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FirstBIT ERP provides the functionality of processing of expense and revenue deferrals. The functionality of deferred expenses becomes available once you select the Enable Deferred Expenses option on the Administration > Settings > General Settings form. With this functionality turned on, you will be able to create deferred expenses, specify their parameters, and process them according to their parameters. Similarly, you can turn on the functionality of deferred revenues on the Administration > Settings > General Settings form and be able to correctly account for any services that are billed to the customers and will be rendered during multiple periods.

Deferred

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Revenues Workflow

Deferred expenses revenues (DRs) can be created for such billed sold services directly from the invoices received from suppliers—you invoices—you can click the Create / Cancel Deferral button on the Inventory and Services tab to open the Deferred ExpensesRevenue dialog box where you can enter the deferral parameters.

Generally, deferred expenses revenues are processed at the month end. For any deferred expenses revenues with the Manual calculation method, you can create an Expense a Revenue Recognition document and include those deferred expenses revenues for which the specific amounts should be recognized as actual expenses revenues in the current month.

Deferred expenses revenues with the By Month and By Calendar Days calculation methods can be processed automatically or manually.

To include deferred expenses revenues in month-end processing, select the Calculate Current Expenses Revenues for Deferrals option on the Accounting > Service Tools > Month-End Closing form, then the Month-End Closing procedure will generate an Expense a Revenue Recognition document for any deferred expenses revenues with these (By Month and By Calendar Days) calculation methods. The generated document lists the deferred expenses revenues for which the specific amounts calculated by these methods should be recognized as actual expenses revenues in the current month; the document is posted automatically. If needed, you can remove some of the deferred expenses revenues from the automatically generated document to a manually created one and manually enter the amounts for recognition in the current month (for more details, see Expense Revenue Recognitions).

If you need to change the deferral parameters for any deferred expensesrevenues, you can create a document of the Deferred Expense Revenue Adjustment type. You can change the following parameters of deferrals: deferral end date, calculation method, GL accounts associated with the deferral, and parameters for expense income analytics.

For reports that provide complete information on deferred expenses revenues currently available in the system, refer to Reports on Deferred Expenses and Revenues.

Deferred

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Expenses Workflow

Deferred revenues (DRs) expenses can be created for sold such billed services directly from the invoices—you invoices received from suppliers—you can click the the Create / Cancel Deferral button  button on the Inventory and the Services tab  tab to open the the Deferred Revenue dialog Expenses dialog box where you can enter the deferral parameters.

Generally, deferred revenues expenses are processed at the month end. For any deferred revenues expenses with the the Manual calculation  calculation method, you can create a Revenue an Expense Recognition document  document and include those deferred revenues expenses for which the specific amounts should be recognized as actual revenues expenses in the current month.

Deferred revenues expenses with the the By Month and  and By Calendar Days calculation  calculation methods can be processed automatically or manually.

To include deferred revenues expenses in month-end processing, select the the Calculate Current Expenses for Deferrals option  option on the the Accounting >  > Service Tools >  > Month-End Closing form form, then the the Month-End Closing procedure  procedure will generate a Revenue an Expense Recognition document  document for any deferred revenues expenses with these (By Month and  and By Calendar Days) calculation methods. The generated document lists the deferred revenues expenses for which the specific amounts calculated by these methods should be recognized as actual revenues expenses in the current month; the document is posted automatically. If needed, you can remove some of the deferred revenues expenses from the automatically generated document to a manually created one and manually enter the amounts for recognition in the current month (for more details, see Revenue see Expense Recognitions).

If you need to change the deferral parameters for any deferred revenuesexpenses, you can create a document of the the Deferred Revenue Expense Adjustment type. You can change change the following parameters of deferrals: deferral end date, calculation method, GL accounts associated with the deferral, and parameters for income expense analytics.

For reports that provide complete information on deferred revenues expenses currently available in the system, refer to Reports on Deferred Expenses and Revenues.

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