Maximizing Empress's Process Deferred Accounting Feature

Guides & Tutorials
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Introduction

Welcome to our Empress guide on Process Deferred Accounting. This feature is an integral part of the Empress system that helps you keep track of all processed deferred revenues or expenses. It’s designed to simplify your financial management tasks, making it easier to handle your business’s deferred incomes and expenses.

What is the Process Deferred Accounting Feature?

Process Deferred Accounting is a feature in Empress that automatically generates a record every time you book deferred revenue or expense. This background process ensures you have a comprehensive log of these financial activities. However, if you prefer, you can also manually create a record for deferred revenue or expense bookings.

To access this feature, navigate to:

Home > Accounting > General Ledger > Process Deferred Accounting

Before you start using this feature, make sure you’re familiar with the concepts of Deferred Revenue and Deferred Expense.

Creating a Process Deferred Accounting Record

Creating a new record in the Process Deferred Accounting list is a straightforward task. Follow these steps:

  1. Navigate to the Process Deferred Accounting list and click on ‘New.’
  2. Specify your Company.
  3. Choose the type of deferred accounting process. For booking deferred revenue, select ‘Income.’ For booking deferred expenses, opt for ‘Expense.’
  4. Set the posting date.
  5. Enter the Service Start Date and End Date.
  6. Finally, click on ‘Save’ and then ‘Submit.’

Essential Features of Process Deferred Accounting

Submission Actions

When you submit a Process Deferred Accounting document, Empress will automatically generate GL Entries for deferred revenue or expense bookings. These entries will cover all invoices between the service Start Date and End Date. If you need to book Deferred Revenue or Expense for a specific deferred income or expense account, remember to input the account details.

Automatic Deferred Accounting

You can set up Empress to process deferred account entries automatically. To do this, navigate to Account Settings and check the ‘Automatically Process Deferred Account Entry’ box.

Here’s how to find Account Settings:

Home > Accounting > Accounting Masters > Accounts Settings

Conclusion

The Process Deferred Accounting feature is a powerful tool that enhances your business processes by tracking and managing deferred incomes and expenses. It ensures accurate financial records and streamlines the way you handle these aspects of your finance. For further assistance or more non-technical resources, feel free to explore our additional guides or contact our support team.