NetClose - Adjusting Accruals

Overview

Accruals need to be reversed once the bill is entered into NetSuite. The transaction needs to be matched to the accrual, and then an adjustment can be run to reverse out the accrual. 

Step by Step Process

1. Navigate to NetClose > Accruals > Adjust Accruals. 
2. Click on the accrual to be adjusted. A list of all matched transactions will show on the right. View full size
3. Select the adjustment date to post the journal entry View full size
4. The fields in the accrual modification box will auto-fill based on the transactions attached to the accrual. If there is excess (positive or negative), the Accrual Modification (GL impact) and New Accrual Balance fields can be modified as desired to reverse the accrual. View full size
5. Click "Adjust"
6. Navigate to the Approve Accruals screen (NetClose > Accruals > Approve Accruals) 
7. Approve the adjustment journal entry by selecting the accrual and "Submit" View full size
8. The journal entry will post, and the accrual status will change to "Reversed." View full size View full size
9. The status of all accruals can be seen by navigating to NetClose > Accruals > All Accruals View full size