Introduction

You can post Revenue Accrual Journals to your General Ledger accounts in relation to:

• goods dispatched, such as partial deliveries.
• services rendered but not yet billed to the Customer, for example, a Work in Progress where you expect to invoice the Customer at a later stage. 

Post Accruals to the period in which the goods or services were earned, so accounts reflect work carried out in the correct period. Doing so automatically creates a Reversing Journal on the first day of the next period. 

See:

Revenue Accruals (7.3) - AIQ Academy

Setting up a Revenue Accrual Account

Step One: Set up a GL Account for Revenue Accrual

The standard GL Chart of Accounts includes a single Revenue Accrual Account (7250) to which you can add as many other Revenue accrual accounts as you want. 

1. Go to General > General Ledger Accounts > New GL Account. 
2. Set up your new GL Revenue Accrual Account, following the steps outlined in How do I Setup and Maintain General Ledger Accounts?‍  In the Group dropdown, allocate a GL Group. This will allow for easy searchability in the GL Grid.
    

Step Two: Assign the GL Account as a Revenue Accrual Account

1. Go to Setup > Codes Maintenance > System Accounts.
   
   
   
   
    
2. Click Add New System Account to open the System Accounts window.
3. In the Account Type dropdown, select Revenue Accrual Account.
4. In the Linked GL Account field, enter the GL Code of the GL Revenue Accrual Account which you set up previously.
5. Click Save.

Creating, Viewing, and Editing Revenue Accrual Journals

1. In the blue banner, go to General > GL Revenue Accrual to open the Revenue Accrual Accounts screen.
   
   
    
2. Enter details of the Accrual as follows:

• Revenue Accrual Account:  Choose one of the System Revenue Accrual accounts from the dropdown.
• Journal Reference: Enter a unique Reference Code for the Revenue Accrual.
• Description: Enter a Description for the Revenue Accrual.
• Date: Enter the date of the Revenue Accrual. This date dictates which financial period the accrual will be posted to. The auto-reversing entry of the journal will be posted to the first day of the following financial period.
• Default Description to each line:  If ticked, this will use the Description entered in the previous field for each line entered below.
• GL Account: Select the Revenue Accrual General Ledger income account code from the dropdown.
• BI Code: If the transaction will have a specific BI Code, select from the list of those available here. If the related General Ledger Account Code is flagged as Use BI Code, the system will force the user to enter a BI Code against the transaction.
• Line Description: Enter a description for each line or override the inherited Description from the Journal Header.
• CR Amount: In the relevant field enter the Credit value. The system will automatically post the debit amount to the Revenue Accrual Account.

3. Click Process to post the Revenue Accrual.

To view the transaction:

1. Go to General > GL Journal Manager. 
2. Click on the relevant transaction code. The Transaction Details screen below shows the posted transactions and the automatic reversal.

To edit the transaction:

1. Click the pencil icon. You can change the date, GL Code, amount, and BI Code. 
2. Click Process Edits. The accrual and reversal will change at the same time. You can view details of any changed in the Change Log tab.

Re-Using a Revenue Accrual Journal

If you need to post a further Accrual in the following period, for example for on-going Work in Progress before Customer Billing, you can recall and re-use a previous Revenue Accrual Journal.

1. Go to General > GL Journal Manager and find the relevant journal.
2. In the Actions dropdown, select Copy. 
3. Change the Reference Code, Dates and Amounts before clocking Process.

See: 

General Ledger Provisions‍