NetClose - Automating Accruals from Saved Search

Overview

Users can automate the creation of accruals using saved searches. This feature is a powerful way for companies to cut down on the amount of time it takes to calculate and create accruals. Below is a walkthrough of using this feature to create a monthly bad debt accrual.

Click here to view the walk through in full screen.

Step by Step - Setup

Navigate to NetClose > Setup > Accrual Automation
Select New NetClose Accrual Automation
Fill out the desired fields:

Field	Required?	Description	Example
Name	Yes	This is where you will name your accrual rule	Bad Debt from Invoices
Saved Search	Yes	This is where you will locate the accrual saved search you created.	NetClose Bad Debt Invoices Saved Search
Line Creation Type	Yes	The line creation type field tells NetClose that we would like to create an accrual for each line in the saved search or at a consolidated view	Consolidated
Accrual Type	Yes	Determines what balance sheet and expense accounts this accrual will use.	Bad Debt
Execution Relative Date	No	Is used if you want this accrual to be created automatically each month rather than manually and created on the create from search page. Please note this field uses a numerical value. For example, 1 would tell NetClose to create the accrual on the 1^st day of each month.	15
Auto Reversing Day	No	This will tell NetClose that when creating an accrual from this automation that the Accrual should be created with an Auto-Reversing date in the month following. 1 would mean it would be reversed the 1^st day of the following month.	1
Amount Column Label	No	The columns on the saved search that holds the amount we want to accrue	Bad Debt Allocation
Vendor Column Label	No	Indicates what column to pull the vendor form. If the line creation type is set to “Each” or “Consolidated” and there is only one vendor. If there is no vendor column, we can set the default vendor that should be used each time this accrual is created.	Name
Default Vendor	No	If there is no vendor column we can set the default vendor that should be used each time the accrual is created.	A Brittles, Inc.
Subsidiary Column Label	No	Indicates which column from the search indicates each line’s subsidiary.	Subsidiary
Date Column Field ID	No	Indicates what column the saved search results should be filtered when creating this accrual.	accountingperiod.enddate
Filter by end date only	No	The filter by end date only fields tells NetClose whether the create from search page should include transaction only from the period that is selected or all transactions up to the period selected. By default NetClose will only consider transactions from the saved search in the period selected. When this box is checked NetClose will consider all transactions in the saved search up to the last day of the period selected. (i.e. Often when accruing for bad debt companies want to create an accrual for all open invoices. Not just invoices from the period accrual is created. In that case this setting should be turned on.)

4. Select Save

5. After save, the automation can be previewed by selecting the Preview Create button

Step by Step - Operations

After the accrual automation is setup navigate to NetClose > Accruals > Create from Search
1. Filter for the accounting period and desired accrual automation
Verify the amount of the accrual and select the box next to the accrual, and then select Submit
To view the new accrual click on the New Accruals tab
Select the desired line to view the newly created Accrual record
The accrual will now follow the process as accrual created manually
Using accrual automation, we can create our accrual each month using the Create from Search Page or using the Execution Date to create it automatically

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