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New Member - Level 1

Credit Card and M/E Close

We are running into difficulty and looking for best practice advice. Employees generally submit expenses timely but often, expenses are submitted in a subsequent month and my team isn't sure of the best practice on how to treat these costs as part of the m/e close. For example, Employee A submits a report with expenses from June 25 - July 5 all on one report. Finance approves and pays the Employee on July 15 and migrates the costs to our accounting software (QB Desktop). The core of the issue is that we've already closed our June books by 7/15 and now there are additional costs from the prior month. How should these be treated? Thanks!

1 Reply
Routine Member - Level 1

Re: Credit Card and M/E Close

Have you tried the accrual reports in Intelligence - Standard Reports -> Accrual?  These capture expenses on in-progress reports (i.e. Not Submitted or Submitted and Pending Approval), which you can accrue in the correct month in your financial system.