{"id":3959,"date":"2026-07-01T14:52:41","date_gmt":"2026-07-01T13:52:41","guid":{"rendered":"https:\/\/clubtreasurer.com\/blog\/?page_id=3959"},"modified":"2026-07-02T17:57:35","modified_gmt":"2026-07-02T16:57:35","slug":"simple-accruals-prepayments","status":"publish","type":"page","link":"https:\/\/clubtreasurer.com\/blog\/simple-accruals-prepayments\/","title":{"rendered":"Simple Accruals &amp; Prepayments"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">About Simple Accruals &amp; Prepayments<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Simple Accruals and Prepayment<\/strong> features in Clubtreasurer will meet the requirements of most customers and is designed for cash-based organisations with basic accrual\/prepayment requirements, e.g. end of year accruals balance only. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you need to produce your accounts on an ongoing accruals basis you should review the <a href=\"https:\/\/clubtreasurer.com\/blog\/advanced-accruals-prepayments\/\" type=\"page\" id=\"3961\">Advanced Accruals &amp; Prepayments<\/a> feature.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\">How it works<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Clubtreasurer includes special accounts called <strong>*DEBTORS<\/strong> and <strong>*CREDITORS<\/strong> to help you track:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Debtors<\/strong> (money owed to you)<\/li>\n\n\n\n<li><strong>Creditors<\/strong> (money your club owes)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">You can also create your own Debtor or Creditor accounts if needed.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Create normal Receipt\/Payment entries using the <strong>*DEBTORS<\/strong> or <strong>*CREDITORS<\/strong> account.<\/li>\n\n\n\n<li>These entries will show up as <strong>Current Assets<\/strong> (Debtors) or <strong>Current Liabilities<\/strong> (Creditors) on your Balance Sheet.<\/li>\n\n\n\n<li>When the cash is actually received or paid, use Clubtreasurer\u2019s <strong>Reverse<\/strong> feature to cancel the original entry and record the real transaction with the correct date and bank account.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">*See <strong>Receipts &amp; Payments<\/strong> help page for how to reverse transactions.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"has-text-align-left has-nv-site-bg-color has-nv-dark-bg-background-color has-text-color has-background has-medium-font-size wp-block-paragraph\" id=\"EA\"><strong>1: Expense&nbsp;Accruals<\/strong> (Cost incurred now, paid later)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Scenario<\/strong>: You need to accrue for \u00a3100 food &amp; drink costs that were incurred in January, but not yet paid. The expense should appear on the&nbsp;P&amp;L in January and show a liability (creditor) balance for the accrual in the Balance Sheet.&nbsp;In February, the expenses are paid to the supplier and the liability is reversed and cash\/bank balance is reduced.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 1: (January<\/strong>): record the&nbsp;<strong>Expense Accrual&nbsp;<\/strong>by creating a new&nbsp;<strong>Payment<\/strong>&nbsp;transaction against your&nbsp;<strong>Creditor A\/c&nbsp;<\/strong>when&nbsp;<em>occurred<\/em>.<br><br>Your January P&amp;L will now show a \u00a3100 charge against Food &amp; Drink Expenses, and the Creditor balance will show under liabilities in your Balance Sheet:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-nv-light-bg-background-color has-background\" style=\"border-style:none;border-width:0px\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td>10-Jan<\/td><td>Payment &#8211; Food &amp; Drink Expenses<\/td><td>Creditor A\/c<\/td><td>\u00a3100<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 2: (February<\/strong>): when the supplier is paid:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Step 2.1: Open and&nbsp;<strong>Reverse&nbsp;<\/strong>the original January&nbsp;<strong>Expense Accrual Payment<\/strong>&nbsp;transaction (Use the &#8220;<strong>Reverse<\/strong>&#8221; button):<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-nv-light-bg-background-color has-background has-border-color has-nv-light-bg-border-color\" style=\"border-width:1px\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td><strong>1-Feb<\/strong><\/td><td>Payment &#8211; Food &amp; Drink Expenses<\/td><td>Creditor A\/c<\/td><td><span class=\"has-inline-color has-nv-c-2-color\"><strong>&#8211; \u00a3100<\/strong><\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Step 2.2:&nbsp;<strong>Create<\/strong>&nbsp;(or Import) a new&nbsp;<strong>Payment<\/strong>&nbsp;transaction against your Bank A\/c. Note this cancels out the Food &amp; Drink Expense so it correctly shows as zero on your P&amp;L in February. The liability balance is also cancelled out and the Bank A\/c balance now shows the cash has been paid out.