Automating more period-end adjustments

True management accounting requires a thorough review of all the monthly income and expenditure of a business. Where entries have been made against a particular month, but relate to future months (i.e. annual subscriptions), adjustments need to be made. In addition, provisions may be required for events that happen in the future. nettTracker makes light work of these adjustments, and maintains statements that reconcile to the balance sheet. The video tutorials below show you how.

Using Prepayments & Accruals without Fixed Assets (3 mins)

You can use the accruals & prepay feature without tracking fixed assets. This short video shows you how.

Accrual/Prepayment Setup (3 mins)

Before creating any accruals or prepayments, you must enable the feature, create ‘groups’ and map those to your balance sheet accounts.

Accrue Income (3 mins)

Need to make adjustments for fees not yet raised (work-in-progress). This short video shows how it can be done.

Create Accrued Expenses (4 mins)

Accrue for expenses, review projection of adjustments, and statement of accrued costs.

Release Accruals (2 mins)

After accounting provisions have been made, adjustments will need to be released from the balance sheet to the profit and loss.

Create Prepaid Expense (3 mins)

It’s simple to create a prepaid expenses in nettTracker. All journals created for you, and a list of adjustments will reconcile to balance sheet.