NetClose - Create New Accrual
Overview
Accrual records in NetClose serve as a log to track all changes made to an accrual and to monitor its current status.
Step-by-Step Process
There are three methods to create an accrual record in NetClose:
- Manually enter accruals using the user interface by creating a new accrual record.
- Import accruals in bulk via the NetSuite CSV Import function.
- Generate accruals directly from a saved search.
Detailed step-by-step instructions for each method are provided below.
Manually Enter Via User Interface
- Navigate to NetClose > Accruals > Create New Accrual to open a blank accrual record ready for data entry:
- Fill out the information according to the table below:
| Name | Description | Example |
| Name | The desired name of the accrual. | Payroll Accrual - April |
| Subsidiary | The subsidiary associated with the accrual. | ACME Holdings |
| Currency | Specifies the currency in which the accrual is recorded. By default, this is set to the subsidiary’s currency. | USD |
| Status | The current status of the accrual, which will always set to Pending when initially created. | Pending |
| Description | A brief description of the accrual. | Blank |
| Vendor | The vendor associated with the accrual. | Blank |
| Accrual Type | Select the accrual type, which will automatically populate the corresponding accrual and expense accounts for the journal entry. | Legal Fees |
| Date | The date on which the accrual should be booked. | 07/25/2023 |
| Auto-Reversal Date | The date on which the accrual will be automatically reversed. | 08/01/2023 |
| JE Memo | A memo to post with the journal entry. | Legal Fees for July |
| Initial Amount | The dollar amount of the accrual. | $8,500 |
| Accrual Account | The GL account where the accrual will be posted. This field auto-populates based on the selected Accrual Type. | 2365 Other Accrual Expenses |
| Expense Account | The GL account where the accrual will be expensed. This field auto-populates based on the selected Accrual Type. | 6750 Operating Expenses |
| Department | Enter the department related to the accrual, if applicable. | Blank |
| Location | Enter the location related to the accrual, if applicable. | Blank |
| Class | Enter the class related to the accrual, if applicable. | Blank |
- Once all desired fields have been populated, click Save. The accrual will be created with a status of Pending.
CSV Import
NetClose Accruals Upload Template
- Download the upload template above and enter the information for the accruals.
- Save the completed file as a CSV.
- Navigate to Setup > Import/Export > Import CSV Records:
- Set Import Type to Custom Records.
- Select Record Type as NetClose Accruals.
- Choose the CSV file to import.
- Click Next and then select Add as the Data Handling option.
- Click Next and then map the CSV fields to the corresponding NetClose fields.
- Click Next and then run the import.
Generate Accruals from a Saved Search
Refer to the Automating Accruals from Saved Search article for detailed instructions.
Additional Considerations
Allocating Accruals
When determining the need to allocate an accrual, Netgain Shared Transactions can be utilized to allocate amounts by various criteria, including percentage breakdowns or segments. Refer to the linked instructions for creating an allocation template. After an allocation template is created, it can be applied to journal lines during accrual creation.