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-nv-light-bg-background-color has-background has-border-color has-nv-light-bg-border-color\" style=\"border-width:1px\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td>1-Feb<\/td><td>Payment &#8211; Food &amp; Drink Expenses<\/td><td><strong>Bank A\/c<\/strong><\/td><td><strong>\u00a3100<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"wp-rich-text-font-awesome-icon wp-font-awesome-icon\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"book-open-reader\" class=\"svg-inline--fa fa-book-open-reader \" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path fill=\"currentColor\" d=\"M160 96a96 96 0 1 1 192 0A96 96 0 1 1 160 96zm80 152V512l-48.4-24.2c-20.9-10.4-43.5-17-66.8-19.3l-96-9.6C12.5 457.2 0 443.5 0 427V224c0-17.7 14.3-32 32-32H62.3c63.6 0 125.6 19.6 177.7 56zm32 264V248c52.1-36.4 114.1-56 177.7-56H480c17.7 0 32 14.3 32 32V427c0 16.4-12.5 30.2-28.8 31.8l-96 9.6c-23.2 2.3-45.9 8.9-66.8 19.3L272 512z\"><\/path><\/svg><\/span> <em>If your accrual from Step 1 was included in an opening creditor balance and no actual transaction exists then you can combine Steps 2.1 and 2.2 into an <strong>Account Transfer<\/strong>: <\/em><br><em>&#8211; FROM the <strong>Cash\/Bank Account <\/strong>the accrual was paid out of<\/em><br>&#8211; <em>TO the <strong>Creditor Account.<\/strong> <\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"#Top\">Back to top<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"has-text-align-left has-nv-site-bg-color has-nv-dark-bg-background-color has-text-color has-background has-medium-font-size wp-block-paragraph\" id=\"RA\"><strong>2: Revenue Accruals<\/strong> (Income due now, paid later)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Scenario<\/strong>: Membership fees for John Smith are due in January for \u00a350. You need to recognise the membership income in your January P&amp;L, but as John has not yet paid these you must show this as a Debtor balance in your Balance Sheet. John pays his membership late in March and you now need to remove the Debtor balance and record the cash received into your Bank A\/c.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 1: (January)<\/strong>: record the&nbsp;<strong>Receipt&nbsp;Accrual&nbsp;<\/strong>transaction by creating a new&nbsp;<strong>Receipt&nbsp;<\/strong>transaction against&nbsp;your&nbsp;<strong>Debtor A\/c<\/strong>&nbsp;when the membership is due:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-nv-light-bg-background-color has-background\" style=\"border-style:none;border-width:0px\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td>1-Jan<\/td><td>Receipt &#8211; Membership Receipts<\/td><td>Debtor A\/c<\/td><td>\u00a350<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 2: (March):<\/strong>&nbsp;when John pays:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Step 2.1: Open the original January&nbsp;<strong>Receipt Accrual<\/strong>&nbsp;transaction and create a reversing transaction (click <strong>Reverse&nbsp;<\/strong>button).<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-nv-light-bg-background-color has-background has-border-color has-nv-light-bg-border-color\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td><strong>15-Mar<\/strong><\/td><td>Receipt &#8211; Membership Receipts<\/td><td>Debtor A\/c<\/td><td><span class=\"has-inline-color has-nv-c-2-color\"><strong>&#8211; \u00a350<\/strong><\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Step 2.2: <strong>Create&nbsp;<\/strong>(or Import) a new <strong>Receipt<\/strong> transaction against your Bank A\/c:<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-nv-light-bg-background-color has-background has-border-color has-nv-light-bg-border-color\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td>15-Mar<\/td><td>Receipt &#8211; Membership Receipts<\/td><td><strong>Bank A\/c<\/strong><\/td><td><span class=\"has-inline-color has-neve-text-color-color\"><strong>\u00a350<\/strong><\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"#Top\">Back to top<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"has-text-align-left has-nv-site-bg-color has-nv-dark-bg-background-color has-text-color has-background has-medium-font-size wp-block-paragraph\" id=\"EP\"><strong>3: Expense&nbsp;Prepayments<\/strong> (Paid now, incurred later)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Scenario<\/strong>: You have paid for \u00a3100 Rental Costs in advance in January but they will not be incurred until February.