This account template is used to reconcile the underlying accrued income value per your trial balance to the relevant documentation (i.e. details of the invoices accrued for).

Firstly you will need to get the relevant accrued income information from the client's underlying bookkeeping system. Once you have this data you can either:

Option 1: Enter the data manually into the template

Option 2: Upload an extract from the underlying bookkeeping system into the account template

[ Note: there is no preference to which option you choose to complete your working paper, it's up to you!]

Option 1: Enter the data manually into the template

The accrued amount is calculated based on the date of the current period relative to the “period from” and “period to” fields as well as the invoice amount.

1. Pull in the relevant nominal code accounts using the # functionality

2. Frequency 

  • “D” is for Days: the total invoice amount is multiplied by the days that have elapsed as a fraction of the total number of days (based on the 'period from' and 'period to' dates)
  • “M” is for months: the total invoice amount is multiplied by the months that have elapsed as a fraction of the total number of months (based on the 'period from' and 'period to' dates)
    • E.g. 01/11/2020 to 30/10/2021 covers November 2020 to October 2021 which is 12 months
    • However, if you submit 10/11/2020 to 09/11/2021 covers November 2020 to November 2021 which is 13 months

Note: The 'days' option is advisable for the most accurate outcome

3. 'Period from' date

4. 'Period to' date

5. Total invoice amount

Option 2: Upload an extract from the underlying bookkeeping system / Excel into the account template

If you already have your accrued income data in another system, there is no need to manually enter it in. You can simply download an Excel extract of your accrued income and upload this into Silverfin!

Here's a few key points to remember when doing this:

  • Make sure all the columns in your import have column headers
  • Silverfin recognises commas as the end of a whole number so please ensure thousands are not separated with a comma 

e.g. Use £15000.00 and not £15,000.00

  • You will still need to drag in the relevant account using the # functionality, so there is no need to map this when uploading your Excel document.
  • You will need to select the 'frequency' once the data has been imported

You can download an example upload template from the working paper itself here:

1. To import a document, click ' Actions' → 'Import reconciliation data'

2. Select the ' Upload Excel file' option and then map your account headers on your import to the account headers available in Silverfin

The fields for “Invoice number”, “Invoice date” and “Description” are optional fields 

If the accrued income line items identified here are correct, the amount recalculated will reconcile to the underlying book value coming through from your bookkeeping system and the account will be reconciled. The 'green dot' will be shining brightly on you screen.

If any additional explanation is required regarding further differences, this can be accommodated through the "Explanation of differences" field. This value will form part of the value being reconciled (i.e. it will be added to the sum of the 'Accrued amount' column). 

Copy Data

When you move into the next period, you can quickly and easily copy the data from the prior period over to the current period. You will only need to enter any new accruals.

'Show journal summary'

You may already have the option to see the journal summary on your reconciliation. Simply tick the box next to 'show journal summary' and the proposed journal to be posted will pop up! If this isn't showing on your reconciliation let us know and we will happily get that sorted out for you!