The actual journal entries to be done are listed for completeness and will be posted to the Unposted Journals list. Click Next button to continue.
   
   
   
   
   
   Step 5
   1. You can choose to view the prepayment schedule you created. To view and close the wizard, click Finish button. The Print Preview of the created prepayment will display.
      
      
   2. From here you can print or send the Prepayment document.