NetClose - Accruals Overview
Overview
The NetClose Accruals module simplifies and streamlines the process of booking and adjusting your accruals. You have the option to set accruals to auto-reverse, or match to the relevant transaction once it hits in NetSuite and adjust accordingly. NetClose also provides a robust audit trail to document your accruals and associated adjustments.
Step By Step Process
Before creating accrual records, appropriate accrual types must be configured. Accrual types determine account mapping and drive how accruals are processed.
Once accrual types have been created, a new accrual record can be entered, or accruals can be uploaded in batch via CSV. Additionally, accruals can be automatically created via saved search.
Populate the accrual record with the required fields—indicated by a red asterisk—and any additional relevant information before saving the record.
Once the accrual is created, the accrual must be approved unless the auto-approval setting is turned on in system setup. Once approved, the accrual journal entry will be booked.
Now, the accrual can be modified, matched to a bill and/or adjusted as necessary.