&nbsp; This should be reflected in the Bank A\/c and Debtors balances in January Balance Sheet, but the expense should not show in the P&amp;L until February. Also, the Debtor balance should be cleared in February.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Choose one of the Methods below for Expense Prepayments.<\/p>\n\n\n\n<p class=\"has-text-align-left has-nv-site-bg-color has-nv-c-2-background-color has-text-color has-background wp-block-paragraph\" style=\"border-style:none;border-width:0px;padding-top:var(--wp--preset--spacing--20);padding-right:0;padding-bottom:var(--wp--preset--spacing--20);padding-left:0\">3.1 <strong>Expense&nbsp;Prepayments<\/strong> &#8211; <strong>Method 1<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"wp-rich-text-font-awesome-icon wp-font-awesome-icon\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"circle-exclamation\" class=\"svg-inline--fa fa-circle-exclamation \" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path fill=\"currentColor\" d=\"M256 512A256 256 0 1 0 256 0a256 256 0 1 0 0 512zm0-384c13.3 0 24 10.7 24 24V264c0 13.3-10.7 24-24 24s-24-10.7-24-24V152c0-13.3 10.7-24 24-24zM224 352a32 32 0 1 1 64 0 32 32 0 1 1 -64 0z\"><\/path><\/svg><\/span> <em>You <span style=\"text-decoration: underline;\">must<\/span> use Method 1 if you import your bank statements via the&nbsp;<strong>Transaction Import<\/strong> process.<\/em> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span style=\"text-decoration: underline;\">Step 1: (January):<\/span><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Step 1.1: Create\u00a0a normal\u00a0<strong>Payment\u00a0<\/strong>transaction to record the payment made from your bank account<br><br>\ud83d\udc49 <strong><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-nv-c-2-color\">This Payment will already exist if you are converting an <span style=\"text-decoration: underline;\">existing<\/span> transaction &#8211; please go to Step 1.2  <\/mark><\/em><\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-nv-light-bg-background-color has-background has-border-color has-nv-light-bg-border-color\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td>15-Jan<\/td><td>Payment &#8211; Rental Costs<\/td><td>Bank A\/c<\/td><td><span class=\"has-inline-color has-neve-text-color-color\">\u00a3<\/span>100<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Step 1.2: Create an equivalent <strong>Expense Prepayment&nbsp;<\/strong>(Payment) transaction with the <strong>same Date and Cost Code,<\/strong> but select a <strong>Debtor A\/c<\/strong> and, importantly, <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-nv-c-2-color\">enter a&nbsp;<strong>negative&nbsp;value&nbsp;\u00a3-100<\/strong><\/mark>&nbsp;(minus \u00a3100)<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-nv-light-bg-background-color has-background has-border-color has-nv-light-bg-border-color\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td>15-Jan<\/td><td>Payment &#8211; Rental Costs<\/td><td><strong>Debtor A\/c<\/strong><\/td><td><span class=\"has-inline-color has-nv-c-2-color\"><strong>&#8211; \u00a3100<\/strong><\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"text-decoration:underline\"><strong>Step 2: (February)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Open and\u00a0<strong>Reverse\u00a0<\/strong>the January\u00a0<strong>Expense Prepayment\u00a0<\/strong>transaction:<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-nv-light-bg-background-color has-background has-border-color has-nv-light-bg-border-color\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td>1-Feb<\/td><td>Payment &#8211; Rental Costs<\/td><td>Debtor A\/c<\/td><td><span class=\"has-inline-color has-neve-text-color-color\"><strong>\u00a3100<\/strong><\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-text-align-left has-nv-site-bg-color has-nv-c-2-background-color has-text-color has-background