If you are producing quarterly accounts for management purposes how do you go about adding bills that cover more than the quarter you are doing?
Would you just add 1/4 of the bill to the P/L statement? Can you put into quickbooks what period the bill covers and then the software works it out for you or is there an easier automated way to do this?
I would post a journal for accruals and prepayments dated the last day of the quarter, and then I would do the reverse of that journal on the first day of the new quarter
I don't believe there is an automated way to do calculate the accrual or prepayment on Quickbooks.
I think Quickbooks has a function called memorised transactions that is similar.
I would be more inclined to memorise a Sage journal, then use this to memorise the reverse journal. You can then "recall", charge the date, and any amounts that aren't fixed.
Either way would work, but I like the memorised journal, as I usually have a lot of recurring entries that relate to the bank, so having the memorised journal allows me to run the month end when I am ready, whilst still allowing me to balance the bank
