Here you can observe the procedure of creating accruals and deferrals. Plus, the settings you must set when trying to use them for the first time.
1. Settings in Document Types - (Using the Module for the First Time)
Set debit posting side since accruals and deferrals are created from received invoice. Post it to account 190. Plus, it is reposted to account 4000 when performing automatic posting. Below you can see that you can change the account at will. Since the received invoice only contains one line, you can uncheck Merge Invoices.
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Off-Work Categories
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We can define off-work categories. Those are days when accruals and deferrals will not be posted. Pantheon will post them on first next working day.
Off-work categories can be setup in Personnel / Calendar / Company. We use right mouse button to get New entry command; select entry type from drop down menu, review dates and confirm the record with button Save to calendar.
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2. Entering and Posting of Received Invoice
Enter received invoice with account for accruals/deferrals in line as marked bellow.
Posts are:
3. Creating Accruals and Deferrals
Open the module directly from the document by clicking Accrual/Deferral (see above image) or selecting Accruals and Deferrals from menu Financials. The same form opens. There is a slight difference. That is, in the first case you are offered a candidate for interest calculation whereas in the second case you have to enter criteria and click Find. Let us take a look at the first example:
After clicking Accrual/Deferral, a window where you can create accruals and deferrals is opened:
First we select Short-Term, plus you can change deferral document type. Click OK. A module for creating accruals and deferrals is opened. Below you can see posted lines. Select them and enter any missing data. Leave the Accrual/Referral date as is. Set the created accrual and deferral to be made on a monthly basis. Set interval to 2 (that is, posting is deferred to a two-month interval), and repeats to 5.
Set criteria and click Create. A window is opened displaying created document of accruals and deferrals. Here you can also change an account before posting:
Click OK to open Created Accruals/Deferrals panel.
4. Created Accruals and Deferrals Panel
Here you can see a list of created accruals and deferrals. The above section displays information which concerns post, created accruals and deferrals, plus information about journal entry and line whether the accrual and deferral was already posted or not. The bottom section displays lines containing amounts that can be changed as well as accounts used in reposting. Change them at will as well:
Set start date. The post date was entered beforehand, that is, before accrual and deferral were actually created (see item 3). Here you will also find information on type of accrual and deferral, plus interval set and status.
After creating accruals and deferrals, they are posted monthly using automatic posting of accruals and deferrals. For more information see Automatic Posting of Short-term Accruals and Deferrals.
For a general description of functions see:
Accruals and Deferrals
Automatic Posting of Short-term Accruals and Deferrals