wp-block-paragraph\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:0;padding-bottom:var(--wp--preset--spacing--20);padding-left:0\">3.2 <strong>Expense&nbsp;Prepayments<\/strong> &#8211; <strong>Method 2<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"wp-rich-text-font-awesome-icon wp-font-awesome-icon\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"circle-exclamation\" class=\"svg-inline--fa fa-circle-exclamation \" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path fill=\"currentColor\" d=\"M256 512A256 256 0 1 0 256 0a256 256 0 1 0 0 512zm0-384c13.3 0 24 10.7 24 24V264c0 13.3-10.7 24-24 24s-24-10.7-24-24V152c0-13.3 10.7-24 24-24zM224 352a32 32 0 1 1 64 0 32 32 0 1 1 -64 0z\"><\/path><\/svg><\/span> <em>Method 2 <span style=\"text-decoration: underline;\">cannot<\/span> be used if you create your transactions using the <strong>Transaction Import<\/strong> process.<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Step 1: (January):<\/strong> create an&nbsp;<strong><mark style=\"background-color:#fee4e4\" class=\"has-inline-color has-neve-text-color-color\">Account Transfer<\/mark><\/strong>&nbsp;transaction from&nbsp;<strong>Bank A\/c<\/strong>&nbsp;to&nbsp;<strong>Debtor A\/c<\/strong>&nbsp;when the expense is paid.&nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-background\" style=\"background-color:#fdecec;border-style:none;border-width:0px\"><thead><tr><th>Date<\/th><th>Account Transfer From<\/th><th>Account Transfer To<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td>15-Jan<\/td><td>Bank A\/c<\/td><td><\/td><td>&#8211;<mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-neve-text-color-color\">\u00a31<\/mark>20<\/td><\/tr><tr><td><\/td><td><\/td><td>Debtor A\/c<\/td><td>\u00a3120<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Step 2: (February):<\/strong> when the expense is incurred create&nbsp;<strong>Payment transaction<\/strong>&nbsp;from&nbsp;<strong>Debtor A\/c<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-nv-light-bg-background-color has-background has-border-color has-nv-light-bg-border-color\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td><strong>1-Feb<\/strong><\/td><td>Payment &#8211; Rental Costs<\/td><td>Debtor A\/c<\/td><td><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-neve-text-color-color\">\u00a31<\/mark>20*<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"wp-rich-text-font-awesome-icon wp-font-awesome-icon\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"book-open-reader\" class=\"svg-inline--fa fa-book-open-reader \" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path fill=\"currentColor\" d=\"M160 96a96 96 0 1 1 192 0A96 96 0 1 1 160 96zm80 152V512l-48.4-24.2c-20.9-10.4-43.5-17-66.8-19.3l-96-9.6C12.5 457.2 0 443.5 0 427V224c0-17.7 14.3-32 32-32H62.3c63.6 0 125.6 19.6 177.7 56zm32 264V248c52.1-36.4 114.1-56 177.7-56H480c17.7 0 32 14.3 32 32V427c0 16.4-12.5 30.2-28.8 31.8l-96 9.6c-23.2 2.3-45.9 8.9-66.8 19.3L272 512z\"><\/path><\/svg><\/span><em> If you need to spread the prepaid cost over a number of periods &#8211; for example you have paid an annual rental expense and need to charge 1\/12th cost to each month throughout the year &#8211; then you would repeat Step 2 for every month of your year and charge \u00a310 (\u00a3120\/12) to each month (or whatever portion is required). As you move through the year your Debtor balance will reduce to zero on the final month.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"#Top\">Back to top<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"has-text-align-left has-nv-site-bg-color has-nv-dark-bg-background-color has-text-color has-background has-medium-font-size wp-block-paragraph\" id=\"RP\"><strong>4: Revenue Prepayments \/ Deferred Income (Received early)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Scenario<\/strong>: In December, you received \u00a3250 in advanced Membership payments due in January. You need to record the advanced payment into your Bank A\/c as well as in your Creditor A\/c to reflect the liability.&nbsp; In January you can recognise the payment in your P&amp;L and clear the liability balance<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Choose one of the Methods below for Revenue Prepayments.