Close Accrued Expense Subsidiary
These steps explain how to close accrued expense items. For closure of Accrued Expense Items, an adjustment will alter the Accrued to Date balance on the subsidiary record to bring the balance down to zero, then closed and retained for inquiry purposes only. This process should not be used for an accrued expense that will run for multiple terms.
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Launch Tool #1772 Work/View Subsidiaries.
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Highlight Accrued Expense to close.
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Select "View."
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Determine the value to bring the subsidiary ledger to zero, using the amount in the Accrued to Date field minus the Total Expense to Accrue.
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Return to Tool #1772 Work/View Subsidiaries.
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Highlight Accrued Expense to close.
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Select "Close."
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Enter the transaction postdate that the activity needs to be posted to the subsidiary record history and effective date of General Ledger entry.
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Enter in value to bring the subsidiary ledger to zero, using the amount in the Accrued to Date field minus Total Expense to Accrue.
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Enter to accept the entries.
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Select Comments to enter additional information on the adjustment (if applicable).
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Select Create J/E if a J/E needs to be created to post to CU*BASE General Ledger OR Select SKIP J/E if the adjustment only needs to affect only the subsidiary record.
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Launch Tool #61 Create/Post GL Journal Entries. Learn more.