Before you can use accrual journals, you must create a nominal account code
for the Accrual Control Account. The accrual control account should be in the
balance sheet, liabilities section. You must then select this nominal code as
the Accrual Control Account in Nominal Ledger Setup Options.
You only need
to enter the expense or overhead part of the journal, the system automatically
posts the double-entry to the Accrual Control Account. After the Nominal
Ledger Period End, the accrual journals are automatically reversed.
4. From the drop-down menu, select the Nominal Code for the expense or
overhead being accrued.
5. Enter a Reference for this accrual journal transaction.
6. Accruals for expenses and overheads are debits. Select Debit from the
drop-down menu in the Type column. The system automatically posts the
credit entry to the accrual control account.
7. Enter the Value being accrued towards the overhead or expense.
8. Enter the next accrual transactions.
9. To post this accrual to the nominal ledger straight away, click the Update
Ledger button. Otherwise you can Save it and post the accrual journal to
the ledger later.
4. To add a line select the next available line and enter the additional
expense/overhead nominal code and complete the line as described
above for setting up accrual journals.
5. To delete a nominal transaction line from the accrual journal, click the line
then right click and select Delete Row from the context menu.
6. To amend details of a transaction line simply over type the reference or
value as required.