Accruals and fixed assets

Two year-end tasks are handled on their own pages: costs and income that belong to another period, and the wear of assets over time.

Accruals

1. Click Add accrual.
2. Choose Prepaid / accrued income or Accrued expense / deferred income.
3. Choose the income statement account, the amount and the reporting date.
4. Choose the date on which it reverses. It must be after the reporting date.
5. IDup posts the accrual and reverses it automatically on that date.

Prepaid means an expense paid in advance, or income not yet received. Accrued means an expense not yet paid, or income received in advance. A wrong accrual can be cancelled. The entries stay with a reversal.

Fixed assets

1. Click Add asset.
2. Enter the name, acquisition cost and date, and choose a Category (rate suggestion). The suggested rates come from the Swiss tax leaflet A/1995.
3. Choose the method: Straight-line or Declining balance. Enter useful life or rate, and a residual value if any.
4. Choose the asset account and the expense account. Choose an accumulated depreciation account, or Direct (no allowance account).
5. Click Post depreciation for the year. Depreciation runs pro rata from the month of acquisition, and each asset is posted once per year.

Disposal

With Disposal you enter the proceeds. The remaining book value is removed, and the gain or loss goes to its own account.

The closing checklist warns about assets that are not yet depreciated. See Close the year.