Accrual Entries

This page reviews everything related to the Entitlement Registration page, how to access the page, its features, and how to create a new entry.

To access the “Accrual Entries” page, please follow these instructions:

• Begin by clicking on the “Financial” section in the main menu.
• After that, click on “Entries” available in the top bar of the page.
• Then, press the link for “Accrual Entry.”

Concept and Features of the Accrual Entry Page:

The Accrual Entry page is one of the advanced tools available in the accounting system to facilitate and improve the process of recording recurring revenues or expenses. This page comes with a set of important features that significantly simplify the preparation and execution of accrual entries for revenues and expenses.

• Creating Recurring Entries: The system allows you to set up accruals for recurring revenues and expenses, whether they are monthly, quarterly, or at other specified time intervals. This enables you to plan recurring financial operations easily.
• Automatic Setup and Execution: The system automatically creates accrual entries for revenues and expenses at predefined times. Once you have configured the settings for each accrual, the system will execute the entries at the right time without the need for manual intervention.
• View and Review Entries: The page provides the ability to view all proposed entries before their final execution. This gives you the opportunity to review and verify the accuracy of entries before they are applied.
• Organization and Ease of Management: The system offers a simple and user-friendly interface that makes it easy to manage and adjust accrual settings and review proposed entries.
• Improved Financial Strategy: With this feature, you can enhance your strategy for managing recurring revenues and expenses, reduce manual interventions, and thus save time and effort.

With the features of the Accrual Entry page, you will be able to manage and execute recurring revenue and expense recording processes with ease, improving the efficiency of your financial operations.

Explanation of How to Create a New “Accrual Entry”:

In this guide, we will detail how to create a new accrual entry, focusing on the basic steps and necessary details to ensure the success of this process.

• Basic Data for the Accrual Entry:

1. 1. Accrual Creation Date: This date is automatically set according to the current date; however, it can be modified as needed.
   2. Select the Financial Account “Financial Center Account”: Choose the account related to the accrual value for this entry.
   3. Select the Financial Account “Income Statement Account”: Select the account associated with the revenue or expense for this accrual.
   4. Choose the Company Branch: Select the appropriate branch within the company for which you want to perform the accrual.
   5. Analytical Sector (Optional): If needed, you can specify the analytical sector related to this accrual.
   6. Enter the Amount: Specify the amount you want to allocate for this accrual, which is the amount for each accrual or contract.
   7. Time Sequence: Choose the time interval between accruals that you want to execute, such as “Weekly, Every Two Weeks, Monthly, Quarterly.” The time sequence is used to determine the dates for automatically adding accrual entries.
   8. Periods: Add the number of periods you want to divide the accruals into based on the time sequence.
   9. Additional Statement: You can add a statement that describes the accrual more clearly.
   10. Review General Account Information: After entering the details, you can review the general account information and ensure the accuracy of the entries before execution.
   11. Execute Accruals: After confirming the accrual details and reviewing the entries, click on the “Process Accruals” button to successfully add the accrual entries.

Using these detailed steps, you can easily create a new accrual entry in your financial system while ensuring it aligns with your financial operations and strategies.