accrued expenditure & income
deep-dive
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There are a huge number of features within the nettTracker accrued expenditure & income module. This guide is intended to help you understand some of the more subtle tools available.
Settings for configuring accruals
Calculation resolution: ‘Reporting Period’ will produce ‘Straight-line’ monthly adjustments. ‘Daily’ will create adjustments based on the number of days in each month. This option is required when adjustments need to be calculated that start part way through each month.
Condense journals: Journals can be ‘condensed’ (summarised) providing little detail. Recommended that accrual journals are detailed.
Accrued Expenditure/Income Groups: Create as many groups as required that will link to the appropriate balance sheet accounts.
Creating & managing accrual Items
Creating new items
Create options: Create manually or from Excel Import
During ‘create’: Name the item, select the profit and loss account that needs to be adjusted, the total value to be adjusted, the number of months required, and when the adjustments should start. Select the tick box to reflect if the items is already held in the balance sheet. If an item has been part accrued the balance will be accrued over the remaining months.
Invoice/Bill Date (if known): When selected, the accrual will reverse at the end of that month. If left blank the accrual can be released when desired.
Location and tracking options: If in use, select class/location(QuickBooks Online), Tracking Categories (Xero), Cost Centre/Department (Sage).
Existing items
General editing: Only permitted to change the name/description of these item types.
Release: This feature will allow you to manually release an adjustment. You can part or fully release an accrual. You can also ‘Release and close’ to stop accruing if no further accrual amounts are required.
Delete: If an item should not be listed, simply delete. The option to create a journal to adjust for the balance of the listed item is available and will be fully updated after selecting to process the period-end.
Account update: This option allows you to ‘Bulk update’ the profit and loss categories associated to each accrual item.
Other important features
Visual reports and guides
Dashboard summary to assist with reconciliations: Values on the nettTracker dashboard display the total values of the listed prepayments and deferred income items and should always balance back to values per the balance sheet.
Statement: View details of all items per each group for the period selected.
Projection: View the adjustments to be made each month for the period selected.
Deleted items: View a list of items that have been deleted.
Reports
Statement: Download details of items. A single Excel file is downloaded with a different tab for each ‘Type’. Different groups within each type are reported on the same tab.
Projections: Download a forecast of expected adjustments for any desired period.
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