Monthly Accruals/Accrual List

The Monthly Accruals are used to set up Accruals that are needed to show on the Financial Statements.  They can be entered 2 ways in Shiftsuite Accounting but it is preferred that they are entered in the Accrual List as the Accrual is tied to the Vendor on the Accrual reports.

1. Creating a Journal entry for the end of the month.

This is done by navigating to Accounting-General Journal

Once there you click on New, enter the date, Particulars (Memo), account that is being debited, debited amount, the account that is being credited (the credit amount with self populate to balance the journal entry) and finally click Save.

One thing to note is that journal entries hitting your Accruals will show as Other Accrual Liabilities.

2. Creating an Accrual List accrual.

This is done by navigating to Accounting-Accrual List.

Once there, you will be able to see any previous accrual entered and double click to open them.  To create a new accrual list item you click on New to open the Form.

Once the form opens you can use the dropdown and enter the information and click save or save and new once done.

The Type will default to Operating, you can change this to Reserve but make sure you are changing the Accrual Account (That also defaults to your Accrual account) to your Reserve account and also selecting an Accrual expense to ensure your reports are correct.

You can leave the Auto Reverse Date blank if you will be manually reversing the accrual and must be done from the Accrual List or by clicking on the accrual in the list and using the reverse button.

You can void the Accrual and this should only be used if it was entered in error or has mistakes needing for it to be entered again.