Prepayments and Accruals: A fantastic new feature for nettTracker
We are really excited to announce the release of the most significant update to nettTracker since the software was launched in 2019.
When it comes to producing and reviewing profit and loss reports, we understand that consistency matters. We also recognise the time and effort required to create accounting adjustments to follow various accounting principles and concepts. With this in mind, we have developed a new module for nettTracker that provides tools to monitor the adjustments required for Prepaid Expenses, Accruals, Deferred Income and Accrued Income.
With this feature enabled on your companies, nettTracker will create all the monthly journal adjustments as required and will also produce statements that help to reconcile with values on the balance sheet. If you need to produce monthly/quarterly management accounts, you could potentially save hours of time by using nettTracker to record and monitor these additional balance sheet adjustments.
To support this new feature, we have made some changes to the menus and the dashboard, all of which we hope you will find make the software even easier to navigate. The 'Asset register' will contain all options for fixed assets, and the 'Accruals & Prepayments' menus are specific to that feature.
The Accruals and Prepayments module is a chargeable feature, however, we are offering all of our existing customers one free use of this new feature. If you want to make use of this, our app will guide you through the process of activating it on your chosen company. If you are an accounting firm, and feel that the feature would be beneficial to clients that don't require a fixed asset register, please reach out to us at support@farscape-applications.com and we will see what we can do to help.
We are currently busy creating some pdf guides and video tutorials for the new features. In the meantime, we shall be running a webinar on Tuesday March 15, where we will explain exactly how the features work. The webinar is only scheduled for 20 minutes - the new tools are easy to use, so it wont take long to demonstrate them to you. To register for the webinar, please click below:
The webinar time is 4:30pm GMT. However, if that doesn't work for you, the session will be recorded, and the link for the recording will be available for 30 days. (Registration is required)
As always, we thank-you for your continued support, and we look forward to helping you save more time, and generally making some of your accounting tasks a little bit easier.
The nettTracker team