What is Provision?
In financial accounting, a provision is an account which records a present liability of an entity. The recording of the liability in the entity’s balance sheet is matched to an appropriate expense account in the entity’s income statement. A provision can be a liability of uncertain timing or amount. A liability, in turn, is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
Here you are going to learn about the steps to create provisional job expense in fresa.
Step 1: Login with fresa gold. Select Masters Module and click Organization. (Fig-1)
Step 2: Create a new organization as Provisional Job expense ledger and map sundry creditors in accounts. (Fig-2)
Step 3: Select the respective job which has provisional expense pending. In the costing details add the required amount and select vendor name as provisional job expense ledger and click save. (Fig-3)
Step 4: Create purchase invoice for all job provision charges from the job. (Fig-4)
Step 5: Change the purchase invoice status as posted. Now the cost will be reflected in provisional job ledger. (Fig-5)
Hope you got an idea about how to create provisional job expense in fresa.
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