What are accruals? (for Vendors)

What are accruals? 

It’s important for many of your clients to collect accurate accruals via Brightflag.

What’s an accrual?

An accrual is an estimate of the amount your firm/company intends to invoice your client for the month but has not yet invoiced. [link to accrual accounting webinar public link]

How do I know if/when my client requires accrual entries from me?

If you are an admin for your vendor, you will be prompted via email 5 days before the cut-off date for submission, and you will receive a reminder email on the cut-off date. 

What do I need to enter?

An accrual amount needs to be entered for each of the open matters you have with your client. It is important that you enter the amount for the correct accrual period. The accrual period is an entire calendar month in which the work is carried out e.g. March 1st to March 31st. 

Depending on your client’s accounting practices, they may set different deadlines for accrual submission. Your clients have recently gained the ability to set deadlines in the month after the accrual period (see “M.2” in the below diagram).

Accruals_.png

 

Follow this video guide:

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