[leglock]

For those employed in positions whereby you make entries, what are some of the accruals and closing entries you make at work?

[Anonymous]

Just a few that I know of at my company. Energy & Phone expenses, based off of the previous month expenses.

[Gatorbates]

In service accruals. (re-classing amounts out of WIP into a fixed asset account, and the associated depreciation, since the settlement process hadn't occured … it's a reversing entry each month until the actual settlement happens).

Licensed Florida CPA:
B: 71, 73, 79
A: 83
R: 78 (expired), 77
F: 74, 74, 80

It's finally freaking over.

[Lucci]

Maybe accrue some Wages Payable at the end of the month (year), most likely Sales Tax Payable or Payroll Taxes Payable (SUTA/FUTA). Or if we don't track a client's depreciation/interest express throughout the year, we'll have to calculate and tie it out then as well. Of course A/P and A/R are adjusted quite often.

[Missy]

Most of my entries at month end are expensing prepaids (insurances, property taxes, dun and bradstreet usage), and accruals for interest expense to our parent company, payroll and depreciation. I don't accrue utilities (our auditor only cares that there are 12 mos expenses booked not whether it is Dec-Nov or Jan-Dec) so my March utilities expense was my February actuals.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[golfball7773]

Linens

Auto Insurance

Taxes

Membership Dues

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[Mamabear]

Monthly accruals–wage, freight, sales tax, property tax, telephones, customer rebates earned, truck lease, warranties, health insurance

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Author]

Replies