In today's lesson, we will learn how to create a deferral template but first of all lets see what is the word deferral means in the world of accounting. A deferral is always consider as a amount that was paid or received but it cannot be reported on the current income statement, since it will be an expense or revenue for a future accounting period.
The amount will be deferred to a balance sheet account until a future accounting period when it will be transferred to the income statement.
Step 1:
To create a deferral template go on the following menu:
Main Menu --> Department --> Financial Management --> Setup --> Deferral Template.
Click on the button new to create a template and fill all the required information
| Deferral Code | Enter a code for the deferral |
| Description | Enter a description |
| Deferral Amount | Enter the deferral Amount |
| Deferral % | Enter the deferral % normally we deferred at 100% |
| Calc. Method | Enter the calculation method of the deferral template |
| Start Date | Enter when the deferral template will start |
| No of Periods | Enter the number of period |
| Period Desc | Add a description for the period |
Click on OK to close.
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