Reporting and close templatesAutomate accruals and prepayments in Xero
At month end Modern looks for costs that have been incurred but not billed, proposes accruals, releases prepayments from your schedule in Google Sheets and drafts every journal in Xero.
TriggerLast working day of the month
Steps4 steps, from trigger to sign-off
ControlFinance lead approves every journal
Free to start. No card needed.
Last working day of the monthThe instruction
“On the last working day of the month, look for recurring suppliers with no bill this month, open purchase orders with goods received and contracts in our accruals sheet. Propose an accrual for each with the amount and basis. Release prepayments from the prepayments tab in Google Sheets. Draft reversing journals in Xero and ask the finance lead to approve them.”
Works with every major ERP
- +100 more
How it runs
4 steps from trigger to sign-off
- 01
Find missing costs
Spots recurring suppliers with no bill this month and received goods not yet billed.
Xero - 02
Read the schedules
Takes contracts and prepayment schedules from your Google Sheet.
Google Sheets - 03
Propose the entries
Estimates each accrual from past bills or contracts and shows the basis.
Modern - 04
Approve and post
The finance lead approves, then Modern posts the journals in Xero and updates the schedule.
Xero
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FAQs
Post accruals and release prepayments: FAQs
Can’t find what you’re looking for? Send us a message and a person on the team will answer.
Yes. Modern drafts them as reversing journals dated the first day of the next month, so they clear when the real bill arrives.
From recent bills from the same supplier, the contract value or the purchase order, and it shows which basis it used.
Yes. Modern drafts accruals and prepayment releases in QuickBooks, NetSuite, Sage or Xero.