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.

 

1. Launch Tool #1772 Work/View Subsidiaries.

2. Highlight the accrued expense to close.

3. Choose the View option.

4. 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.

5. Use the back arrow to return to the main screen of Tool #1772 Work/View Subsidiaries.

6. Highlight the accrued expense to close.

7. Choose the Close option.

8. Enter the Transaction post date that the activity needs to be posted to the subsidiary record history and effective date of General Ledger entry.

9. Enter in value to bring the subsidiary ledger to zero, using the amount in the Accrued to date field minus the Total expense to accrue.

10. Use Enter to accept the entries.

11. Select Comments to enter additional information on the adjustment (if applicable).

12. Select Create J/E if a J/E needs to be created to post to CBX General Ledger OR select Skip J/E if the adjustment only needs to affect only the subsidiary record.

Post the J/E (if created)

1. Launch Tool #61 Create/Post GL Journal Entries.

2. Highlight the J/E just created.

   • The J/E should have an ID of “AE” and the effective date you entered in the Transaction post date field previously.

3. Select Post.

4. Verify the correct J/E was selected and click Post again to confirm.

Learn More

	Learn more about adjusting subsidiaries.
	View steps to add prepaid expense asset subsidiaries.