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How do I do the Month End Accruals and Adjustments?

. Run the ‘Purchases – Goods Received Not Invoiced by Nominal’ report.

This will give you a total figure for all Purchase Orders where goods have been received but not invoiced.

Simply add a Nominal Journal to show this adjustment, placing the amount in the Accruals Nominal (2130) as a Credit and then a Debit in the Opening & Closing Stock & Accruals Nominal (6700).

This is your Accrual finished for the month.

The following month you need to reverse the previous months Nominal Adjustment.

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