NetClose - Match, Adjust, and Auto Approve Accruals
Overview
In NetClose, the accrual process can be handled in steps or processed with a single action. If a user wants to separate the steps of matching a transaction to an accrual, adjusting that accrual, and approving that accrual adjustment that can be done with each respective page (further instructions can be found in this Knowledge Center). However, if a user would like to process the Match, Adjust, and Approval for accruals to happen concurrently, they can follow the walkthrough below.
Click here to see the walkthrough in full-screen.
Step By Step Process
Setup of Auto Approval for Accruals
- Navigate to
NetClose > System > Setup. - Select 'System Features'.
- Enable 'Auto Approve Accruals' by checking the box. Once enabled, this feature will automatically approve newly created accrual entries, streamlining your month-end close process.
Match Accruals
- Navigate to the Match Accruals Page (NetClose > Accruals > Match Accruals) after the desired accrual has been created
- Locate the accrual to match the related transaction.
- Choose the desired Matching Option
- Click Match Only to simply link the accrual to the transaction. If you chose Match Only, and need to adjust the amount later, go to NetClose > Accruals > Adjust Accruals to make the adjustment separately
- Click Match Only to simply link the accrual to the transaction. If you chose Match Only, and need to adjust the amount later, go to NetClose > Accruals > Adjust Accruals to make the adjustment separately
- Click Match & Adjust to both link the accrual and adjust the amount in a single step.
- Once the match has occurred, it will show up on the bottom of the match screen as a New Match.
- Once the process is complete, review the matched accrual record. Select the Transactions section at the bottom of the record to verify that the match has been successfully applied.