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    • How to enter an insurance contract, allocate future period expenses, and add a payment schedule?
    Future period expenses can be allocated through: General ledger. Purchases module. If it is an insurance contract, through the Insurance register. Entering an insurance contract: Create a record: Documents → Insurance → Insurance register by clicking the „“ button. In the opened window, fill in the insurance contract details: Insurance policy date; Insurance policy number; Select the insurance type by clicking the „“ button. If the list is empty, create a type, e.g.: property insurance, CASCO, compulsory motor third-party liability insurance; Specify the insured object by clicking the „“ button or create a new one, e.g.: “Car No.1”; Enter the insurance premium amount; Insurance start and end date; Insurance company; Insurer, the company that issued the insurance contract; Enter Debit and Credit accounts; if needed, add notes: Expense allocation is possible in 2 ways: In the table below, future period expenses are registered in the general ledger manually by clicking „“: Future period expenses can be allocated using the automatic allocation function. Entries are generated by clicking the button . In the opened table, select the allocation frequency for insurance expenses and choose the debit account: Click the “Save” button; Entries in the general ledger table are filled automatically: To complete the insurance entry, click . Note. The calculation formula used: the total future expenses are divided by the number of days in the selected period and multiplied by the number of days in the month (in which the expenses are recognized). for example: annual insurance is 365 days, amount 100 EUR, so 100/365=0.273972602739726. In the first month, the period is taken from the insurance start date, e.g. from the 6th day of the month (e.g. April has 30 days), so in the first month it calculates 24 days * rate, then for the following months according to the number of days, and adjustment is made in the last month (rounding). How to fill in the payment schedule: The planned payment amount can be distributed by creating a payment schedule. Documents → Insurance → Insurance register → Select the entered insurance → Payment schedule The payment schedule can be created in two ways: In the table below, payments are registered manually by clicking „“: Enter the amount, credit account and click “Save item”. The payment schedule can be created using the automatic distribution function: After selecting and filling in the required fields, click “Save”. Important. After filling in the payment schedule, for each date specified in the schedule you will see the liability assigned to that specific period, not the entire insurance amount.
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    Accounting Software

    How to enter an insurance contract, allocate future period expenses, and add a payment schedule?

    Future period expenses can be allocated through:

    Entering an insurance contract:

    1. Create a record: Documents → Insurance → Insurance register by clicking the „“ button.
    2. In the opened window, fill in the insurance contract details:
      • Insurance policy date;
      • Insurance policy number;
      • Select the insurance type by clicking the „“ button. If the list is empty, create a type, e.g.: property insurance, CASCO, compulsory motor third-party liability insurance;
      • Specify the insured object by clicking the „“ button or create a new one, e.g.: “Car No.1”;
      • Enter the insurance premium amount;
      • Insurance start and end date;
      • Insurance company;
      • Insurer, the company that issued the insurance contract;
      • Enter Debit and Credit accounts; if needed, add notes:
    Insurance contract window

    Expense allocation is possible in 2 ways:

    1. In the table below, future period expenses are registered in the general ledger manually by clicking „“:
      2. Insurance entry in the general ledger window
    2. Future period expenses can be allocated using the automatic allocation function.
    • Entries are generated by clicking the button Future period expense allocation button . In the opened table, select the allocation frequency for insurance expenses and choose the debit account:
      Generated entries table for insurance expenses
    • Click the “Save” button;
    • Entries in the general ledger table are filled automatically:
      • Automatically filled insurance entries in the general ledger
    • To complete the insurance entry, click Save button for insurance entry .
    Note. The calculation formula used: the total future expenses are divided by the number of days in the selected period and multiplied by the number of days in the month (in which the expenses are recognized). for example: annual insurance is 365 days, amount 100 EUR, so 100/365=0.273972602739726. In the first month, the period is taken from the insurance start date, e.g. from the 6th day of the month (e.g. April has 30 days), so in the first month it calculates 24 days * rate, then for the following months according to the number of days, and adjustment is made in the last month (rounding).

    How to fill in the payment schedule:

    The planned payment amount can be distributed by creating a payment schedule.

    Documents → Insurance → Insurance register → Select the entered insurance → Payment schedule

    The payment schedule can be created in two ways:

    1. In the table below, payments are registered manually by clicking „“:
      2. payment schedule creation

      Enter the amount, credit account and click “Save item”.

    2. The payment schedule can be created using the automatic distribution function:
      3. automatic payment schedule creation

      After selecting and filling in the required fields, click “Save”.

      automatic payment schedule creation
    Important. After filling in the payment schedule, for each date specified in the schedule you will see the liability assigned to that specific period, not the entire insurance amount.

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