Hi Sam
What type of sage (instant, one, 50 std, 50 pro, 50 other one - forgotten its name - etc) and what version (year)?
With some sage you can pre-set accruals and reversal of accruals. Sometimes you can just key the accrual and then reverse via keying the invoice to the accrual nominal once you get it.
Easiest way sometimes is just to do a journal between your expenses account (debit) and accrual (credit) and then reverse it in the new period.
Also for ease - maybe expand the accrual nominal to add say 1, 2, 3 etc - so it reads 21091 for say the insurance and 21092 for the lease.
HTH
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Accruals and prepayments don't affect the creditors or debtors control account. It's all about matching the cost or income in the accounts period to which that cost/income relates.
So for example for your insurance bill, if the total £426 represents the full year and is paid in the say 6th month of the financial year then 6 months relates to the current financial period and the other 6 months is prepaid.
So for prepayments you need to reduce the expense cost by the amount paid in advance ie £213 in this case. So credit the insurance expenses and debit prepayments.
Accruals are the opposite. Eg you didn't get the invoice until after the year end, usually eg lucky bill.
Then you would need to increase the cost by the element relating to the financial year you are working on. So in this case debit the cost expenses account and credit accruals.
Reverse the accrual/prepayment in the new period.
Sometimes a good idea to keep a spreadsheet if you need to do them monthly until you are more comfortable with processing them.
Probably easiest to process as a manual journal until you are more used to them too.
HTH, but ask away if you need anything else
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
