Commission Accruals
Details
iDynamics Commissions let you specify an expense account and a liability account that can be used to accrue commissions when these are generated, before the actual commissions are settled.
We have just released version 1.0 of this feature. We are aware that not every customer accrues commissions the same way, and that accounting rules can be quite different between different countries, so we are looking for customer feedback. If you find that this feature does not work as you would expect, please drop us an email and let us know what you would like us to improve.
Enable Accruals
For accruals to be used, the first step is to open the general setup page, and assign these accounts to the Accruals tab.
You will also need to assign a series number for the G/L journal postings that the app will perform internally when accruing commissions.
Once this info has been setup, you can enable accruals to show all available options int he Commission Entries list.
Manual Accruals
Once you go back to the list of commission entries (you might need to navigate to a different page and go back to the list if it was already open), after enabling accruals, you will see a new column called Accrued Amount (LCY). This shows the amount accrued for each commission entry and, after you enable accruals, it will be zero for all entries.
In the action bar, under the Home menu, you will find the Accrue Commissions... action. If you run it, the app will ask you whether you want so specify any filters (you can leave all filters blank). Once you click OK the process will run, and you will see how the Accrued Amount (LCY) column for each entry matches the Outstanding Amount column.
Further more, if you click on the Accrued Amount (LCY) column, you will see a summary of all accrued amounts for the commission entry.
Automatic Accruals
When the app is installed, a job queue entry called Post Commission Accruals is automatically created. You can edit it to schedule when you want to post accruals, and then click on Set Status to Ready, for accruals to be posted automatically.