Hi
Can anyone explain me how to set up the accrual scheme, in scenrios where the accrual period begins from middle of the month and ends in 365 days. Eg: The Insurance policy start date is 10th Feb and Ending on 9th Feb, hence, the accrual should be disticuted accordingly.
Thanks
Hi,
In Acrual scheme, the main component you define is debit and credit amount and duration of posting. The duration of posting plays here as you have to decide how the accrual entries will be posted for the given scheme and transaction,
At journl lines, you need to select the acrual scheme and the transaction posting will be spread for the period defined in the scheme.
Pranav…
Thanks Pranav. But, am still not clear. let me detail again. For any accrual entry, there will be a prepaid account and an expense account. The expense Account will get debitted and Prepaid Account credited over the accrual period. The accrual period is Feb 10th 2012 to Feb 9th 2013, in these scenario, how should the accruals scheme be set up.
What should be the debit and credit accounts on accrual scheme, and what should be the period and posting frequency, to get it disctibuted across the accrual period. Please let me know if you have any advice.
Regards
Shafahath
You need to define the accounts in the form are used as offset accounts for the accrual transactions. for example Create Accrual scheme with monthly period frequency and length = 6. Specify Debit & Credit Accrual accounts . Create General Journal for rent payment (date: starting date, amount $$). Click on Functions>Ledger Accruals, Select Accrual Identification & click ok. Post the journal.
It will divide, rent into 6 same values and post it on.
The field is automatically filled in based on the configuration in the form, and changes according to the entered start date.
Hello,
I am using Demo data to test the Accrual schemes function.
In journal I fill in account and offset account. Then I click function → Accrual scheme, I use the scheme “M_ACR”. I click Transaction and I can preview the ledger transaction. I find that the offset account is blank.
When I post the journal, AX always say
“Account number for transaction type Ledger journal does not exist.”
I believe AX cannot find the Accrual offset account. But I use the Standard Demo data “M_ARC”, and the offset account is already defined in Scheme. Do you know how to solve the problem?
My goal is to test the Accrual function.
Thank you.