Setting up your expense journals for the first time? Start with How to automate expense recognition journals in ScaleXP — the four-step overview that walks you through prepayments and accruals end-to-end. This article covers the settings that sit behind all four steps.
Use the three dots at the top right of any expense journals page to set up or change your settings for expense recognition.
The first section of the page focuses on balance sheet settings for prepayments and accruals
Here you can set your preferences for selection and account as described below.
Prepayments:
- Automated selection of prepayments - turn on to enable ScaleXP's AI to automatically identify prepayment bills and select for inclusion in your journals
- Journal by supplier - turn on to include journal entries at supplier level for prepayments
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Balance Sheet Account Settings - select journal accounts here
- Prepayments select the asset account(s) you will use for prepayments journalled via ScaleXP- if more than one, be sure to also set mapping
- Map Accounts, for other prepayment accounts – if you use more than one prepayment account for expenses initially coded to the income statement, set the mapping rules here.
Accruals:
- Accruals: select a liability account to use for accruals journalled via ScaleXP
Other Journal Settings:
Tracking codes / QuickBooks Classes - choose whether or not to include these in journals
Minimum threshold – this is to avoid ScaleXP proposing allocation of very small bills which are not material prepayments – line item amounts below this threshold will be excluded from journals
Journal start date - no journal suggestions will be available prior to this date
Other options - gives you the option to hide specific spent money accounts, should you import bank transactions
Whichever settings you choose, once your accounts are set and mapped, use the blue Save button to Save and exit Settings.
Related articles:
How to automate expense recognition journals in ScaleXP