π What is an Accruals Report?
An accruals report is used by legal operations teams to track and manage estimated expenses that have been incurred but not yet billed.
π Report Summary
The V2 Accruals Report includes enhanced filtering options and financial fields for better legal spend tracking.
π How to Access the Accruals Report
π Navigate to:
Menu > Reports > Report Builder > Create Report
π Steps to Generate the Report:
1οΈβ£ Click on "Create Report Template".
2οΈβ£ Select Accrual V2 as the report type.
3οΈβ£ Use the "Find a Field" search bar to select specific data fields.
π Contents of the Accruals Report
πΉ Core Data Columns
Includes details such as:
- Who approved the accrual
- Matter details (name, reference number, legal entity, department, and country)
- Vendor information (law firm name, office, and currency details)
π° Spending & Financial Columns
Accrual Amount | The current period's estimated expenses representing the anticipated costs expected (in the currency selected when the report is run/created). |
Accrual Amount (Matter Currency) | This is the same as the "Accrual Amount," but it's expressed in the currency associated with the specific matter. |
Accrual Amount (Submission Currency) | This is the same as the "Accrual Amount," but it's expressed in the currency chosen for submission |
Accrual Period | The accrual period start date represents the start date of the period for which we are estimating and recording expenses. It defines the timeframe youβre focusing on. |
Customer Currency | The specific currency used for financial transactions. |
Matter Currency | The currency associated with the specific matter. |
Prior Period Unbilled | The estimate of expenses that were not billed in previous accounting periods and is still outstanding (in the currency selected when the report is run/created). |
Prior Period Unbilled (Submission Currency) | The estimate of expenses that were not billed in previous accounting periods and is still outstanding in the currency submitted |
Unbilled Total | The sum of the current period accrual amount + the prior period unbilled (in the currency selected when the report is run/created). |
All Time Spend | The sum of total spend of all time invoices having status Approved, Pending, Ebilling on Hold, Second Draft, Batch Exported, Batch Paid, Awaiting Details, calculated per matter and per vendor (in the currency selected when the report is run/created). |
Pending Spend All Time | The sum of all time invoices having status Pending, calculated per matter per vendor (in the currency selected when the report is run/created). |
Rejected Spend Current Month | Reports on the adjusted gross total of the rejected invoices (in the currency selected when the report is run/created). |
Submission Currency | Shows the ISO code for the currency of the accrual amounts submitted. |
Filters: You can customize the report using filters: Country, Department, Entity, Internal Matter Lead, Law Firm, Matter Category, Matter Name, Matter Ref, Preferred Counsel, and State/Province.
Currency: You can choose one of four currencies (Euro, British Pound, US Dollar, or Australian Dollar) for the currency conversion of monetary values. This conversion is based on the Accrual Submission Date.
Date Columns: These columns contain important date-related information, including when an accrual was last updated, approved, or submitted and when the last invoice was issued for a specific matter.
Date Type: You can select from three date types to filter the data displayed in the report: Accrual Period, Submitted Date, or Approved Date.
Allocations Columns: Allocation fields vary depending on individual customers and are grouped into Allocation Groups. The report details the percentage of spending applicable to these allocation groups and specific allocation fields related to the matter, such as GL code or entity code.
π V1 vs. V2 Accruals Report
βοΈ If you are still using the Accruals Report in V1, inform your finance team of the changes.
βοΈ If using API integrations, ensure updates are made for V2 field names.
βοΈ Use the new filtering and reporting fields to improve legal spend tracking.
π For any questions or additional support, contact Brightflag Customer Support. π