CORRECT TEXT

CORRECT TEXT

You are a functional consultant for Contoso Entertainment System USA (USMF).

You need to implement a quarterly accruals scheme for USMF. The accrual scheme settings must match the settings of the monthly and annual accrual schemes.

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View Answer

Answer: Look at the monthly and annual accrual scheme settings. Create a quarterly accrual scheme with the same settings by using the following instructions:

✑ Go to Navigation pane > Modules > General ledger > Journal setup > Accrual schemes.

✑ Select New.

✑ In the Accrual identification field, type a value.

✑ In the Description of accrual scheme field, type a value.

✑ In the Debit field, specify the desired values. The main account defined will replace the debit main account on the journal voucher line and it will also be used for the reversal of the deferral based on the ledger accrual transactions.

✑ In the Credit field, specify the desired values. The main account defined will replace the credit main account on the journal voucher line and it will also be used for the reversal of the deferral based on the ledger accrual transactions.

✑ In the Voucher field, select how you want the voucher determined when the transactions are posted.

✑ In the Description field, type a value to describe the transactions that will be posted.

✑ In the Period frequency field, select how often the transactions should occur.

✑ In the Number of occurrences by period field, enter a number.

✑ In the Post transactions field, select when the transactions should be posted, such as Monthly.