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
NameThe desired name of the accrual.Payroll Accrual - April
SubsidiaryThe subsidiary associated with the accrual. ACME Holdings
CurrencySpecifies the currency in which the accrual is recorded. By default, this is set to the subsidiary’s currency. USD
StatusThe current status of the accrual, which will always set to Pending when initially created. Pending
DescriptionA brief description of the accrual.Blank
VendorThe vendor associated with the accrual.Blank
Accrual TypeSelect the accrual type, which will automatically populate the corresponding accrual and expense accounts for the journal entry. Legal Fees
DateThe date on which the accrual should be booked.07/25/2023
Auto-Reversal DateThe date on which the accrual will be automatically reversed.08/01/2023
JE MemoA memo to post with the journal entry.Legal Fees for July
Initial AmountThe dollar amount of the accrual.$8,500
Accrual AccountThe GL account where the accrual will be posted. This field auto-populates based on the selected Accrual Type.2365 Other Accrual Expenses
Expense AccountThe GL account where the accrual will be expensed. This field auto-populates based on the selected Accrual Type.6750 Operating Expenses
DepartmentEnter the department related to the accrual, if applicable.Blank
LocationEnter the location related to the accrual, if applicable.Blank
ClassEnter 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. 


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