<\/p>\n\n\n\n<p class=\"has-text-align-left has-nv-site-bg-color has-nv-c-2-background-color has-text-color has-background wp-block-paragraph\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:0;padding-bottom:var(--wp--preset--spacing--20);padding-left:0\">4.1 <strong>Revenue Prepayments \/ Deferred Income &#8211; Method 1<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"wp-rich-text-font-awesome-icon wp-font-awesome-icon\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"circle-exclamation\" class=\"svg-inline--fa fa-circle-exclamation \" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path fill=\"currentColor\" d=\"M256 512A256 256 0 1 0 256 0a256 256 0 1 0 0 512zm0-384c13.3 0 24 10.7 24 24V264c0 13.3-10.7 24-24 24s-24-10.7-24-24V152c0-13.3 10.7-24 24-24zM224 352a32 32 0 1 1 64 0 32 32 0 1 1 -64 0z\"><\/path><\/svg><\/span> <em>You <span style=\"text-decoration: underline;\">must<\/span> use Method 1 if you import your bank statements via the&nbsp;<strong>Transaction Import<\/strong> process.<\/em> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"text-decoration:underline\"><strong>Step <span style=\"text-decoration: underline;\">1: (December):<\/span><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Step 1.1<\/strong>: create\u00a0or import a\u00a0<strong>Receipt\u00a0<\/strong>transaction to record the advance membership payment(s) made into your bank account. <br><br>\ud83d\udc49 <strong><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-nv-c-2-color\">This Receipt will already exist if you are converting an <span style=\"text-decoration: underline;\">existing<\/span> transaction &#8211; please go to Step 1.2  <\/mark><\/em><\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-nv-light-bg-background-color has-background has-border-color has-nv-light-bg-border-color\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td>20-Dec<\/td><td>Receipt &#8211; Membership Income<\/td><td>Bank A\/c<\/td><td><span class=\"has-inline-color has-neve-text-color-color\">\u00a3<\/span>250<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Step 1.2<\/strong>: then, create an equivalent&nbsp;<strong>Revenue Prepayment (Receipt)<\/strong>&nbsp;transaction with the <strong><em>same Date and Cost Code<\/em><\/strong>, but select a&nbsp;<strong>Creditor A\/c<\/strong>&nbsp;and, importantly, <mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-nv-c-2-color\">enter a&nbsp;<strong>negative&nbsp;value&nbsp;\u00a3-250<\/strong><\/mark>&nbsp;(<em>minus \u00a3250<\/em>)<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-nv-light-bg-background-color has-background has-border-color has-nv-light-bg-border-color\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td>20-Dec<\/td><td>Receipt &#8211; Membership Income<\/td><td><strong>Creditor A\/c<\/strong><\/td><td><span class=\"has-inline-color has-nv-c-2-color\"><strong>&#8211; \u00a3250<\/strong><\/span><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\" style=\"text-decoration:underline\"><strong>Step 2: (January<\/strong>)<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Open and\u00a0<strong>Reverse\u00a0<\/strong>the December\u00a0<strong>Revenue Prepayment\u00a0<\/strong>transaction:<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-nv-light-bg-background-color has-background has-border-color has-nv-light-bg-border-color\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td><strong>1-Jan<\/strong><\/td><td>Receipt &#8211; Membership Income<\/td><td>Creditor A\/c<\/td><td><strong>\u00a3250<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-text-align-left has-nv-site-bg-color has-nv-c-2-background-color has-text-color has-background wp-block-paragraph\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:0;padding-bottom:var(--wp--preset--spacing--20);padding-left:0\">4.2 <strong>Revenue Prepayments \/ Deferred Income<\/strong> &#8211; <strong>Method 2<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"wp-rich-text-font-awesome-icon wp-font-awesome-icon\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"circle-exclamation\" class=\"svg-inline--fa fa-circle-exclamation \" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path fill=\"currentColor\" d=\"M256 512A256 256 0 1 0 256 0a256 256 0 1 0 0 512zm0-384c13.3 0 24 10.7 24 24V264c0 13.3-10.7 24-24 24s-24-10.7-24-24V152c0-13.3 10.7-24 24-24zM224 352a32 32 0 1 1 64 0 32 32 0 1 1 -64 0z\"><\/path><\/svg><\/span> <em>Method 2 <span style=\"text-decoration: underline;\">cannot<\/span> be used if you create your transactions using the <strong>Transaction Import<\/strong> process.<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Step 1: (Decembe<\/strong>r<strong>):<\/strong> create an&nbsp;<strong><mark style=\"background-color:#ffeaea\" class=\"has-inline-color\">Account Transfer<\/mark><\/strong>&nbsp;transaction from&nbsp;<strong>Creditor A\/c<\/strong>&nbsp;to&nbsp;<strong>Bank A\/c<\/strong>&nbsp;when monies are received.&nbsp;<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-regular\"><table class=\"has-background\" style=\"background-color:#ffeeee;border-style:none;border-width:0px\"><thead><tr><th>Date<\/th><th>Account Transfer From<\/th><th>Account Transfer To<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td>20-Dec<\/td><td>Creditor A\/c<\/td><td><\/td><td>-\u00a3250<\/td><\/tr><tr><td><\/td><td><\/td><td>Bank A\/c<\/td><td><span class=\"has-inline-color has-neve-text-color-color\">\u00a3<\/span>250<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Step 2: (January):<\/strong> create a&nbsp;<strong>Receipt<\/strong>&nbsp;transaction for the Membership payment against&nbsp;<strong>Creditor A\/c<\/strong>&nbsp;when the event is run.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-nv-light-bg-background-color has-background has-border-color has-nv-light-bg-border-color\"><thead><tr><th>Date<\/th><th>Receipt\/Payment &amp; Cost Code<\/th><th>Account<\/th><th>Amount<\/th><\/tr><\/thead><tbody><tr><td><strong>1-Jan<\/strong><\/td><td>Receipt &#8211; Membership Income<\/td><td>Creditor A\/c<\/td><td>\u00a3250<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"#Top\">Back to top<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading has-nv-light-bg-background-color has-background\">Adding Opening Accruals &amp; Prepayment Balances<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You can add opening balances for accruals and prepayments directly into your <strong>Debtor<\/strong> or <strong>Creditor<\/strong> accounts using Clubtreasurer\u2019s simple accruals method.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\">Adding Opening Balances (at setup)<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 1:<\/strong> <br>Go to your <strong>Debtor<\/strong> or <strong>Creditor<\/strong> account and enter the relevant <strong>opening balance<\/strong>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Use <strong>Debtors<\/strong> for prepayments or income owed to you.<\/li>\n\n\n\n<li>Use <strong>Creditors<\/strong> for expenses incurred but not yet paid.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Step 2: <\/strong><br>When the actual payment is made later, simply create an <strong>Account Transfer<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>From:<\/strong> Your Cash\/Bank Account<\/li>\n\n\n\n<li><strong>To:<\/strong> The Creditor Account<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This cancels the brought-forward balance and reflects the outgoing cash movement.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><span class=\"wp-rich-text-font-awesome-icon wp-font-awesome-icon\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"circle-info\" class=\"svg-inline--fa fa-circle-info \" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\"><path fill=\"currentColor\" d=\"M256 512A256 256 0 1 0 256 0a256 256 0 1 0 0 512zM216 336h24V272H216c-13.3 0-24-10.7-24-24s10.7-24 24-24h48c13.3 0 24 10.7 24 24v88h8c13.3 0 24 10.7 24 24s-10.7 24-24 24H216c-13.3 0-24-10.7-24-24s10.7-24 24-24zm40-208a32 32 0 1 1 0 64 32 32 0 1 1 0-64z\"><\/path><\/svg><\/span> <strong>No need to create a Payment or Receipt<\/strong> <strong>transaction<\/strong> \u2014 these were already recorded in the previous financial year and shouldn\u2019t affect the current Profit &amp; Loss account.<\/p>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h4 class=\"wp-block-heading\"><strong><span style=\"text-decoration: underline;\">Adding Opening Balances <em>Retrospectively<\/em><\/span><\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">If you forgot to include opening accruals or prepayments when first setting up your accounts, you can still add them later. Here\u2019s how:<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>Step 1: Temporarily Adjust the Financial Year<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Change your <strong>Financial Year-End<\/strong> to a date before the opening balance date.<\/li>\n\n\n\n<li>Go to: <strong>Setup &gt; Organisation &amp; Subscription<\/strong><\/li>\n\n\n\n<li>This lets you edit accounts that may otherwise be \u201clocked\u201d due to age.