What are common accruals you book at work??

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  • #193014
    leglock
    Participant

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

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  • #660689
    Anonymous
    Inactive

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

    #660690
    Gatorbates
    Participant

    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.

    #660691
    Lucci
    Member

    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.

    #660692
    Missy
    Participant

    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.

    Old timer,  A71'er since 2010.

    Finance manager/HR manager

     

     

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

    #660693
    golfball7773
    Participant

    Linens

    Auto Insurance

    Taxes

    Membership Dues

    AUD - NINJA in Training
    BEC - 86
    FAR - NINJA in Training
    REG - NINJA in Training
    AUD - 71, 73

    BEC - 74, 86

    REG - 77*

    FAR - 57

    *expired

    (I have been trying to become a CPA since 2013). only one test down.......

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

    *expired

    #660694
    Mamabear
    Member

    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!!

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