prepaids/deferrals
PREPAID/DEFERRALS MODULE
I know that there are certain 3rd party apps which provide such features for the accounting of prepaid expenses/ deferred revenues.
Also, Quickbooks offer similar feature.
While we love Xero and the robust financial controls it offers, we believe it is extremely important to offer a plan which includes prepaids/deferral accounting assuming all entities faces these situations, to avoid manual accounting for these and reduce human errors.
Omar Al-Aboudi
shared this idea
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Zhaklina Andoni
commented
This is really important. Especially since the only way to cross check if the deferal is landing correctly per month is to use Excel. However with rounding errors and the exact calculation being used can create a difference which means that the manual journal could be incorrect. Even if the variance is off by cents, it is still important when completing year end reconciliation and closes and effects how many correcting entries need to be made that are only a few cents.