NetClose - Adjusting Accruals
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.
Adjusting
The adjustment journal entry can be made once the transactions are matched to the accrual.
Navigate to NetClose > Accruals > Adjust Accruals. Click on the accrual to be adjusted. A list of all matched transactions will show on the right.
Select the adjustment date to post the journal entry. The adjustment date is the most important field here, where you will want to include all the bills associated with your accrual. The Accrual Modification box will auto-fill based on the bills attached to your accrual. The New Accrual Balance field will also auto-fill the difference between your accrual and the total actual billed. If there is excess (plus or minus) for the accrual, you can adjust the New Accrual Balance to zero, which will reverse the accrual.
Click Adjust. Navigate to the Approve Accruals screen and approve the adjustment journal entry.
The journal entry will post, and the accrual status will change to "Reversed."
The status of all accruals can be seen by navigating to NetClose > Accruals > All Accruals.