NetClose - Adjusting Accruals

Overview

Accruals can be reversed in two ways: by specifying a reversal date for the journal when creating the accrual record, or by manually adjusting the accrual after the corresponding bill is entered in NetSuite. For manual reversal, a transaction must be matched to the accrual, after which an adjustment journal entry is generated to reverse the accrual. 

Step-by-Step Process

  • Navigate to NetClose > Accruals > Adjust Accruals
  • Click on the accrual to be adjusted. A list of all matched transactions will display on the right of the screen:
  • Select the Adjustment Date to post the journal entry:
  • The fields in the modification section (located directly below the Adjustment Date field) will automatically populate based on the transactions associated with the accrual. If a remaining balance exists—positive or negative—the Accrual Modification (GL Impact) and New Accrual Balance fields can be adjusted as needed to reverse the accrual:
  • Once the desired transaction is selected and matched to the accrual, click Adjust.
  • Before the adjustment journal entry can be created, the accrual must be approved. To do this, navigate to NetClose > Accruals > Approve Accruals
  • To approve the adjustment journal entry, select the accrual and click Submit:
  • Once the journal entry posts, the accrual status will update to Reversed:
  • To view the status of all accruals, navigate to NetClose > Accruals > All Accruals:

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