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Accruals (26 001 400)

by Team VISION Bulgaria Ltd.
  • App Type

  • Business Need

    Accounting, Tax Management
  • Works With

    Microsoft Dynamics NAV 2009
  • Industry Focus

    General - Applicable to All

The Accruals granule includes functionality, which allows easy and quick allocation of expenses and revenues at the moment these first appear. This eliminates the necessity of monthly calculation of expenses and revenues and their future recognition.

The functionality is the same for expenses and revenues, therefore below only the expense accruals functionality is described.
• In the system, you prepare to post the expense amount to be accrued to the Expense Accrual Account;
• For this accrual expense you define:
- The expense account, to which the accrual amount should be allocated.
- The number of allocation periods;
• The length of these periods (i.e. day, week, month, etc.). Note: All periods are with the same length;
- The system calculates and creates journal lines for the allocation, based on the defined parameters (i.e. the system calculates allocation amount, posting date, account and balance account). Lines can be corrected manually;
- The accrual expense is posted;
- Depending on the user, the allocation can be posted with two different options:
• For all future periods, at the moment of posting the accrual expense;
• At the end of each month, through a report. The report prepares for posting all initially calculated allocations for expenses to be recognized for this month.

The accrual functionality can be used from sales or purchase document (i.e. subscription invoices), or from general journals (i.e. local taxes).

An advantage of the functionality is that though it is developed for accrual purposes it can be used to post expenses or revenues for a past period, when the relevant document (invoice, general journal) is issued in the current period.

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