NetClose - Accruals Overview
Overview
The NetClose Accruals module simplifies and streamlines the process of booking and adjusting your accruals. You have the option to set accruals to auto-reverse, or to match them to the relevant transaction once it hits in NetSuite and adjust accordingly. NetClose also provides a robust audit trail to document your accruals and associated adjustments.
Video walkthrough
Watch this walkthrough of the Accruals module: what is an accrual, how to book accruals in NetClose, and how to match and adjust accruals once the transactions hits.
Step-by-Step Overview
Before creating accrual records, appropriate accrual types must be configured. Accrual types determine account mapping and drive how accruals are processed.
Once accrual types have been created, a new accrual record can be entered, or accruals can be uploaded in batch via CSV. Additionally, accruals can be automatically created via saved search.
Populate the accrual record with the required fields - indicated by a red asterisk - and any additional relevant information before saving the record.
Once the accrual is created, it must be approved unless the auto-approval setting is turned on in system setup. Once approved, the accrual journal entry will be booked.
From there, the accrual can be modified, matched to a bill, and adjusted as necessary.
More detail and next steps
The articles below go deeper on setting up and working with accruals.
Setting up accruals
Working with accruals
- Create New Accrual
- Approve Accruals
- Match Accruals
- Adjust Accruals
- Modify Accruals
- Match, Adjust, and Auto Approve Accruals Concurrently
- Accreting (Target Amount) Accruals
- Allocate Accruals using Shared Transactions
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