Accruals and deferred income are balance sheet items that are used to allocate income and expenses to the correct period. They are recognised if a payment was made in the current financial year, but the associated service or expense falls into a future period. An example of this is rent paid in advance in December for January. In this case, the amount paid is recognised as an asset in the balance sheet and only recognised as an expense in the following year. They are a central component of the annual financial statements and contribute to compliance with the principle of Accrual-based profit calculation with. Special assessment requirements can be met by add-ons such as the Versino Financial Suite that enable advanced financial analyses.
Two free webinars in July: Experience the Versino Financial Suite live
In 90-minute sessions, we'll show you practical ways to harmonise, streamline and automate your accounting in SAP Business One….
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