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Exploring Accrual Accounting Workflows in Expensify
Every so often, Expensify needs input from our users when creating new features to help determine the best practices and most efficient workflows. Whenever we implement a new feature, our goal is to encourage adoption of these ideal practices by making them as easy as possible to adhere to. With this goal in mind, we're currently exploring what our users might want to see if we were to add an auto-accrual feature!
Here are some things we're wondering:
- Which accounting system are you using? Are you leveraging any native features on the accounting end to streamline the process (ie. future-dated auto-reversal)?
- What level of detail do you need to effectively book your accruals? Would line-item detail (merchant, date, amount) be absolutely necessary, or would a sum of unpaid incurred totals per GL be sufficient?
- Do you typically book accruals for all categories, or only for high risk accounts, like Meals and Lodging?
- Do you use a clearing account for your accruals, or do you use one AP account to handle all expense reporting?
- How often do you need to book your accrual entries? Would this be something you want totaled and booked daily, weekly, or just before period close?
- If you process accruals before period close, would this ideally occur on the same date every month, or does it vary?
If there's any other context you want to provide not prompted by the above questions, feel free to include it -- any insight would be greatly appreciated!