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Accruals and Prepayments Worksheet

Table output Has example

Match costs and income to the right month.

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Help me prepare accruals and prepayments for the month. Month and accounting method: [MONTH_AND_METHOD]. Invoices received after month end that relate to this month: [LATE_INVOICES]. Payments made this month for future periods (insurance, rent, software): [PREPAYMENTS]. Services delivered but not yet invoiced: [UNBILLED_WORK].

For each item, determine whether it is an accrued expense, prepaid expense, accrued income, or deferred income; compute the amount belonging to this month (for example an annual insurance premium of 1,200 paid in January: 100 per month, 1,100 prepaid at end of January); and describe the entry in plain words (increase an expense and a liability), without assuming my chart of accounts.

Return a table: Item | Type | Total amount | Months covered | Amount this month | Amount carried forward | Reversal next month? | Evidence. Add a roll-forward schedule for prepayments and a checklist for finding unrecorded liabilities. If the facts are unclear, list questions. Review by an accountant is advised [VERIFY].

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Month: June.
Accrued expense: electricity bill for May and June received 8 July, 540 for two months; June share 270. Entry in plain words: increase electricity expense and increase accrued liabilities by 270.
Prepaid expense: annual insurance 1,800 paid 1 June, 150 a month; June expense 150, carried forward 1,650.
Accrued income: consulting delivered 24 to 30 June, unbilled, 700; recognized in June if the approach says delivery.
Deferred income: customer paid 2,400 on 20 June for a 12-month service starting 1 July; June income 0, deferred 2,400.
Table totals: expenses this month 420 (270 + 150); carried forward 1,650 asset; liabilities 270 + 2,400.
Questions: reversal of accruals next month. Accountant review advised [VERIFY].

• accruals