PREPAID EXPENSE ACCRUALS

One of the most important tasks of financial accounting is the determination of profit. In doing so, all business transactions that belong to a period are recorded. Nevertheless, there are always transactions to be recorded that do not belong to the current fiscal year or period. These amounts must be accrued and are called accrual accounting. SAP Business ByDesign is capable of doing this with outgoing invoices and accruing revenue. With the app "All for One Steeb - Prepaid ExpenseAccruals", the cloud ERP system is now able to accrue supplier invoices and thus costs.

The app adds additional fields to the supplier invoice. These fields are accrual relevant, accrual method, start & end date. After activating and filling these fields, the supplier invoice is posted and can be accrued automatically in the second step. A mass data run realizes the costs monthly depending on the accrual method. In addition, a cockpit gives an overview of each supplier invoice and the accrual status.