Accruals Workpaper

Accruals Reconciliation Template Overview

Who is it for:

• Accounting and finance teams in organizations that have accrued expenses and need to monitor, reconcile, and report on these expenses over time.
• Finance professionals looking to streamline the reconciliation process and maintain accurate records of accrued expenses.

How do you use it:

1. Procedures: Document and follow the outlined steps each month to ensure a consistent and thorough reconciliation process.
2. Rollforward: Adjust the date as required and input the accrued expenses data to track changes over time.
3. Journal Entry: Record relevant journal entries for accrued expenses, including date, amount, and description.
4. Trial Balance: Monitor the monthly balances for the accrued expenses account to ensure accuracy and consistency.

Why should teams use it:

• Efficiency: Streamline the reconciliation process, reduce manual effort, and ensure that accrued expenses are accurately recorded and reported.
• Accuracy: Minimize errors and discrepancies by having a structured approach to reconciling accrued expenses.
• Transparency: Provide clear visibility into the accrued expenses account, facilitating better financial decision-making.
• Audit Trail: Maintain a comprehensive record of all activities related to accrued expenses, which is invaluable during audits and reviews.

Why teams should use a close management solution

1. Efficiency: By automatically calculating business day due dates, adjusting for holidays, automating email reminders, and managing complex financial workflows, close management software enables teams to spend less time on time-consuming, repetitive tasks and more time on strategic work. Faster closing times lead to quicker financial reporting, faster decision making, and happier teams.
2. Visibility: Close management software ensures that all team members have a clear understanding of their roles, responsibilities, and deadlines, and enables team members to easily share information and coordinate their tasks. Real-time dashboards and reporting tools provide managers with an instant overview of the process status, including any bottlenecks or pending tasks, enabling quick and informed decision-making.
3. Collaboration: Comments, review notes, and assessments can be easily tracked, maintaining a full audit trail and reducing the need for lengthy email threads. This fosters a culture of transparency and teamwork.
4. Accuracy: By centralizing and standardizing the close process, the risk of human error is reduced, leading to more accurate financials. Issues can be identified faster and addressed promptly.
5. Control: With best practices as a default and a controlled environment, close management software improves the team's compliance with financial reporting standards and regulations. The system creates an audit trail, detailing who did what and when, which is particularly valuable during audits and regulatory checks.