Setting up your expense journals for the first time? Start with How to automate expense recognition journals in ScaleXP — the four-step overview that walks you through prepayments and accruals end-to-end. This article covers the settings that sit behind all four steps.
Use the thee dots at the top right of any expense journals page to set up or change your settings for expense recognition.
- Automated selection of prepayments - turn on to enable ScaleXP's AI to automatically identify prepayment bills and select for inclusion in your journals
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Balance Sheet Account Seetings - select journal accounts here
- Prepayments asset account(s) -if more than one, be sure to also set mapping
- Map Accounts, for other prepayment accounts – if you use more than one prepayment account for expenses initially coded to the income statement, set the mapping rules here.
- Accruals liability account
- Tracking codes / QuickBooks Classes - choose whether or not to include these in journals
- Minimum threshold – this is to avoid ScaleXP proposing allocation of very small bills which are not material prepayments – line item amounts below this threshold will be excluded from journals
- Journal start date - no journal suggestions will be available prior to this date
- Other options - gives you the option to hide specific spent money accounts, should you import bank transactions
Whichever settings you choose, once your accounts are set and mapped, use the blue Save button to Save and exit Settings.
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