NetClose - Adjusting Accruals
Overview
Accruals can be reversed in two ways: by specifying a reversal date for the journal when creating the accrual record, or by manually adjusting the accrual after the corresponding bill is entered in NetSuite. For manual reversal, a transaction must be matched to the accrual, after which an adjustment journal entry is generated to reverse the accrual.
Step-by-Step Process
Accruals in NetClose can be adjusted in two ways: through the Adjust Accruals page (shown below) or via the Matching Accruals page.
- Navigate to NetClose > Accruals > Adjust Accruals.
- Click on the accrual to be adjusted. A list of all matched transactions will display on the right of the screen:
- Select the Adjustment Date to post the journal entry:
- The fields in the modification section (located directly below the Adjustment Date field) will automatically populate based on the transactions associated with the accrual. If a remaining balance exists—positive or negative—the Accrual Modification (GL Impact) and New Accrual Balance fields can be adjusted as needed to reverse the accrual:
- Once the desired transaction is selected and matched to the accrual, click Adjust.
- Before the adjustment journal entry can be created, the accrual must be approved. To do this, navigate to NetClose > Accruals > Approve Accruals.
- To approve the adjustment journal entry, select the accrual and click Submit:
- Once the journal entry posts, the accrual status will update to Reversed:
- To view the status of all accruals, navigate to NetClose > Accruals > All Accruals: