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How to: Create Future Expense Journals

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Future expense journals are used to post expenses to a special account on a monthly basis. These future expenses are later included as expenses. VAT is deducted when future expenses are included in current expenses.

You must select Future Expenses in the Type field of the General Journal Templates window. In addition, be sure you select the Recurring and Copy VAT Setup to Jnl. Lines check boxes in the General Journal Templates window.

To create future expense journals

  1. In the Search box, enter VAT Posting Setup, and then choose the related link. Use the VAT Posting Setup window to create VAT posting groups. For more information, see How to: Set Up VAT Product Posting Groups and How to: Set Up VAT Business Posting Groups.

  2. On the Settlement FastTab, in the VAT Settlement Template field, select a template.

  3. Select a batch in the VAT Settlement Batch field. This determines the batch where future expenses and VAT will be produced.

  4. In the Search box, enter Purchase Invoices, and then choose the related link. Create a purchase invoice for the deferral general ledger account (97).

  5. Create and post the payment and apply the invoice and payment.

    VAT is not deducted at this time. It is deducted later, on a monthly basis through the Future Expense Journal.

  6. In the Search box, enter Future Expense Journals, and then choose the related link.

  7. In the Future Expense Journal window, fill in the fields as described in the following table.

    Field Description

    FA Posting Date

    Specifies the fixed asset posting date that is associated with the future expense journal.

    Document No.

    Specifies the document number that is associated with the future expense journal.

    FA No.

    Specifies the fixed asset number that is associated with the future expense journal.

    Depreciation Book Code

    Specifies the depreciation book code that is associated with the future expense journal.

    FA Posting Type

    Specifies the fixed asset posting type that is associated with the future expense journal. Fixed asset posting types include Acquisition Cost, Depreciation, Write-Down, Appreciation, Custom 1, Custom 2, Disposal, Maintenance, Salvage Value, and Transfer.

    Description

    Specifies the description that is associated with the future expense journal.

    Location Code

    Specifies the location code that is associated with the future expense journal.

    Amount

    Specifies the amount that is associated with the future expense journal.

    Depr. Amount w/o Normalization

    Specifies the depreciation amount without normalizations that is associated with the future expense journal.

    Actual Quantity

    Specifies the actual quantity that is associated with the future expense journal.

    Calc. Quantity

    Specifies the calculated quantity that is associated with the future expense journal.

    Actual Amount

    Specifies the actual amount that is associated with the future expense journal.

    Calc. Amount

    Specifies the calculated amount that is associated with the future expense journal.

    Actual Remaining Amount

    Specifies the actual remaining amount that is associated with the future expense journal.

    Salvage Value

    Specifies the salvage amount that is associated with the future expense journal.

    No. of Depreciation Days

    Specifies the number of depreciation days that is associated with the future expense journal.

    Depr. until FA Posting Date

    Specifies if the depreciation until fixed asset posting date is used with the future expense journal.

    Depr. Acquisition Cost

    Specifies if the depreciation acquisition cost is used with the future expense journal.

    Duplicate in Depreciation Book

    Specifies the duplicate in depreciation book that is associated with the future expense journal.

    FA Error Entry No.

    Specifies the fixed asset error entry number that is associated with the future expense journal.

  8. On the Home tab, in the Process group, choose Post. The amount entered in the Amount field will be transferred from the Future Expenses account to the Current Expenses account. VAT will be calculated according to VAT setup (percentage) on the basis of the posted amount, and VAT deduction (realized VAT) will be posted.

See Also

Tasks

How to: Set Up a Future Expense Card

Other Resources

Fixed Asset Setup
Fixed Assets Accounting Setup
Fixed Asset Card