How to Manage Month-End Accruals in QuickBooks Online – Complete Guide
- balance boss
- Jul 2
- 3 min read
Managing month-end accruals in QuickBooks Online is an essential part of accurate accounting. Accrual accounting helps businesses recognize income and expenses in the period they’re earned or incurred, rather than when the cash is received or paid. This guide will walk you through the complete process to ensure your books are accurate at the end of every month. If you need expert help at any step, don’t hesitate to call 1-888-394-9046 for live QuickBooks support.
🧾 What Are Month-End Accruals?
Month-end accruals refer to the recording of expenses or revenues that have occurred but have not yet been paid or received by the end of a month. For example:
Recording unpaid bills for services received
Recognizing revenue earned but not yet invoiced
Accounting for payroll or utilities that are incurred but not yet paid
Using QuickBooks Online for accruals ensures your financial reports are aligned with GAAP and tax compliance.
🛠 How to Enable Accrual Accounting in QuickBooks Online
Before managing accruals, ensure your accounting method is set correctly.
🔹 Step 1: Set Your Accounting Method
Go to Settings ⚙ > Account and Settings
Click on the Advanced tab
Under “Accounting,” choose Accrual
Click Save and Done
💡 Need help choosing the right accounting method? Call 1-888-394-9046 to speak with a QuickBooks expert.
🧩 Recording Accrued Expenses in QuickBooks Online
If you've received goods or services but haven’t been billed, you need to record an accrued expense.
🔸 Method 1: Use Journal Entry
Go to + New > Journal Entry
Debit the Expense Account (e.g., Rent Expense)
Credit a Liability Account (e.g., Accrued Expenses)
Set the appropriate date (end of the month)
Click Save and Close
📞 Call 1-888-394-9046 if you're unsure which accounts to use or how to reverse entries later.
💰 Recording Accrued Revenue in QuickBooks Online
To record income that’s earned but not yet invoiced:
🔸 Method 2: Journal Entry for Revenue
Go to + New > Journal Entry
Debit Accounts Receivable (A/R)
Credit Revenue Account
Choose the correct customer name
Click Save
➡️ Later, create and apply the invoice to this journal entry once payment is made.
Need help managing deferred revenue? QuickBooks experts are available at 1-888-394-9046.
🧹 Reversing Month-End Accruals
Most month-end accruals should be reversed in the next period to prevent duplication.
How to Reverse:
Create a reversing journal entry dated the first of the next month
Use the same accounts as the original entry, but flip the debits and credits
This keeps your financials clean and ensures accuracy over time.
📞 For help setting up auto-reversing entries, dial 1-888-394-9046.
📈 Why Accruals Matter in QuickBooks Online
Correctly managing accruals allows for:
More accurate Profit & Loss statements
Better cash flow forecasting
Precise tracking of liabilities and receivables
GAAP-compliant financial reporting
If you struggle with reconciling reports or managing month-end close tasks, professional guidance is a phone call away at 1-888-394-9046.
🧠 Pro Tips for Managing Month-End Accruals
✅ Use recurring journal entries for regular accruals (e.g., rent, insurance) ✅ Create custom reports filtered by accrual entries ✅ Review the Trial Balance to confirm balances are correct ✅ Work with a QuickBooks ProAdvisor for monthly close checklists
Need help setting up automation for month-end? Call 1-888-394-9046 today and streamline your process.
❓ FAQs About Month-End Accruals in QuickBooks Online
Q1: Can I automate month-end accruals in QuickBooks Online?
A: Yes, using recurring journal entries. If you're unsure how to automate, call 1-888-394-9046 for expert setup.
Q2: Which QuickBooks version is best for accrual accounting?
A: QuickBooks Online Advanced offers more customization, but all versions support accruals. Call 1-888-394-9046 for help selecting the right plan.
Q3: What if I enter accruals incorrectly?
A: You can reverse or adjust entries, but incorrect accruals can affect financial reports. Call 1-888-394-9046 to correct mistakes safely.
Q4: Is help available for payroll accruals in QuickBooks?
A: Yes! QuickBooks experts can guide you through payroll accruals. Just call 1-888-394-9046 anytime.
📞 Call Now for Expert Help with Month-End in QuickBooks
Month-end accruals are vital for business reporting—but mistakes can lead to financial misstatements. Whether you're a beginner or a seasoned user, don't struggle alone.
👉 Call QuickBooks Online Support at 1-888-394-9046 for expert help with:
Month-end close
Accrual entries
Payroll setup
Revenue recognition
Journal entry errors
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