Add Accrued Expense Subsidiary

These steps explain how to add an accrued expense subsidiary. An accrued expense is one which will be expended on your credit union books in anticipation of the payment of the actual expense.

  • An example of an accrued expense is real estate taxes, which are accrued during the year to be paid at the end of the year.

  1. Launch Tool #1772 Work/View Subsidiaries.

  2. Click Add.

  3. From the Item type dropdown, choose Accrued expense.

  4. Click Continue.

  5. In the Item # field, type a new item number or leave the auto-populated number.

  6. In the Start date field, input the date you want the expense to start.

  7. Enter a description of the accrued expense in the Description field.

  8. In the Category field, input a category code or use the magnifying glass icon to choose one from the list.

    • If category needed is not listed, one can be created.

    • If this is not applicable, you may skip this field.

  9. Select a branch number.

  10. If applicable, select a department code.

  11. If applicable, select a vendor code.

    • If a vendor code is selected, enter a description in the Vendor description field.

  12. Enter the Total expense to accrue.

  13. Skip the Monthly accrual expense and Accrued to date fields.

  14. Enter the Months remaining. Enter the same number in the # of months to accrue monthly expense field.

  15. Use Enter to accept and produce Monthly accrual expense amount.

  16. Select the Liability G/L # and the Expense G/L #.

  17. If you’d like to make a journal entry for this subsidiary, click the Create journal entry checkbox.

  18. Click Comments to add comments, if applicable.

  19. Click Add/Update.

Learn More

Learn more about accrued expense subsidiaries.

Learn how to configure subsidiary category codes.

View steps to adjust accrued expense subsidiaries.