Can you advice how you would account for accruals and prepayments using solar?
Hi Ian,
For prepayments, create an asset account called Prepayments. Then at the end of the financial period transfer an amount from the expense account to the Prepayments account. Eg. For prepaid rent, create a General Transaction from the Rent expense account to the Prepayments expense account.
Accruals are similar - create a liability account called Accruals, and then transfer from the Accruals account to the expense account. eg. For accrued accounting costs, create a General Transaction from the the Accruals account to the Accounting & Legal Fees expense account.
Cheers,
