Journals (Accurals)

Creating a Sales Accrual

You must have permissions to Manual Journals to make Sales Accruals

1. From the Accounting Menu > Manual Journals

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2. Select New Journal

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3. The Narration is so you can quickly see the content of the journal, think of it like the invoice number

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3.1 For Sales Invoices the Narration should be the Invoice Number and Customer you are accruing for

e.g. QUO:927668    J Thomson Colour Printers Limited    

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4. Enter the lines of the Manual Journal

If you are accruing for Sales Invoices, you should also accrue for the Stock and Supplier Costs as Bill Accruals

For Sales Invoices there should be two lines, one Credit to Nominal Code 4102 - Unconfirmed Sales and one Debit to Nominal Code 2109.  The credit amount should be the total amount of the invoice.

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5. Select the Date

You should select the date you want the accrual to appear in. e.g. If you are accruing an May Invoice in April it would be 30/04/2022

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6. Select the Automatic Reversing Date

For sales invoices you should always set the Auto Reversing Date as the following month, this allows you to track when a Sales Invoice has been properly invoiced and reversed.

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Creating a Stock Accrual

You must have permissions to Manual Journals to make Stock Accruals

Stock Accruals are generated from the Stock Management Spreadsheet on the shared business one drive.  Link here: 

https://1drv.ms/x/s!AgZhmG8o-Mafge0h9LG0mwqB-cdJBw?e=XN8Msx

Stockheld Stocks

We stockhold the following stocks

Stock Supplier
Banner Soyang/Innotech/Europoint/Vink
Mesh Soyang/Innotech
3mm PVC (8x4) Antalis/Europoint/Perspex
5mm PVC (8x4) Antalis/Europoint/Perspex
ACM 0.10 Skin (8x4) Antalis/Perspex/Vink
ACM 0.12 Skin (10x5) Antalis/Perspex/Vink
Quickfire 800mm Roll Ups Very/Innotech/Plex/Easy Stands
3.5mm Fluted Board (Correx) Antalis/Europoint
Vinyl Antalis/Europoint/Perspex

Stock Count Sheet

The excel document contains the following spreadsheets...

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One for each stock type.

Spreadsheet Format

On each spreadsheet you will find...

1. Calculate the Months Usage

  1. Update the Stock Management Totals Section
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  2. Find out the last period that the stock ran too

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  3. Add an extra month to the Stock Management Totals Section

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  4. Update the copied formula to select this months dates

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  5. Use this total as your accrual value

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2. From the Accounting Menu > Manual Journals

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3. Select New Journal

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3. The Narration is so you can quickly see the content of the journal, think of it like the invoice number

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3.2 For Stock Accruals the Journal Narration Should be STOCK OUT/IN - MONTH

e.g. STOCK OUT - April

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4. Enter the lines of the Manual Journal

If you are accruing for Sales Invoices, you should also accrue for the Stock and Supplier Costs as Bill Accruals

For Stock In

For Stock In there should be two lines for each stock, one Credit to Nominal Code 5200 - Opening Stock and one Debit to Nominal Code 1001.  The credit amount should be the total amount of stock that is to be held.

For Stock Out

For Stock In there should be two lines for each stock, one Debit to Nominal Code 5200 - Opening Stock and one Credit to Nominal Code 1001.  The credit amount should be the total amount of stock used in the month.

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5. Select the Date

You should select the date you want the accrual to appear in. e.g. If you are accruing an April Stock it would be 30/04/2022

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6. Do not Select a Reversing Date

For Stock accruals you do not select a reversing date.

Creating a Bill/Supplier/Prepayment Accrual

You must have permissions to Manual Journals to make Sales Accruals

Sometimes you want to split the cost of something over several months or a year.  You can do this by creating a recurring journal.

Examples of accruals...

Type Period Total Amount Amount Per Month
ISO Audit 12 months £1200 £100
New Arizona Printhead 6 Months £2400 £400

1. From the Accounting Menu > Manual Journals

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2. Select New Journal or Repeating Journal

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3. The Narration is so you can quickly see the content of the journal, think of it like the invoice number

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3.1 For Bills the Narration should be the Purchase Order Number and Supplier you are accruing for

e.g. MM12345 - Canon - Arizona Print Head

3.2 For Prepayments the Narration should be the Purchase Order Number, Supplier and The Period

e.g. MM12345 - Canon - Arizona Print Head - 6 Month Split

4. Enter the lines of the Manual Journal

For Bills there should be two lines, one Credit to the Nominal Code of the Bill e.g. Fuel and one .  The credit amount should be the total amount of the bill.

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5. Select the Date

You should select the date you want the accrual to appear in. e.g. If you are accruing an May Invoice in April it would be 30/04/2022

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6. [OPTIONAL] Setting the Repeat

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I always try and set this to the 27th so it isn't affected by February.

6. [OPTIONAL] Select the Automatic Reversing Date

For bills you should always set the Auto Reversing Date as the following month, this allows you to track when a Sales Invoice has been properly invoiced and reversed.

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