The date in the month in which your vendors submit their accruals (work in progress) amounts can be altered to suit your company's needs. Collaborate with your finance and accounts payable teams to determine the most suitable time to do this.
The accruals end-day offset (AKA on-hold period; AP close period; etc) determines the date of the month in which your vendors can no longer submit accruals.
After the deadline, you can begin reporting on accruals. In addition, you can enable a review period for your internal matter leads, where they verify the amounts entered by your vendors.
The accruals end-day offset number counts back from the last calendar day of the month to determine the deadline. Taking September (a 30 day month) for example, a 4-day offset will allow your vendors to submit until 23:59 on the 26th.
Important to Note
The Accrual End Day Offset is a manual setting and will remain in place each month until manually adjusted by you.
To enter an accrual end-day offset:
- Navigate to Menu > Admin settings > Accruals
- Enter the relevant number in the field Accruals End Day Offset
- Reference the below table:
- Note: the below dates reference a deadline of 23:59, based on your company's timezone.