Accrued Income

Guidance:

Our overall guidance is to only adjust for items over £500 (unless the client or the partner expressly requests otherwise).

If this is the first year for the client in Silverfin you will need to ensure the data is correct for the previous period to enable the ability for Silverfin to complete automatic adjustment journals - see here for details. 

Step-by-Step:

The help guide from Silverfin on how to use the template itself is here

Explanation:

Accrued income is when you have not yet billed an invoice or received a payment in your period for services that you have provided in your period.

Example:

Your client is an alarm company and their service is charged annually in arrears.  Their billing runs from January to December 2020 in January 2021 and your year-end is November 2020.  The accrued income relates to the period from January to November 2020.