NetClose - Approve Accruals
Overview
Proper approval of accrual adjustments is a key component of an organization’s accrual process. NetClose offers flexible options for managing this, including a global setting to automatically approve all accrual adjustments. If this setting is not enabled, approvals can be completed individually or in bulk, depending on operational needs.
This article outlines the available options for managing the accrual approval process in NetClose.
The click-through demonstration below illustrates the difference between having auto approvals enabled and disabled.
Click here to view this walkthrough in full screen.
Step-by-Step Process
Detailed instructions for each option are provided in the sections below:
Auto Approve Accruals Setting
- Navigate to NetClose > Setup > System Setup.
- Under the System Features subtab, enable the Auto Approve Accruals checkbox, then click Save:
- Once this feature is activated, accruals will be automatically approved—manual approval will no longer be required.
Approving Individual Accrual Records
- Navigate to the accrual record with a Pending status, then click Approve to generate the corresponding journal entry:
- The accrual will process, and the status will update from Pending to Accrued. The related debit and credit lines will then appear under the Transactions tab:
Mass Approve Accruals
- Navigate to NetClose > Accruals > Approve Accruals.
- Select the applicable accrual lines and click Submit to initiate approval:
Note: This is the same screen used to perform mass approvals for accrual modifications.
- Navigate to NetClose > Accruals > All Accruals to view all accrual records. This page displays each record’s status, current amount, and associated accounts: