Introducing accrued income and deferred income in EasyAccrue!

When we first starting buidling EasyAccrue we always planned to build the sales side. We wanted to get the expenses side as close to perfect as we could first. I'm delighted to announce that the income side is now live!.

What is accrued income

Accrued income relates to income you have earned but haven't yet invoiced for. For example, if you invoice income related to January in February, you need to accrue for that income in January.

What is deferred income

Deferred income relates to income you have invoiced but haven't earned yet. For example if you raise a sales invoice in January for a service which covers the 3 months from January to March, you'd need to defer part of that income in January and February.

How EasyAccrue handles it

EasyAccrue works in exactly the same way on the income side as it does on the expenses side.

Here's what's new.

New types of adjustments

We now have 4 types of adjustments. Accruals and prepayments on the expense side and Deferred Income and Accrued Income on the sales side.

Scanning of sales invoices in Xero

You can now scan sales invoices to detect deferred income and accrued income. This works in the same way as scanning bills for accrued and prepaid expenses.

Separate Expenses and Income tabs

Adjustments are split between Expenses ( accrued and prepaid expenses) and Income ( Accrued and deferred income)

Journals now split between accruals, prepayments, deferred income and accrued income.

When you post to Xero, accruals, prepayments, deferred income and accrued income posted as separate journals.

Reporting

Existing reports can now be used to run accrued and deferred income period reports and monthly schedule reports.

The sales side is live now and available to all users at no extra cost.

If you have any questions about the new features or anything else, feel free to reach out at patricia.rowe@easyaccrue.com. We'd love to hear what you think.

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