<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">Step 2: Enter Opening Balances<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Open your <strong>Debtor<\/strong> or <strong>Creditor<\/strong> account and enter the correct <strong>opening balance<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">Step 3: Adjust the Current Year<\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019ve already recorded a Receipt or Payment this year for a transaction that actually belongs to a previous year:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Example: Expense Accrual (Creditor A\/c)<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">3.1 <strong>Delete the Payment<\/strong> made from your bank account this year.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This expense was from the <strong>prior year<\/strong>, so it shouldn\u2019t appear in this year\u2019s <strong>Profit &amp; Loss<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">3.2 <strong>Instead, create an Account Transfer<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>From:<\/strong> Your Bank Account<\/li>\n\n\n\n<li><strong>To:<\/strong> The Creditor Account<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This clears the opening balance and reflects the cash movement correctly \u2014 without affecting this year\u2019s income or expenses.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><span class=\"wp-rich-text-font-awesome-icon wp-font-awesome-icon\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"lightbulb\" class=\"svg-inline--fa fa-lightbulb \" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 384 512\"><path fill=\"currentColor\" d=\"M272 384c9.6-31.9 29.5-59.1 49.2-86.2l0 0c5.2-7.1 10.4-14.2 15.4-21.4c19.8-28.5 31.4-63 31.4-100.3C368 78.8 289.2 0 192 0S16 78.8 16 176c0 37.3 11.6 71.9 31.4 100.3c5 7.2 10.2 14.3 15.4 21.4l0 0c19.8 27.1 39.7 54.4 49.2 86.2H272zM192 512c44.2 0 80-35.8 80-80V416H112v16c0 44.2 35.8 80 80 80zM112 176c0 8.8-7.2 16-16 16s-16-7.2-16-16c0-61.9 50.1-112 112-112c8.8 0 16 7.2 16 16s-7.2 16-16 16c-44.2 0-80 35.8-80 80z\"><\/path><\/svg><\/span> <strong>Account Transfers<\/strong> affect your <strong>Balance Sheet<\/strong> but <strong>not<\/strong> your <strong>Profit &amp; Loss<\/strong>.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"#Top\">Back to top<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-wide\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Contents<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/clubtreasurer.com\/blog\/advanced-accounting-accruals-and-prepayments\/\" type=\"page\" id=\"871\">Accruals and Prepayments<\/a><\/li>\n\n\n\n<li>Simple Accruals and Prepayments<\/li>\n\n\n\n<li><a href=\"https:\/\/clubtreasurer.com\/blog\/advanced-accruals-prepayments\/\" type=\"page\" id=\"3961\">Advanced Accruals and Prepayments<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/clubtreasurer.com\/blog\/accruals-and-prepayments-accounting-for-funds-held-on-behalf-of-members-for-3rd-party-purchases\/\" type=\"page\" id=\"3974\">Accounting for Funds held on behalf of Members for 3rd-Party Purchases<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>About Simple Accruals &amp; Prepayments The Simple Accruals and Prepayment features in Clubtreasurer will meet the requirements of most customers and is designed for cash-based organisations with basic accrual\/prepayment requirements, e.g. end of year accruals balance only. If you need to produce your accounts on an ongoing accruals basis you should review the Advanced Accruals&hellip;&nbsp;<a href=\"https:\/\/clubtreasurer.com\/blog\/simple-accruals-prepayments\/\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Simple Accruals &amp; Prepayments<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"class_list":["post-3959","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Simple Accruals &amp; Prepayments - Clubtreasurer Community<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/clubtreasurer.com\/blog\/simple-accruals-prepayments\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Simple Accruals &amp; Prepayments - Clubtreasurer Community\" \/>\n<meta property=\"og:description\" content=\"About Simple Accruals &amp; Prepayments The Simple Accruals and Prepayment features in Clubtreasurer will meet the requirements of most customers and is designed for cash-based organisations with basic accrual\/prepayment requirements, e.g. end of year accruals balance only. 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