The option 'Deferred expenses and revenues' can be found in menu Bookkeeping > Financial.
Expenses and revenues from a selected period can be postponed to different future periods.
These revenues or expenses must be booked in a Debtors daybook or a Creditors daybook.
In a deferred journal, only the description can be changed. For other changes, the deferral should be deleted first.
The booked expenses or revenues will be written off and divided over several future periods.
The journals will be created in a daybook of the type Deferred bookings. You cannot make manual changes in this type of daybook.
One page per period will be created. When the number of entries in one page exceeds 500 a second page will automatically be created by Mill7.
It is possible to add more deferrals later regarding the same period.
You can enter the number of periods to divide the expenses or revenues over or have Mill7 calculate the number of periods by marking the option Rest of bookyear .
If the number of periods to divide is larger than the remaining number of periods in the bookyear, the journals will be created in the forthcoming bookyear.
When the new bookyear is not created, the journals for the new bookyear will be created during prolongation.
It is also possible to start in the next bookyear instead of the current, this can be selected per deferral in the proposal screen.
Booked deferrals can be undone the same way as they are booked. Just mark the option Undo deferred expenses or revenues.
This option will delete the journals.
Starting period and the number of periods
By default, the booked expenses or revenues will be written off on the last date of the entered period and divided over several future periods entered in the selection screen.
This is the default number of periods when no individual information is found in the journals.
It is possible to start dividing in a period different from the book date over a different number of periods.
By pressing Ctrl+L or the right-click menu option "Deferred info", the start period and the number of periods can be entered individually per journal.
It also shows if the journal already has been deferred.
IMPORTANT: In versions older then 7.5A.1 the deferred information was not saved correctly.
By executing the procedure "Transfer settings deferred expenses and revenues" in the menu Supervisor > Book, the information will be saved at the right place in the database.
In determining the number of periods the information entered in the journal is leading.
When no information regarding the number of periods is found, the selection in the screen "Deferred expenses and revenues" will be used.
By unchecking the option "Use deferred settings entered in journal" all selected journals will be divided from the journal date and divided over the number of periods entered in this selection screen.
One line will be displayed per account number per number of periods per cost centre per starting period on the Proposal tab.
Therefore it is possible to see multiple lines for one account number due to the different number of periods or cost centres found in the journals.
The button Print proposal creates a report with the totals as shown in the Proposal tab and the individual journals.
In this report, you can also check all periods entered in the individual journals. When no number is entered, the report will show 0.
Fixed fees
When fixed fees are invoiced, the number of periods and starting period will be calculated by using the information in the fixed fee regarding the frequency and next invoice month.
Both will be saved in the right mouse button option "Deferred info".
Print booked deferrals
The print button Print booked deferrals creates a report with all current booked deferrals.
Use this report to check the general ledger totals at the end of a period or year.
Selection tab
Type
Select either Revenues or Expenses to divide over more periods.
General ledger
Select the general ledger(s) whom you would like to defer
Journal period
Select the period in which the journal entries are made to be deferred.
If the deferral has to be reversed select the period in which the original journal entry is booked.
If the original journal entry is booked in the previous year the undo option must be processed in the previous year.
Divide over
Select the number of months you would like the bookings to be divided over.
If journals are made by invoicing fixed fees, then the number of periods is copied from the fixed fee records. For other journals: Set the number of periods to divide over.
Use deferred settings entered in journal
When this option is checked, the program will look in the individual journals for information regarding the number of periods and the starting period.
If no information is found, the defaults entered in this screen will be used.
Rest of bookyear
If this option is selected, the bookings will be divided over the rest of the bookyear in equal shares per month.
If the journals are not divided over the rest of the bookyear, then journals can overlap to next year.
Undo deferred expense or revenue
If you select this option, all deferred bookings in the period you selected will be reset back to a normal booking in the original month.
Print booked deferrals
Pressing this button will result in a report of the deferrals already booked over this and possibly the upcoming bookyear.
Proposal tab
In the next Proposal tab page the amounts to be booked are listed.
Here you can make a selection what line you want to process. With the print option more details regarding the deferral are reported.
Select
Choose the booking in the selection which you would like to defer.
Start in next bookyear
This can be used to start the deferral in in the first period of the upcoming bookyear.
Print proposal
With the print button you can see the details how the amounts are calculated.
Book tab
Daybook
Before creating the deferred booking, first create a daybook of type Deferred bookings.
Select the daybook here.
Account deferred
Choose a general ledger account to be used for deferred bookings.