NetClose - Create New Accrual
Accrual records are created in NetClose. They provide a record to track all changes to the accrual and its current status.
Step by Step
There are two ways you can set up accruals in NetClose:
- Manually enter your accruals using the User Interface by creating an accrual record.
- Import a list of accruals using the NetSuite CSV Import function.
See below for the step-by-step instructions for both options.
1. Manually Enter
Navigate to NetClose > Accruals > Create New Accrual. This will pull up an empty accrual record to be filled out.
Fill out the information as follows:
| Name | Description | Example |
|---|---|---|
| Name | Name of accrual. | Payroll Accrual - April |
| Subsidiary | Subsidiary the accrual is related to. | ACME Holdings |
| Currency | Currency the accrual is recorded in this will default to the subsidiary's currency. | USD |
| Status | Status of the accrual: this will always be pending when created. | Pending |
| Description | Brief description of the accrual. | Blank |
| Vendor | Vendor associated with the accrual. | Blank |
| Accrual Type | Select the type of accrual. This will auto-populate the accrual and expense accounts the journal will book. | Legal Fees |
| Date | Date the accrual should be booked. | 07/25/2023 |
| JE Memo | Memo to post with the journal entry. | Legal Fees for July |
| Initial Amount | The dollar amount of the accrual. | $8,500 |
| Auto-Reversal Date | Date the accrual will be automatically reversed. | 08/01/2023 |
| Accrual Account | GL account to post the accrual to. This auto-fills based on the Accrual Type. | 2365 Other Accrual Expenses |
| Expense Account | GL account the accrual is expensed to. This auto-fills based on the Accrual Type. | 6750 Operating Expenses |
| Classification Info | Fill in the segment data as desired. | Blank |
Click Save.
2. CSV Import
NetClose Accruals Upload Template
- Download the above upload template and fill in the information for your accruals.
- Save as a file as a CSV
- Navigate to setup > import/export > import CSV records
- Import Type = Custom Records
- Record Type = NetClose Accruals
- Select your file to import
- Click "Next" and choose ADD
- Click "Next" and map the fields from the CSV file to the fields in NetClose.
- Click "Next" and then run the import.
Allocating Accruals
When deciding if there is a need to allocate an accrual, you can utilize Netgain Shared Transactions, where you can allocate in various aspects, most notably by percentage breakdown or by segment. See the following link on how to create an allocation template. After creating an allocation template, you can apply these templates to lines on your journal when creating the accrual.